The National Bureau of Statistics (NBS) said yesterday that Nigeria’s total value of merchandise trade grew by 49 per cent in the second quarter of 2016.
The NBS stated in “Foreign Trade Statistics for Second Quarter, 2016’’ issued in Abuja that trade deficit had reduced with rising exports value.

It stated that the total value of Nigeria’s merchandise trade in second quarter was ₦3,942.0 billion.
“This was 49.0 per cent more than the value of ₦2,645.5 billion recorded in the preceding quarter.  This development arose from a rise of ₦725.6 billion or 63.3 per cent, in the value of exports (largely due to exchange rate gains). It is combined with a rise of ₦570.8 billion or 38.1 per cent, in the value of imports against the levels recorded in the preceding quarter.’’
The bureau said the current trade position brought the country’s negative trade balance to - ₦196.5 billion during the period under review.  It said it showed a ₦154.8 billion reduction in the country’s trade deficit over the previous quarter.
Under imports Classified by Standard International Trade Classification and Country of Origin, the bureau said that there was an increase in import value. 
“Nigeria’s import trade stood at ₦2,069.2 billion at the end of second quarter, showing an increase of 38 per cent from the value ₦1,498.4 billion recorded in the preceding quarter.
“As with exports, the increase in import value can be traced to a decline in the value of the naira.  The structure of Nigeria’s import trade by section was dominated by the imports of “Boilers, machinery and appliances; parts thereof” These accounted for 34.9 per cent of the total value of import trade in the quarter,’’ it said. 
Meanwhile, the bureau said that Exports Classified by Standard International Trade Classification and Country of Destination also showed increase in value. 
“The value of the export trade, totalled ₦1,872.7 billion in second quarter, showing an increase of ₦725.6 billion or 63.3 per cent, over the value recorded in the preceding quarter.  The improvement in export value is largely due to the depreciation in the value of the naira. The structure of the export trade is still dominated by crude oil exports, which contributed ₦1,493.2 billion or 79.7 per cent to the value of total domestic export trade in 2016,’’ it said. (N
Read more at http://www.dailytrust.com.ng/news/general/nigeria-s-merchandise-trade-grows-by-49-in-2nd-quarter-nbs/161706.html#1gUX6xSwKh8HPdrR.99

Good.

I strongly believe we will get out of this mess

More export less import. That's how to break free from the oil dollar spell.

More Good news on the way

Good one..
Though sound like one day on..two days oFf..

Izit my Ibo brothers wey export themselves to Canada wey read as export commodity....

because am not understanding...

i want to be hearing a good news from this country,and i don't think is too much to ask for.Good one,thumbs up.

Light go still shine through gross darkness.

All is going to be well again, at least in 100 years from now, check my signature to enjoy the LATEST FREE, coca cola approved REGISTER AND PLACE YOUR ORDER WHILE STOCK LAST

Hallelujah!! If this is really true.

We will get there

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I no trust this people!!! Maybe Buhari don warn d Oga say if him tell Nigerians the truth again na 2 sack am b d next option. ... Just read and pass oo

The wailers won't believe NBS on this.

Maybe we are at a turning point...More of non-oil exports and less import will do...God bless Nigeria

Nairalanders and non comprehension are
like 5 and 6. Educated but illiterates.
Let me summarise what is up there for
you.
You use to go to the market and prepare
ogbono soup for 10 servings with
1thousand naira. But now you cook the
same ogbono soup for the same
10servings for 2thousand naira cos the
naira has no value again.
Your money expenditure (merchandise
trade)has increased drastically but the
merchandise(ogbono soup) is still the
same.
HOW IS THAT A GOOD THING that you lots
above me are celebrating about. Kai. Smh.

Finally I found someone that can read and understand..
Others above and below me u just failed the test..

Ahh.. Some cold water in the scorching sun.

It was expected though.

'When the wanted is not available, the available becomes the wanted.'

Keep it up. But mind you, the country is still in recession. The GDP is still falling.

No one is asking the government to print more money. Rather, create an enabling environment for business to thrive.

[quote author=Standing5 post=49140090]More export less import. That's how to break free from the oil dollar spell.[/quote

You captured my thought. We need to more productive and less on import based consumption.

princechiemekam:
I no trust this people!!! Maybe Buhari don warn d Oga say if him tell Nigerians the truth again na 2 sack am b d next option. ... Just read and pass oo

But you trust them when they said the economy is in recession?

interesting


watch how they will shout lies, propanganda.

but when the same NBC said 4.5million job loss, it's all truth and not propaganda..

bad news lovers.

The improvement in export value is largely due to the depreciation in the value of the naira.(largely due to exchange rate gains)

hmmmm, Let me keep quiet before they say i am a wailer.... Those two statement above should not be disregarded.

No matter what, I still stand with buhari..

Little by little, we will reduce our import dependencies.
Good news for me, bad news for wailers..

Buhari is just doing what shld av been done..

We get rubber trees, we dey export rubber for our industries

We get timber, we dey import toothpick and pencils

Raw materials for slippers, we dey import am

Texiles too na import

Paper na import things

Wailers are shameless, walahi..

Peace out

Please the ministry of Foreign Affairs and Ministry of Trade should note that Benin Republic is disturbing our Exports,they seize our Nigerian products that its an order from their President,please we need serious help from the Ministries

I av lost faith in Nigeria dazzol

princechiemekam:
I no trust this people!!! Maybe Buhari don warn d Oga say if him tell Nigerians the truth again na 2 sack am b d next option. ... Just read and pass oo

So you can only believe bad news? Most people don't even wish good for the country they are living in

Good news!

Spot on @Poster above

God-Willing

kahal29:
More Good news on the way