The National Bureau of Statistics on Monday released the merchandise trade statistics report for the first quarter of 2013 with a claim that the country recorded a N2.08tn drop in total trade from N7.185tn in the last quarter of 2012 to N5.098tn in the period under review.
This is in spite government’s efforts to boost the country’s trade and investment climate through various policies.
In the report, which was signed by the Statistician-General of the Federation, Dr. Yemi Kale, the bureau stated that the N2.08tn represented a 29 per cent drop over the figure recorded in the fourth quarter of 2012.
The NBS said the period under review had been characterised by declining exports and rising imports, which gave rise to a weak trade balance.
Conversely, imports increased by 27.4 per cent to N1.6 trillion from N1.2 trillion in the fourth quarter of last year.
When combined with the decrease in exports, there is a trade imbalance of about N2.7 trillion or 60.8 per cent in the period under review.