The nation's statistics bureau disclosed this in its “Foreign Trade in Goods Statistics” (Q2 2018) report released on Thursday in Abuja.
Value of foreign trade stood at 7.21 billion naira in the first quarter and represents a 14.56 percent growth from the 5.73 billion naira recorded in the second quarter of 2017.
According to the bureau, the contraction of total trade in the quarter under review is mainly driven by the decline in both imports and exports.
“The total value of exports in the quarter under review is N4.46 billion.
“This represents a -4.9 per cent contraction over the first quarter (4.70 billion naira) and a 43.8 per cent growth compared to second quarter of 2017.
“Likewise, the total import component in the second quarter (2.11billion) also recorded a decline of -16.3 per cent.
“This is lower than the first quarter (2.52billion) and -19.9 per cent lower than the first quarter of 2017,” the report said.
It said the trade balance in the second quarter was a surplus of N2.36 billion.
This, it explained, was 8.36 per cent increase from the figure in the first quarter (2.17 billion naira) and, against 471.48 billion naira in the first quarter of 2017
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