Nigeria’s monthly trade surplus fell by 35 per cent, month-on-month, MoM to $1.39 billion in July from $2.14 billion in June, driven by increase in imports and slight decline in exports.
The Central Bank of Nigeria, CBN, disclosed this in its Monthly Economic Report for July, which showed that total exports fell by 0.8 per cent while total import rose by 25.09 per cent during the month.
The report said: “The trade surplus narrowed to $1.39 billion, from US$2.14 billion in the preceding period, reflecting both marginal decline in export performance and higher import bills.
“Export receipts fell by 0.80 per cent to $4.93 billion, largely, on account of lower earnings from the export of crude oil products, while import bills rose by 25.09 per cent to $3.54 billion, driven by increased import of oil and non-oil products.
“Analysis of export by composition showed that crude oil, gas and refined petroleum products accounted for 84.88 per cent of the total while non-oil constituted the balance. In terms of imports, non-oil import accounted for 74.50 per cent, with oil constituted the balance.”
