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Nigeria Records Negative Trade Balance In 1st Quarter, 23 % Less: NBS - Politics - Nairaland

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Nigeria Records Negative Trade Balance In 1st Quarter, 23 % Less: NBS by iflywithbuhari(f): 5:47pm On May 31, 2016
The National Bureau of Statistics (NBS) said Nigeria recorded negative trade balance in the first quarter of 2016 which was 22.6 per cent lower that the preceding quarter.This is contained in the “Foreign Trade Statistics for the First Quarter of 2016’’ released by NBS in Abuja on Tuesday.The report said that the total value of Nigeria’s merchandise trade at the end of first quarter of 2016 stood at ₦2,723.9 billion.It said that from the preceding quarter value of ₦3,517.4 billion, this was ₦793.5billion or 22.6 per cent less.“This development arose due to a sharp decline in both imports and exports.“Exports saw a decline of ₦671.1 billion or 34.6 per cent, while imports declined by ₦122.4 billion or 7.8 per cent.“The steep decline in exports brought the country’s trade balance down to ₦184.1 billion, or ₦548.7bilIion less than in the preceding quarter.“The crude oil component of total trade decreased by ₦716.7 billion or 46.6 per cent against the level recorded in fourth quarter of 2015,’’the report said.Meanwhile, the reports said that Nigeria’s import trade by direction showed that the country imported goods mostly from China, with an import value of ₦345.5 billion or 23.8 per cent of total imports.It said that China was followed by the United States at ₦127.1 billion or 8.7 per cent while India with ₦89.4 billion or 6.1 per cent.“Netherlands followed India with ₦73.8 billion or 5.1 per cent and United Kingdom with ₦61.4 billion or 4.2 per cent of total imports.“Imports by economic region revealed that the country consumed goods largely from Asiawith import value of ₦611.2 billion or 42.0 per cent,’’ it said.The report further said that the value of the export trade, totaled ₦1,269.9 billion in first quarter of 2016.“This is showing a decrease of ₦671.1 billion or 34.6 per cent overthe value recorded in the precedingquarter.“Year-on-Year analysis shows that the country’s exports dropped by ₦1,395.2 billion or 52.3 per cent asagainst the export value recorded in the corresponding quarter of 2015.“The structure of Nigeria’s export trade is still dominated by crude oilexports, with the contribution of crude oil to the value of total domestic export trade amounting to ₦821.9 billion or 64.7 per cent,’’ it said.
http://www.vanguardngr.com/2016/05/nigeria-records-negative-trade-balance-1st-quarter-23-less/
Re: Nigeria Records Negative Trade Balance In 1st Quarter, 23 % Less: NBS by Flexherbal(m): 5:49pm On May 31, 2016
We need positive trade balance in this second quarter.
Re: Nigeria Records Negative Trade Balance In 1st Quarter, 23 % Less: NBS by Luckylife(m): 5:50pm On May 31, 2016
In an elder man tone, if I tell you what happened in 1983!

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Re: Nigeria Records Negative Trade Balance In 1st Quarter, 23 % Less: NBS by Firefire(m): 5:55pm On May 31, 2016
Enough of all this negative figures and bad news. angry

The government have been vilified enough, they are on their toes to correct their wrong.

Thank you.
Re: Nigeria Records Negative Trade Balance In 1st Quarter, 23 % Less: NBS by crestedaguiyi: 6:41pm On May 31, 2016
Firefire:
Enough of all this negative figures and bad news. angry

The government have been vilified enough, they are on their toes to correct their wrong.

Thank you.

Wake me up when u wake up
Re: Nigeria Records Negative Trade Balance In 1st Quarter, 23 % Less: NBS by Firefire(m): 6:47pm On May 31, 2016
crestedaguiyi:


Wake me up when u wake up

Re: Nigeria Records Negative Trade Balance In 1st Quarter, 23 % Less: NBS by kernel501: 7:46pm On May 31, 2016
Firefire:
Enough of all this negative figures and bad news. angry

The government have been vilified enough, they are on their toes to correct their wrong.

Thank you.

Did you say enough? When you were wailing against Jonathan's administration did you remember to give them a break?
Re: Nigeria Records Negative Trade Balance In 1st Quarter, 23 % Less: NBS by Firefire(m): 8:16pm On May 31, 2016
kernel501:


Did you say enough? When you were wailing against Jonathan's administration did you remember to give them a break?


cheesy Shine your eyes shocked shocked

1 Like

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