Samuel Bello, Abuja
Latest reports from the National Bureau of Statistics (NBS) has revealed that Nigeria’s total merchandise trade stood at N7,211.61 billion in the first quarter of 2018, showing a growth of 19.74 per cent from the (N6.022.93 billion) recorded in the fourth quarter of 2017.
In the report titled, “Foreign Trade in Goods Statistics for First Quarter 2018,’’ NBS stated that the total value of export trade in the first quarter amounted to N4.7 billion, representing a significant growth of 20.02 per cent over the N3.9 billion recorded in the preceding quarter.
It added that the strong growth of total trade in the quarter under review was mainly driven by the strong increase in export.
According to the bureau, the export value for agricultural goods in the first quarter of 2018 amounted to N73.24 billion, representing a 63.84 per cent higher than the N44.70 billion recorded in the fourth quarter of 2017.
“The value of crude oil exports recorded in Q1, 2018 (N3.580.01 billion) was 10 per cent higher than the value in Q4, 2017 (N3,251.61 billion). Raw material exports’ value decreased by 13.62 per cent in Q1, 2018 (N32.70 billion) compared to Q4, 2017 (N37.85 billion).
“Other oil products’ exports in Q1, 2018 (N535.8 billion) also grew steadily in the reviewing quarter, with a 10.53 per cent growth from Q4, 2017 (N484.65 billion).