Nigeria’s merchandise trade for the second quarter of 2007 recorded a drop in value from N2.68 trillion to N2.47 trillion, according to the National Bureau of Statistics (NBS).
It said in its latest report released yesterday that the drop in value indicated a decrease of N208.4 billion or 7.8 per cent over that of the first quarter.

The bureau, however, said the second quarter value represented an increase of N206.2 billion or 9.1 per cent when compared with the corresponding period in 2006. ``The merchandise trade value is made up of N808.4 billion spent on import and N1.66 trillion realised from export in the period under review,'' it added. The bureau said the trade balance for the period stood at N850.5 billion.
This shows a decrease of N62.14 billion or 6.8 per cent over that of first quarter which stood at N912.64 billion. It said the import value of N808.4 billion recorded in the period indicated a decrease of N73.1 billion or 8.3 per cent when compared to the first quarter of 2007. It said the value showed an increase of N432.4 billion or 96.3 per cent over the same period in 2006. The import table showed that boilers, machinery and appliances made the highest contribution to the N130.4 billion bill or 16.1 percent. This was followed by vegetable products with a value of N114.8 billion or 14.6 per cent.

The report showed that the export value for the period was N1.66 trillion, indicating a decrease of N135.3 billion or 7.5 per cent over that of previous quarter. The export value also represented a decrease of N95.2 billion when compared with the corresponding quarter in 2006. It said the value of crude oil export for the quarter stood at N1.61 trillion, representing a decrease of N98.3 billion or 5.8 per cent over the first quarter. The reason for the decrease in export value for the period, the report added, was traceable to the political disturbances in the Niger Delta region. Non-oil exports for the second quarter recorded N48.8 billion, indicating a decrease of N36.9 billion or 43.1 per cent when compared with the figure in the first quarter.

"The non-oil value also represented a decrease of N11.9 billion or 19.6 per cent over the corresponding period in 2006,'' it added. The bureau said the U.S. had continued to maintain the top position on Nigerian import and export table, recording N1.04 trillion in both oil and non-oil trade for the period. The U.S. received N146.8 billion as revenue for exports to Nigeria, but paid out N891.7 billion for its imports from Nigeria in the second quarter.

The report said China, Britain, India and Belgium followed the U.S. respectively on the import table, with N261.3 billion receipts for their exports to the country. It said India, Brazil, Spain and South Africa followed the U.S. on the export table with the payment of N402.9 billion to Nigeria within the period.