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Nigeria’s exports jump 63% to in Q2

by ChemOrbis Editorial Team - content@chemorbis.com
  • 08/09/2016 (13:42)
According to data released by the National Bureau of Statistics (NBS), Nigeria’s exports surged 63.3% on the quarter to NGN725.6 billion ($2.30 billion) in the second quarter while the country’s imports also rose 38.1% to NGN2.069 trillion ($6.56 billion) during the same period from NGN1.498 trillion in the first three months. Meanwhile, Nigeria’s trade deficit for the quarter shrank N154.8 billion compared with the previous three months.

The improvement in the country’s exports was attributed to the depreciation in the value of the naira.
The data showed that crude oil exports added NGN1.493 trillion ($4.73 billion) or 79.7% to the value of total domestic export trade in 2016 while natural liquefied gas exports formed NGN198.0 billion of the total export value during the second quarter.

Nigeria’s main exports destinations were India (21.5%), the United States (12.5%), Spain (11.5%), the Netherlands (7.1%) and South Africa (6.4%) in the April-June period.

The country’s imports, meanwhile, were mostly supported by higher shipments for boilers, machinery and related appliances (34.9%), mineral products (15.8%), vehicles, aircraft and related parts (14.7%), chemical products (7.6%) and base metals and articles of base metals (5.1%) in the second quarter.
China (23.9%), the Netherlands (13.8%), the United States (9.6%), India (6%) and the United Kingdom (5.8%) were listed among the top import countries of the country during the same period.
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