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Nigeria records surplus in exports

By on March 12, 2013

The Nigeria Bureau of Statistics in it’s fourth quarter report for the year 2012 said the country recorded an increase of 15.5% in the value of exports from N19,440.4 billion in 2011 to N22,446.3 billion in 2012.

According to the report this increase contributed immensely to the visible trade Balance of N16,821.4 billion recorded in 2012, a contrast to the visible trade balance of N 9,547.7 billion as recorded in 2011.

The total value of Nigeria’s external merchandise trade for the fourth quarter 2012, stood at N7, 185.8billion, showing a slight increase of N6.4billion or 0.1% over the previous quarter.

At the end of 2012, Nigeria’s external trade was N 28,071.2 billion. This was 4.3% lower than the corresponding figure of N 29,333.0 billion recorded in 2011.

The report stated that this development arose from a sharp decrease in the value of imports from N 9,892.6 billion in 2011 to N 5,624.9 billion in 2012 ( a decrease of 43.1%).

The crude oil component of total trade also increased by N 1,596.0billion or 11% over the level recorded in 2011.

According to the report Nigeria’s total export trade amounted to N5,892.9billion in the quarter under review. This was less than N5,908.2 billion recorded in the preceding quarter.

On an annual basis, the report said the total exports of Nigeria stood at N 22,446.3 billion at the end of 2012, representing a rise of N3, 006.0 billion or 15.5% over the level in 2011 adding that the structure of thecontry’s export is still determined by the export of crude oil .

“The contribution of crude oil to the value of total domestic export trade amounted to N15,531.9billion or 69.2% in 2012” the report said.

The report revealed that the highest export product of Nigeria in 2012 was mineral products which accounted for N18,868.0 or 84.1%.

Other products that contributed immensely to Nigeria’s export includes Plastic, rubber and articles, Prepared foodstuffs,beverages,spirits and vinegar, tobacco whose values stood at N1,599.9billion or 7.1% and N764.2billion or 3.0% of the total exports of Nigeria during the period under review.(Table3).

“Details of Nigeria’s exports to various continents of the world showed that European countries are the highest consumer of Nigeria’s export with N8,227.1billion or 36.7%. This was followed closely by America with N7, 196.1billion or 32.1% and Asia with N4, 347.4billion or 19.4%. Within the continent of Africa, Nigeria exported products valued at N2,118.68 billion or 9.4% of its total exports trade.However,Nigeria exported products valued at N869.6billion to the region of ECOWAS out of its total export trade to Africa”.

Import trade was dominated by the imports of “Machinery and transport equipments, Manufactured goods and Commodities n.e.s which accounted for 23.5%,12.4% and 34.0% respectively. However, commodities which contributed noticeably to the fall in the value of import trade in 2012 were as follows: Beverages & Tobacco, Crude inedible materials, Mineral fuel and oils,fats&Waxes”.

Other major imports of Nigeria during the period under review include Vehicles, aircraft and part, Vegetable products, Base metals and associated articles and products of chemical and Allied industries.

According to the report the direction of import trade by the Economic region showed that Nigeria’s major imports came from Asian countries which accounted for N2, 319.9billion or 41.2% of the total imports. Other major imports of Nigeria were from Europe and America with N1,490.4billion or 26.5% and N1,421.9billion or 25.3%.Within the continent of Africa, Nigeria imported goods valued at N245.6billion or 4.4% out of which ECOWAS accounted for N33.8billion or 13.8%.

Data sources for the report are from the Nigerian Customs through the Nigeria Integrated Customs Information System, Cobalt International Plc (on export commodities), Nigerian National Petroleum Corporation and various oil companies in the upstream and downstream sectors of the oil industry, Nigerian Ports, Petroleum Products Price Regulatory Agency, Central Bank of Nigeria.


[Daily Times]