*As foreign trade rises 23% to N12 trn
By Elizabeth Adegbesan
The National Bureau of Statistics, NBS, said the nation recorded a trade deficit of N1.8 trillion in the second quarter of the year (Q2’21) even as its foreign trade rose by 23 per cent to N12 trillion from N9.8 trillion in Q1’21.
The bureau disclosed this today in its Foreign Trade in Goods Statistics Report for Q2’21.
The bureau said: “ During Q2’21, the total merchandise trade stood at N12.03 trillion representing 23 percent
increase over the value (N9.8 trillion) recorded in Q1’21 and 88.7 percent increase compared to Q2’20.
“This increase resulted from the sharp increase in export value during the quarter under review.
According to NBS, the export component of this trade was valued at N5.08 trillion or 42 percent while the import was valued at N6.95 trillion or 58 percent while the trade balance stood at a deficit of N1.87 trillion.
It said:“The crude oil which is the…
Source: Vanguard Newspaper