Third quarter trade dropped by N359bn –NBS

The National Bureau of Statistics on Sunday released the trade statistics for the third quarter of this year, stating that the country recorded a N359.6bn or 5.4 per cent drop in merchandize trade from N6.65tn to N6.29tn.

The bureau, in the report, attributed the decrease to a fall in the value of exports and imports in the third quarter relative to the second quarter.

For instance, the report, noted that while exports declined by N202.7bn or 4.3 per cent to N4.47tn, the country’s imports also dropped by N157bn or 7.9 per cent to N1.82tn.

However, the report stated that regardless of this drop, the country’s balance of trade remained favourable at N2.65tn.

It said, “The total value of merchandise trade in Q3 2014 stood at N6.29tn from the value of N6.65tn recorded in the previous quarter of 2014. This indicates a decrease of N359.6bn or 5.4 per cent.

The decrease was a result of both a fall in the value of exports and imports in the third quarter relative to the second quarter.”