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Nigeria’s foreign trade increases to N5.51tn in first quarter

By BusinessNews Staff on August 13, 2014

Nigeria’s total merchandise trade increased by 6.8 per cent to about N5.51 trillion in the first quarter of the year (Q1 2014) compared to about N5.16 trillion recorded in the fourth quarter of 2013, according to the National Bureau of Statistics (NBS).

When compared to the corresponding quarter of 2013 (Q1 2013), the value of the total merchandise trade also increased by N406 billion or 8.2 per cent, it added.

The NBS, in its Foreign Trade Statistics, Q1 2014, which was released yesterday said there had been rising exports and declining imports which resulted in greater trade surplus for the country.

It said trade surplus increased by 34.3 per cent or N618.6 billion in Q1 2014 following a decline in imports by 6.2 per cent while exports increased by 15 per cent when compared to the Q1 2013 figures.

The report stated that the total trade was dominated by crude oil exports which accounted for about N3.23 trillion, representing 81.5 per cent of total exports while the non-crude oil accounted for N735.9 billion or 18.5 per cent of total exports.

Conversely, total imports in Q1 2014 was valued at about N1.54 trillion, representing a 8.3 per cent decline compared to about N1.68 trillion recorded in the preceding quarter.

When compared to the corresponding quarter of 2013, the value of imports dipped by N101.3 billion or 6.2 per cent, according to the NBS.

It stated further that the structure of Nigeria’s import trade was dominated by the imports of boilers, machinery and appliances, which accounted for 23.7 per cent of the total value of import trade in Q1, 2014.

The value of export trade amounted to about N3.96 trillion in Q1 2014, representing an increase of N492.6 billion or 14.2 per cent over the value recorded in the preceding quarter.

Crude oil component of export trade grew by 8.4 per cent from the preceding quarter, contributing 51.1 per cent of the total growth in exports while the non-crude oil component of trade grew by 48.6 per cent and accounted for 48.9 per cent of the total export growth from the previous quarter.

Further analysis of the trade statistics showed India as the country’s major trade partner with exports to that country valued at N544 billion followed by the Netherlands, Brazil, Spain and France, whose values stood at N461.5 billion, N376.8 billion, N346 billion and N310.9 billion of total exports respectively.

On the other hand, import trade by country showed that Nigeria imported goods mostly from China, United States, India, Belgium and Netherlands, which accounted for N368.1 billion, N164.7 billion, N93.2billion, N91.7 billion and N76.4 billion respectively.

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