The total value of Nigeria’s merchandise trade at the end of Q3, 2015 was ₦4,021.4 billion. According to the latest statistics released by the Nigeria Bureau of Statistics in December 2015, the value was 7.8% less than the value (₦4,359.5 billion, Revised) recorded in the preceding quarter.
This development arose from a decrease of ₦320.6 billion or 12.1%, in the value of exports combined with a marginal decline of ₦17.4 billion or 1.0%, in the value of imports against the levels recorded in the preceding quarter.
In comparison with the corresponding quarter of 2014, the value of the total merchandise trade decreased by ₦2,497.1 billion or 38.3%. This was as a result of a ₦132.4 billion or 7.3% and ₦2,364.6 billion or 50.3% decline in imports and exports respectively relative to the corresponding quarter in 2014.
The sharp decline in exports and slight decrease in imports contributed to continued fall in the country’s trade balance, by 32.0% or ₦303.1 billion during the quarter.
By Dike Onwuamaeze