April 21, 2025
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By Andy Nssien

The total value of Nigeria’s merchandise trade stood at N6,569.98 billion in the second quarter of 2018, representing a drop of -8.89% from N7,211.12 billion  recorded in the first quarter, this year, but a growth of 14.56% on N5,734.80 billion entered the same period last year.

The contraction of total trade in the reviewing quarter was mainly driven by the decline in both imports and exports, according to a report from the National Bureau of Statistics (NBS).

The trade balance in Q2, 2018 was a surplus of N2,356.60 billion, which is an 8.36% increase from the figure in Q1, 2018 (N2,174.60 billion) and a 399.82% increase from the figure in Q1, 2017 (N471.48 billion).

Foreign Trade Statistics – Q2 2018

Total Imports was valued at N2,106.7 billion in Q2, 2018, -16.3% lower than Q1, 2018 (N2518.26 billion) and -19.9%% lower than Q1, 2017 (N2,631.65 billion).

The value of imported agricultural goods in the second quarter of 2018 (N224.52 billion) increased by 21.7% from Q1, 2018 (N184.49 billion) and lower by -3.14% from Q2, 2017 (N231.80 billion).

Raw materials imports in Q2 2018 (N261.10 billion) declined by -8.3%% compared to Q1, 2018 (N284.81 billion) and lower by -14.2%% compared to Q2, 2017 (N304.43 billion).

Solid minerals imports in Q2, 2018 (N17.29 billion) increased by 37.0% on a quarter-to-quarter basis (N12.62 billion), but declined by -91.0% on a year-to-year basis (N193.16 billion).

Energy goods imports in Q2, 2018 (N98.17 million) was 202.6% higher than Q1 2018 (N32.45 million), and 288.5%% higher than Q2, 2017 (N25.27 million).

The value of manufactured goods imported in Q2 2018 (N1,175.86 billion) declined by -1.2% over the previous quarter (N1,189.97 billion) but increased by 1.6% over the same quarter in 2017

The export value for Agricultural goods in Q2, 2018 (N85.90 billion) was 17.3% higher than the value in Q1, 2018 (N73.24 billion) and 127.3% higher than the value recorded in Q2, 2017 (N37.79 billion).

Raw material exports value decreased by -2.98% in Q2, 2018 (N31.72 billion) compared to Q1, 2018

(N32.70 billion), but increased by 19.7% compared to Q2, 2017 (N26.50 billion).

olid Minerals exports value in Q2 2018 (N19.93 billion) recorded a -25.98% quarter on quarter decline (N26.92 billion), and a -19.7% year on year decline rate compared to Q2, 2017 (N21.02 billion).

The value of Energy goods exported in Q2, 2018 (N10.99 billion) was 5.8% higher than that of Q1,2018 (N10.39 billion) and 0.6% higher than the value in Q2, 2017 (N10.93 billion).

Manufactured goods exports in Q2, 2018 (N69.86 billion) recorded a significant decline by -83.9% over the previous quarter (N434.37 billion), and higher by 0.9%% when compared to Q2, 2017 (N69.26 billion).

The value of Crude Oil exports recorded in Q2, 2018 (N3,728 billion) was 4.2% higher than the value in Q1, 2018 (N3,579 billion) and 53.7% higher than the value in Q2, 2017 (N2,425 billion).

Other oil products exports in Q2, 2018 (N516.32 billion) declined in the reviewing quarter, with a -3.6% contraction from Q1, 2018 (N535.68 billion) and a 0.8% growth from the value recorded in Q2, 2017 (N512.41 billion).

Total export value amounted to N4,463.3 billion in Q2, 2018, representing a contraction of -4.9% over Q1, 2018 (N4,692.86 billion) and a growth of 43.8% over Q2, 2017 (N3,102.14 billion).

The value of Other oil products imported in Q2,2018 (N427.80 billion) was -49.5% lower than the value in Q1, 2018 (N846.31 billion) and -42.5% lower than Q2, 2017 (N744.58 billion).

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