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Nigeria’s foreign earnings drops 5% Q2 ’18 – NBS

Per Second NewsSeptember 7, 20181 Mins read577

By Ruth Olurounbi

Nigeria’s earnings from foreign trade dropped 4.9 percent second quarter of the year, on decline in exports, the National Bureau of Statistics (NBS) said Wednesday.

The country’s earning from exports in the quarter under review is N4.46 billion, representing a -4.9 per cent contraction over N4.70 billion recorded in the first quarter and a 43.8 per cent growth compared to second quarter of 2017, the data body said.

The West African country’s total foreign trade stood at N6.57 billion in the second quarter, an 8.9 percent drop from N7.21 billion earned in the first quarter of the year. The fall in trade is linked to decline in the country’s exports and imports.

The quarter earning however represents a 14.56 percent growth from the N5.73 billion recorded in the second quarter of 2017, according to NBS.

“Likewise, the total import component in the second quarter (N2.11 billion) also recorded a decline of -16.3 per cent. This is lower than the first quarter (N2.52 billion) and -19.9 per cent lower than the first quarter of 2017,” NBS said.

The country’s trade balance in the second quarter was a surplus of N2.36 billion, an 8.36 percent increase from the N2.17 billion recorded in the first quarter and, against N471.48 billion in the first quarter of 2017.