Nigeria’s total import value was N2106.69 billion for the quarter ending June 2018. This compares to Nigeria’s export value of N4463.3 billion and trade balance surplus of N2356.61 billion during the same period ending June 2018.
Both total imports and exports declined in Q2 2018 from N2518.26 billion and N4692.86 billion in Q1 2018 respectively while trade balance rose from N2174.6 billion in Q1 2018. Trade balance increased during the period under review, despite quarter on quarter declines in both import and export values. This was as a result of the lower decline in export to the decline recorded by import in Q2 2018.
This is according to data from the National Bureau of Statistics.
Trade balance is the difference between the value of a country’s exports and imports for a particular period of time. Trade balance is the largest component of a country’s balance of payments. It is also referred to as the balance of trade.