According to figures from the National Bureau of Statistics, external trade dropped 4.3 per cent from the N29.33 billion recorded in 2011 to N28.07 billion.
This is owing to a sharp decrease of 43.1 per cent in the value of imports from N9.89 billion in 2011 to N5.62 billion in 2012.
However there was a 15.5 per cent increase in the value of exports for the period under review to N22.44 billion.
Total imports for the period was valued at N21.6 billion.
Total exports amounted to N5.89 billion in the quarter under review, less than the N5.90 billion recorded in the preceding quarter.
On an annual basis, total exports rose to N22.44 billion at the end of 2012 boosted by crude oil with European countries, being the highest consumers of Nigeria’s exports.