Nigeria’s Q2 trade surplus widens by 19% q/q on higher exports

By bne IntelliNews September 16, 2013

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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