The National Bureau of Statistics (NBS) on Monday said that the total value of the nation’s merchandise traded in the third quarter stood at N6.29 trillion.
This is contained in a statement credited to Dr Yemi Kale, the Statistician-General of the Federation, in Abuja.
The NBS said the figure was N359.6 billion lower than the N6.65 trillion recorded in the second quarter.
“The decrease was a result of fall in the value of exports and imports in the third quarter when compared with that of the second quarter.
“Exports declined by N202.7 billion to N4.47 trillion, while imports declined by N157.0 billion to N1.82 trillion.
“The balance of trade therefore remained favourable at N2.65 trillion,’’ the NBS said.
It stated that the value of crude oil exports stood at N2.93 trillion, constituting 65.4 per cent of the export total, while the non-crude oil export value stood at N1.54 trillion.
It said that the difference represented 34.6 per cent.
“Total trade grew by N641.6 billion or 11.3 per cent relative to the N5.65 trillion recorded in the corresponding quarter of 2013.
“The year to date total merchandise trade amounted to N18.47 trillion while Nigeria’s imports amounted to a value of N1.82 trillion in third quarter of 2014.
“This represents a decrease of N157.0 billion or 7.9 over the N1.97 trillion recorded in the previous quarter.
“In comparison with the N2.09 trillion of imports recorded in third quarter of 2013, the 2014 value revealed a decrease of N264.5 billion, representing 12.7 per cent,’’ the NBS said.
It stated that the year to date total imports amounted to a value of N5.34 trillion, a marginal increase of N13.2 billion.
The statement added that the value represented 0.2 per cent from the levels recorded in the corresponding period of 2013, reports the News Agency of Nigeria (NAN).