The National Bureau of Statistics (NBS) has said that Nigeria’s total external trade increased by 23.28 per cent to N12.03 trillion in Q2 2021 compared to N9.76 trillion in the preceding quarter
Compared to the corresponding quarter of 2020, NBS said in its ‘Foreign trade in goods statistics for Q2 2021’ report released on Saturday that trade also increased by 88.71 per cent.
It stated that the increase resulted from the sharp increase in export value during the quarter under review.
The export component of trade was valued at N5.08 trillion, representing 42.22 per cent of total trade while import stood at N6.95 trillion.
The statistical agency also said the trade balance however stood at a deficit of N1.87 trillion.
The report said crude oil which remained the country’s major component of export trade stood at N4.08 trillion or 80.29 per cent of total export.
This further indicated a sharp increase of 111.32 per cent in crude oil value in Q2 compared to N1.92 trillion in Q1.
The non-crude oil export recorded N1.00 trillion or 19.71 per cent of total export trade during the review period.
