Nigeria Spent 4.7billion Naira To Import Umbrellas, Headgear In Three Months

Well, here is an interesting story in the newspapers today, and it is as reported in the TRIBUNE. 

Government spent N4.7 billion to import umbrella, footwear and headgear in the second quarter of 2013.

The amount spent on the importation of those materials notwithstanding, the country recorded a favourable balance of trade, with export volume exceeding import volume, as the total value of external merchandise trade amounted to N5,341.1 billion in the second quarter 2013, an increase of N242.3 billion or 4.8 per cent from N5,098.9 billion recorded in the previous quarter.

A document on Q2 trade statistics released by the National Bureau of Statistics (NBS) in Abuja, at the weekend, showed that the change resulted from an increase in the value of exports from N3,452.1 billion in the first quarter of 2013 to N3,742.9 billion in the second quarter (an increase of 90.8 billion or 8.4 per cent) and a 2.9 per cent decline in the value of imports from N1,646.7 billion in the first quarter of 2013 to N1,598.2 billion in the second quarter.

Furthermore, NBS said the increase in exports and decrease in imports resulted in a favourable trade balance of N2,144.7 billion in the second quarter, an increase of1 N339.3 billion or 18.8 per cent from levels recorded in the first quarter of 2013.

Further analysis indicated that the value of the nation’s total merchandise trade decreased by N1,742.8 billion or 24.6 per cent, while trade balance also declined by 49.7 per cent.

Details of imports classified by sections showed that footwear, headgear and umbrellas accounted for N4.7 billion or 0.3 per cent of total imports; miscellaneous manufactured articles accounted for N7.0 billion or 0.4 per cent; mineral products were recorded at N254.7 billion or 15.9 per cent and vehicles, aircraft and parts at N89.4 billion or 5.6 per cent.

The Nigerian imports, according to Broad Economic Category, revealed that consumer goods accounted for N55.7 billion or 3 per cent of total imports; transport equipment and associated parts, N57.8 billion or four per cent, while food and beverages were recorded at N147.5 billion or nine per cent.