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Nigeria records N317bn increase in merchandise trade

By on April 22, 2014

The National Bureau of Statistics has said the country recorded an increase of N317bn in total external merchandise trade from N5.341tn in the second quarter of 2013 to N5.658tn in the third quarter.

In the trade report released on Sunday and signed by the Statistician-General of the Federation and Chief Executive Officer, NBS, Dr. Yemi Kale, the bureau said the N317bn represented an increase of 5.9 per cent over what was recorded in the second quarter.

The report stated that the increase was driven by a 30.4 per cent rise in the value of imports from N1.598tn in the second quarter of 2013, to N2.084tn in the third quarter.

It said rising imports coupled with a 4.5 per cent decline in exports from N3.742tn in the second quarter of 2013 to N3.573tn in the third quarter, resulted in a trade balance of N1.488tn.

It, however, noted that the trade balance was 30.6 per cent lower than what was recorded for the second quarter.

The report said the crude oil component of the exports in the third quarter stood at N3.087tn, indicating an increase of N377.5bn, or 13.9 per cent, when compared with the second quarter of 2013.

In contrast, a further analysis of the report showed that the non-crude oil component of exports recorded a sharp decline of 52.9 per cent from N1.033tn in the second quarter to N486.4bn in the third quarter.

Year-on-year, it said the crude oil and non-crude oil exports were down by 25.9 per cent and 72.1 per cent, respectively.

The report stated, “The total value of Nigeria’s imports amounted to N2.084tn in the third quarter of 2013. This was N486.5bn or 30.4 per cent higher than the N1.598tn recorded in the previous quarter of 2013, and 64.0 per cent or N813.5bn greater than the value of imports recorded in the third quarter of 2012.

“The increase from the previous quarter can be largely attributed to a rise in the import value of beverages and tobacco, which increased by N208.9bn; machinery and transport equipment, which increased by N145.2bn or 54.4 per cent; and food and live animals, which increased by N51.5bn or 35.7 per cent.”

An analysis of the nation’s imports showed that the biggest source of imports into Nigeria was China, with a value of N378.3bn in the third quarter of 2013.

The report stated that the second biggest source of imports was the United States, followed by the United Kingdom, Belgium and Netherlands, with N188.6bn, N120.8bn, N104.2bn and N101bn, respectively, in the third quarter.

The report also showed that the Netherlands consumed the highest volume of Nigeria’s exports with N512.4.3bn; followed by India with N495.3bn; the United States with N278.5bn; Brazil with N273.1bn; and Spain with N262.1bn.

It stated, “Exports classified by continent showed that Europe consumed the highest volume of Nigerian exports in the third quarter of 2013, with N1.594tn or 44.6 per cent of total exports; followed by Asia with N686.4bn or 19.2 per cent of total exports; the Americas with N680.6bn or 19.0 per cent of total exports; and Africa with N545.0bn or 15.3 per cent of total exports.

“Within the African region, exports to ECOWAS countries contributed N192.3bn or 35.3 per cent of total exports to the region.”

 

 

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