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External trade rose by N242bn in Q2 – NBS

By on September 17, 2013

The National Bureau of Statistics on Sunday said that the country recorded an increase of N242.3bn or 4.8 per cent in external merchandise trade in the second quarter of this year.

The bureau, in its trade statistics report, signed by the Statistician-General of the Federation, Dr. Yemi Kale, said the trade figures rose from N5.09tn in the first quarter to N5.34tn in the second quarter.

It noted in the report that an increase of N290.8bn or 8.4 per cent in the value of exports from N3.45tn in the first quarter to N3.74tn in the second quarter was responsible for the rise.

It stated, “The total value of Nigeria’s external merchandise trade amounted to N5.341tn in the second quarter 2013, an increase of N242.3bn or 4.8 per cent from N5.098tn recorded in the previous quarter.

“This change resulted from an increase in the value of exports from N3.452tn in the first quarter of 2013 to N3.742tn in the second quarter (an increase of N290.8bn or 8.4 per cent), and a 2.9 per cent decline in the value of imports from N1.646tn in the first quarter of 2013 to N1.598tn in the second quarter.

“Furthermore, the increase in exports and decrease in imports resulted in a favourable trade balance of N2.144tn in the second quarter, an increase of N339.3bn or 18.8 per cent from levels recorded in the first quarter of 2013.”

The report put the crude oil component of the total trade at N2.709tn, indicating a decrease of N321.2bn or 10.6 per cent when compared with the previous quarter.

The crude oil component also recorded a 23.6 per cent decline in the year-on-year analysis.

Giving reasons for the decline in imports, the report stated, “The decline of imports in the second quarter of 2013, relative to the first quarter of the year, resulted from the decline of some products such as crude inedible materials, which accounted for N12.2bn or 0.8 per cent, of total imports, oil and fats at N1.2bn or 0.1 per cent, mineral fuels at N14.2bn or 0.9 per cent; and beverages and tobacco with N6.7bn or 0.4 per cent of total imports.”

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

In terms of exports, the report revealed that mineral products contributed N3.122tn or 83.4 per cent of the total.

This was followed by plastic, rubber and parts, with N196.5bn or 5.2 per cent; and prepared foodstuff, beverages, spirit vinegar and tobacco were recorded at N98.2bn or 2.6 per cent.

The report stated that exports to various continents indicated that Europe ranked first with N1.410tn or 37.7 per cent of total exports, followed by the Americas with N971bn or 25.9 per cent, and Asia with N734.6bn or 19.6 per cent.

It added that while Africa accounted for N503.8bn or 13.5 per cent of total exports, the ECOWAS region contributed N218.5bn or 43.4 per cent of exports to the region.

 

 

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