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ISSN 0734-3954 No.435 16th August. 2007 FOREIGN TRADE STATISTICAL NEWS The value of Nigeria’s Merchandise Trade in the 2nd quarter of 2007 was N2,467.4Billion, an increase of N208.4billion or 7.8 percent over that of previous Quarter. This value also represented an increase of N206.2 billion or 9.1% when compared with the corresponding period in 2006. The value of import was N808.4billion, a decrease of N73.1billion or 8.3% compared with the 1st Quarter 2007, but showed an increase of N432.4billion or 96.3 percent over the corresponding quarter in 2006. On the other hand, export was valued at N1,658.9billion, a decrease of N135.3billion or 7.5 percent when compared with the previous quarter but represented a decrease of N95.2billion when compared with the corresponding quarter of 2006. Year on year comparison showed that 2007 increased by N412.5billion or 8.7 percent.The value of crude oil Exports stood at N1,610.2 billion, a decrease of 98.3billion or 5.8 percent over that of 1st Quarter 2007. The reason for this decrease was traceable to the political disturbances in the Niger Delta region. The value of Non oil Export for the second quarter of 2007 stood at N48.8billion. This showed a decrease of N36.9billion or 43.1 percent compared with the figure for the previous quarter and a decrease of N11.9billion or 19.6percent over the corresponding quarter of 2006.Import table showed that Section 16, Boilers, Machinery and Appliances etc made the greatest contribution of N130.4billon or 16.1 percent. This was surprisingly followed by section 02, Vegetable Products with the value of N114.8billion or 14.2 percent. Section17, Vehicles, aircraft and parts thereof; vessels etc. took the 3rd position with the value of N114.6.billon or 14.2 percent while the 4th and the 5th positions went to Sections 6 (Products of the chemical & allied industries) and 15(Base metals & articles of base metals) with contributions of N91.9billion or 11.4 percent and N89.4 or 11.1 percent respectively. The first eight Sections, including sections 7, 1 and 4, in other of importance contributed a total of 89.5 percent to total Imports.Imports by Region tables Revealed that United States of America (USA) contributed most to total Import by N146.8billion or 18.2percent and was closely followed by China contributing N129.0billion or 16.0percent. Imports from United Kingdom (UK), India, Belgium and Germany took the 3rd, 4th, and 5th Position with contributions of N 46.4billion, N44.0 billion, N42.0 billion and N40.5 billion or 5.7, 5.4, 5.2 and 5.0 percent respectively. Similarly Export by Region showed that USA made a significant contribution of N891.7billion or 53.8percent. This was followed by India and Brazil with the values of N190.3billion and N99.3billion or 12.8 and 6.7 percent respectively. Full report |