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| Statistician-General of the Federation and Chief Executive Officer, National Bureau of Statistics, Dr. Yemi Kale | credits: |
The National Bureau of Statistics on
Monday released the merchandise trade statistics report for the first
quarter of 2013 with a claim that the country recorded a N2.08tn drop in
total trade from N7.185tn in the last quarter of 2012 to N5.098tn in
the period under review.
This is in spite government’s efforts to boost the country’s trade and investment climate through various policies.
In the report, which was signed by the
Statistician-General of the Federation, Dr. Yemi Kale, the bureau stated
that the N2.08tn represented a 29 per cent drop over the figure
recorded in the fourth quarter of 2012.
The NBS noted in the report that declining exports and rising imports led to the country’s weak trade imbalance.
For instance, it said while the value of
exports dropped by 41.4 per cent from N5.892tn in the fourth quarter of
2012 to N3.452tn in the first quarter of this year, a marginal increase
of 27.4 per cent from N1.292tn in the fourth quarter 2012 to N1.646tn
in the first quarter 2013 was recorded for imports.
It said, “Nigeria’s external merchandise
trade totalled N5.098tn in the first quarter of 2013, a decrease of
N2.086tn or 29 per cent from the N7.185tn recorded in the previous
quarter. The decrease emanated mainly from the fall in the value of
exports from N5.892tn in the fourth quarter of 2012 to N3.452tn in the
first quarter of 2013, a 41.4 per cent decline.
“Furthermore, a 27.4 per cent increase
in imports from N1.292tn in the fourth quarter of 2012 to N1.646tn in
the first quarter of 2013, in combination with a decrease in exports,
created a decline in the trade balance by N2.794tn or 60.8 per cent
during the period.”
Year-on-year, the report stated that the
value of the nation’s total merchandise trade decreased by N1.523tn or
23.0 per cent as a result of decreasing imports and exports.
“A drop in exports compared to imports
also led to a decline in the trade balance by 45.6 per cent during this
period as well,” it said.
CULLED FROM PUNCH NG
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