Nigeria’s trade surplus improved to NGN 2.145trln (EUR 9.9bn) in the second quarter of 2013 from NGN 1.805trln in the preceding quarter, as the value of exports rose 8.4% q/q, while the value of imports fell 2.9% q/q, the National Bureau of Statistics (NBS) said. Nigeria’s exports rose to NGN 3.743trln in Q2 2013 from NGN 3.452trln in Q1 2013 thanks to a 145% surge in non-crude oil exports, while imports fell to NGN 1.598trln from NGN 1.647trln.
Compared to Q2 2012, Nigeria’s Q2 2013 trade surplus was by 49.7% lower as imports increased by 13.5% while exports decreased by 34.1% y/y.
Nigeria’s crude oil exports stood at NGN 2.709trln in Q2 2103, down 10.6% q/q and down 23.6% y/y. The West African country is the continent’s largest oil producer, but it is troubled by widespread oil thefts and frequent vandalism.
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