Nigeria spent N4.7bn to import umbrellas, headgear in 3 months - TopicsExpress

Nigeria spent N4.7bn to import umbrellas, headgear in 3 months Federal Government spent N4.7 billion to import umbrella, footwear and headgear in the second quarter of 2013. The amount spent on the importation of those materials notwithstanding, the country recorded a favourable balance of trade, with export volume exceeding import volume, as the total value of external merchandise trade amounted to N5,341.1 billion in the second quarter 2013, an increase of N242.3 billion or 4.8 per cent from N5,098.9 billion recorded in the previous quarter. A document on Q2 trade statistics released by the National Bureau of Statistics (NBS) in Abuja, at the weekend, showed that the change resulted from an increase in the value of exports from N3,452.1 billion in the first quarter of 2013 to N3,742.9 billion in the second quarter (an increase of 90.8 billion or 8.4 per cent) and a 2.9 per cent decline in the value of imports from N1,646.7 billion in the first quarter of 2013 to N1,598.2 billion in the second quarter. Furthermore, NBS said the increase in exports and decrease in imports resulted in a favourable trade balance of N2,144.7 billion in the second quarter, an increase of1 N339.3 billion or 18.8 per cent from levels recorded in the first quarter of 2013. Further analysis indicated that the value of the nation’s total merchandise trade decreased by N1,742.8 billion or 24.6 per cent, while trade balance also declined by 49.7 per cent. According to the analysis, imports increased by 13.5 per cent, while exports decreased by 34.1 per cent year on year. The crude oil component of the total trade stood at N2,709.4 billion, a decrease of N321.2 billion or 10.6 per cent when compared with the previous quarter, while for year-on-year, the crude oil component recorded a 23.6 per cent decline. The value of total trade for the first half of 2013 was N10,440.0 billion, a decrease of N3,266.0 billion or 23.8 per cent when compared with N13,706.0 billion recorded in the same..

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