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Third quarter trade drops by N359bn – NBS

By on December 15, 2014

The National Bureau of Statistics on Sunday released the trade statistics for the third quarter of this year, stating that the country recorded a N359.6bn or 5.4 per cent drop in merchandize trade from N6.65trn to N6.29trn.

The bureau in the report attributed the decrease in trade to both a fall in the value of exports and imports in the third quarter relative to the second quarter.

For instance, the report a copy of which was made available to our correspondent, noted that while exports declined by N202.7bn or 4.3 per cent to N4.47trn, the country’s imports also dropped by N157bn or 7.9 per cent to N1.82trn.

However, the report stated that regardless of this drop, the country’s balance of trade remained favorable at N2.65trn.

It said, “The total value of merchandise trade in Q3 2014 stood at N6.29trn from the value of N6.65trn recorded in the previous quarter of 2014, this indicates a decrease of N359.6bn or 5.4 per cent.

The decrease was a result of both a fall in the value of exports and imports in the third quarter relative to the second quarter.”

The report put the country’s value of Crude oil exports at N2.93trn, constituting 65.4 per cent of the export total, while the non-crude oil export value of N1.54trn made up the remaining 34.6 per cent.

In terms of destination, the report explained that Europe recorded the greatest value of exports with N 1.74trn or 38.9 per cent of the total trade

This was followed by Asia, Africa and The Americas with N1.41trn or 31.6 per cent of the total, N672.1bnor 15.0 per cent of the total and N474.3bn or 10.6 per cent of the total respectively.

ECOWAS, it added, contributed N376bn or 55.9 per cent of total exports to the African continent.

Meanwhile, the report also released the Consumer Price Index report for the month of November stating that the pace of price increases observed by the inflation report eased for the third consecutive month by 0.2 percentage point from from 8.1 per cent to 7.9 per cent.

The slower pace of price increase recorded by the CPI, the report stated was as a result of a slower rise in food prices as well as other divisions that yielded the index.

“Following the same trend observed in the Headline index, this is the third consecutive month where advances in food prices have been relatively muted.

“While the majority of groups that contribute to the food index declined, price increases were observed in the vegetable and coffee, tea and cocoa groups. Meats increased at roughly the same pace relative to October.

“The onset of the harvest season has continued to bring consumers a respite from higher food prices after food prices peaked in August,” it said.

 

[Punch]