Foreign trade : Nigeria’s total export hits N3.6trn in nine months
… Imported good drops by 9.41%-NBS
The National Bureau of Statistics (NBS) has said that Nigeria total exports in the third quarter of 2017 has recorded N3.57trillion, representing 15.19 per cent growth, compared to the second quarter of the same year, while showed a 53.85 per cent growth compared to the third quarter in 2016.
The latest report by the NBS, revealed that Nigeria as oil dependent country exported N2.97trn crude oil in third quarter (Q3) of 2017.
The Bureau said crude oil contributed to Nigeria’s total exports of about 83.17 per cent, while non-crude oil exports contributed 17 per cent in the period under review.
The Foreign Trade in Goods Statistics report by NBS disclosed that Crude oil exports grew faster than non-crude oil exports as crude oil exports accounted for 78.18per cent in the second quarter of 2017.
The report by NBS said, “The structure of the export trade is still dominated by crude oil exports, which contributed N2.97 trillion or 83.17 per cent to the value of total exports in Q3 2017.
“Exports by section revealed that Nigeria exported mainly mineral products, which accounted for N3.5 trillion or 97.2 per cent of the total export value. The second largest component was “Prepared foodstuffs; beverages, spirits and vinegar; tobacco” which contributed to N25.81 billion or 0.7per cent of the total exports.
“In the third quarter, Nigeria exported most products to Europe, N1.29 trillion; Asia, N1.03 trillion and America, N826.98 billion. Value of Exports to Africa were only recorded N367.28 billion, among which N114.93 billion of goods were exported to Economic Community of West African States (ECOWAS) countries.
“India remained the top exporting partner for Nigeria in the reviewing quarter. The five top exporting partners are India, U.S.A., Spain, The Netherland, France, and Canada, whose values stood at N623.21bn or 17.44 per cent, N497.52bn or 13.92 per cent, N355.93bn or 9.96 per cent, N242.79bn or 6.79 per cent, and N225.71bn or 5.32 per cent respectively. These five countries accounted for 54.44per cent of the total exports in 2017 Q3.”
The report by the NBS stated that, total imports in the reviewing quarter, in contrast, decreased to N2.3 trillion, showing a decline of 9.41per cent quarter on quarter and 4.47per cent on a year basis.
The NBS report further said that trade balance of Nigeria in third quarter of 2017 amounted N1.23trn, due to a continued value increase in exports and a decline in imports.
“This figure in Q3 more than doubled the value in the previous quarter and it is the first time that trade balance exceeds N1,000billion since the last quarter of 2014,” the report stated.
On imports trade, NBS report said, Nigeria’s imports trade stood at N2.3trn in third quarter of 2017, of which N648.83bn imports were Machinery & transport equipment (27.63 per cent of total import) and N602.89bn imports were mineral fuel (25.67 per cent).
“In the third quarter, most imported products are from Europe and Asia, which contributed to 43.51per cent and 39.62per cent of the total imports respectively. Nigeria’s import trade by direction showed that the country imported goods mostly from China, USA, Netherland, India and UK, which respectively accounted for 22.26 per cent (N522.84bn), 7.98 per cent (N187.43bn), 7.64 per cent (N179.45bn), 5.08per cent (N119.33bn) and 4.11per cent (N96.63bn).”
The NBS said China remained the top importing partner while the US replaced Belgium to be the second largest importing partner for Nigeria in Q3.
The report stated that import from Africa countries accounted for N103.10bn or 4.39 per cent of the total value an import from ECOWAS countries accounted for N28.60bn or 1.22per cent of the total value.
According to the NBS, total value of trade in agricultural goods in third quarter of 2017 stood at N253.68 billion representing 4.30 per cent of total trade in third quarter of 2017, while the sector accounted for 0.60 per cent total exports in period under review.
Motolani Oseni, Lagos
