Nigeria’s exports jump 63% to in Q2
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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