The National Bureau of Statistics (NBS) said the country has recorded foreign trade valued at N6.57billion in the second quarter.

The bureau disclosed this in its “Foreign Trade in Goods Statistics” (Q2 2018) report released on Thursday in Abuja.

It said the figure was – 8.9 per cent less than 7.21 billion recorded in the first quarter and represents a 14.56per cent growth from the N5.73billion recorded in the second quarter of 2017.

According to the bureau, the contraction of total trade in the quarter under review is mainly driven by the decline in both imports and exports.

“The total value of exports in the quarter under review is N4.46 billion.

“This represents a -4.9 per cent contraction over the first quarter (4.70billion) and a 43.8 per cent growth compared to second quarter of 2017.

“Likewise, the total import component in the second quarter (2.11billion) also recorded a decline of -16.3 per cent.

“This is lower than the first quarter (2.52billion) and -19.9 per cent lower than the first quarter of 2017,” the report said.

It said the trade balance in the second quarter was a surplus of N2.36 billion.

This, it explained, was a 8.36 per cent increase from the figure in the first quarter (N2.17 billion) and, against N471.48 billion in the first quarter of 2017.