Nigeria’s import of consumer goods rises by 18 % in Q2 2018

The value of consumer goods imported in Nigeria rose by 18 percent (year-on-year) to N131.2 billion in the second quarter (Q2) 2018 from N111.3 billion in Q2 2017, according to the recently released National Bureau of Statistics (NBS) foreign trade report.

Consumer goods imported which comprise durable, semi durable and non -durable recorded N26.4 billion, N15.9 billion and N88.9 billion respectively in Q2.While N20.3 billion, N16.7 billion and N74.2 billion were recorded for durable, semi durable and non –durable respectively in Q2 of last year.

Also the  total value of Nigeria’s merchandise trade was N6,7 trillion  in the second quarter of 2018, which was a 9 percent decline (quarter-on-quarter) from the figure N7.2 trillion recorded in Q1, 2018 and a 14.6 percent (year-on-year) growth from N5.7 trillion in the same period of last year  Q2, 2017

Based on the NBS report the quarter-on-quarter decline was due to the decline in both imports and exports.

The trade balance in Q2, 2018 was a surplus of N2.4 trillion, which is an 8.4 percent increase from N2.2 trillion in Q1, 2018 and a 399.82 percent increase from N471.5 billion in Q1, 2017

The value of total imports was 16.3 percent lower to N2.1 trillion in Q2 2018 from N2.5 trillion in Q2 2018 and 19.9 percent lower to N2.6 trillion in Q1 2017.  Value of export amounted to N4.5 trillion in Q2, 2018, representing a decline of 4.9 percent over Q1, 2018 (N4.7 trillion) and a growth of 43.8 percent over Q2, 2017 (N3.1 trillion).

BUNMI BAILEY