Nigerian foreign exchange earnings grew in the second quarter of 2024 based on strong export performance as the foreign trade surplus increased to N6.95tn.
A trade surplus is an economic measure of a positive balance of trade, where a country’s exports exceed its imports. This was as fuel products topped the list of imported goods into the country, according to the latest foreign trade statistics data released by the National Bureau of Statistics on Wednesday.
“The value of other oil products imports in Q2, 2024 stood at N4.425tn showing a decrease of 23.34 per cent from N5.772bn in Q1 2024 and a 98.64 per cent rise from N2.23tn in Q2 2023.
“The value of total imports stood at N12.47tn in the second quarter of 2024, representing a decrease of 10.71 per cent compared with the value recorded in Q1, 2024 (N13.97tn) and a rise of 97.93 per cent from the value recorded in the corresponding quarter of 2023 (N6.3tn),” the NBS said.
The statistics agency noted that surplus which marks a 6.60 per cent increase from the previous quarter, reflects the country’s strong export performance amidst a slight decline in overall merchandise trade.
