Nigeria import value declines by 14.99% in Q4 2018 – NBS
The National Bureau of Statistic, NBS, has released a recent data showing Nigeria’s foreign trade import value to have declined by 14.99 per cent in the fourth quarter of (Q4) 2018 compared to Q3 2018.
According to the official statistics-producing and reporting agency, the 2018 value rose by 69.6 per cent over the corresponding quarter of 2017; with imported Agricultural products, valued at N5.0 billion, or 2.23 per cent less than in Q3 2018, and N8.7 billion or 3.8 per cent lower than Q4, 2017.
“The value of total imports fell 14.99 per cent in Q4 2018 compared to Q3 2018, but rose 69.6 per cent over the corresponding quarter of 2017. – Imported Agricultural products was valued at N5.0 billion, or 2.23 per cent less than in Q3 2018, and N8.7 billion or 3.8 per cent lower than Q4, 2017.
“The value of Raw material imports grew 9.5 per cent more than the value recorded in Q3, 2018 and 10.8 per cent more than the value recorded in Q4 2017.
The value of Solid minerals imports was 5.26 per cent lower than the value of imports in Q3, 2018 but 15.25 per cent higher than the value recorded in Q4 2017”.
In the manufacturing sector, the value did slightly well with the value of imported Manufactured goods decreased by 23.5 per cent against the value recorded in Q3, 2018 but rose by 82.2 per cent against its value in Q4, 2017.
The report also gave statistics of total value export in Q4 2018, which increased by 3.52 per cent against the level recorded in Q3, 2018.
“The value of total exports in Q4, 2018 increased by 3.52 per cent against the level recorded in Q3, 2018 and 28.46 per cent higher than its value in Q4, 2017. The value of Agricultural exports rose by 115.1 per cent in Q4 2018 compared to Q3, 2018, and 696.8 per cent compared to Q4 2017”.
“The value of Raw material goods exports in Q4, 2018 was 26.7 per cent higher than the value in Q3 and 7.7 per cent higher than the value recorded in Q4 2017.
The value of Manufactured goods exports rose by 14.97 per cent in Q4 2018 when compared with the value recorded in Q3 2018 but decreased by 36.6 per cent against the corresponding quarter in 2017.
