Home Business Nigeria’s Total Trade Hits N8.24trn in Q1- NBS

Nigeria’s Total Trade Hits N8.24trn in Q1- NBS

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The National Bureau of Statistics (NBS) has said the nation’s total trade hits N8.24 trillion in first quarter (Q1) of 2019.

The foreign trade statistics report by NBS on Friday also disclosed that Nigeria total imports was N3.70 trillion while total exports was N4.54 trillion.

The report added further that N831.62 billion was trade balance in the period under review.

According to NBS, the nation’s total trade grew by 2.50 per cent in Q1,2019 compared to Q4,2018, and 7.52per cent relative to the corresponding quarter in 2018.

NBS report, stated that “In the first quarter of 2019, Nigeria’s total exports was recorded at N4,535.3 billion, which represents a 1.78per cent rise compared to the fourth quarter of 2018 but a 3.9per cent fall compared to the first quarter of 2018.

“Similarly, the value of total imports increased to N3,703.7 billion, representing an increase of 3.39per cent relative to Q4 2018 and 29.84per cent compared with Q1 2018.

“The trade balance remained positive at N831.6 billion in Q1 2019, boosted by increase in both exports and imports.

“The boost also helped total trade increase to N8,239.04 billion. This figure is 2.50per cent higher compared to Q4,2018 and 7.52per cent higher relative to the corresponding quarter in 2018.”

The NBS report on import disclosed that, “The value of total imports rose 3.39per cent in Q1 2019 compared to Q4 2018, and by 25.84% over the corresponding quarter of 2018.

“Imported Agricultural products were 7.98per cent higher in value than in Q4 2018, and 28.1per cent higher than in Q1, 2018. “The value of Raw material imports grew 6.62per cent more than the value recorded in Q4, 2018 and 20.76per cent more than the value recorded in Q1 2018.

“The value of Solid minerals imports was 1.26per cent more than the value of imports in Q4, 2018 and  35.90per cent higher than the value recorded in Q1 2018.

“The value of Energy goods imports was 20.28per cent lower than in Q4,2018. Compared with the corresponding quarter of 2018, a decrease of 0.94per cent was recorded.

“The value of imported Manufactured goods increased by 25.81per cent in Q1,2019 against the value recorded in Q4,2018 and rose by 130.7per cent against its value in Q1, 2018. The increase in value of imported manufactured goods was partly as a result of the importation of hygienic/ pharmaceutical product for humanitarian purposes during the quarter.

“The value of Other oil products imported was 58.4per cent lower than in Q4, 2018 and 72.71per cent lower than the corresponding quarter of 2018.”

On export, the report revealed that, value of total exports in Q1, 2019 increased by 1.78per cent against the level recorded in Q4, 2018 but decreased by 3.90per cent against its value in Q1, 2018.

“In Q1 2019 the value of agricultural exports was 11.89per cent lower than in Q4, 2018 but 17.5per cent higher than Q1 2018.

“Total Trade: Total trade grew by 2.50per cent in Q1,2019 compared to Q4,2018, and 7.52per cent relative to the corresponding quarter in 2018

“The value of raw material exports in Q1,2019 was 10.67per cent lower than the value in Q4,2018 but 11.57 per cent higher than in Q1 2018.

“The value of Solid minerals exports increased by 16.88per cent relative to Q4 2018 but decreased by 66.6per cent  compared to the corresponding quarter in 2018.

“The exports of Energy goods decreased in value by 1.3per cent compared to Q4,2018 but increased by 2.17per cent when compared with Q1 2018.

“The value of Manufactured goods exports rose by 511.19per cent in Q1 2019 when compared with the value recorded in Q4 2018 and 6.43per cent compared to the corresponding quarter in 2018. The increase in export during the quarter was due to the re-export of Vessels and other floating structures during the quarter, amongst other high value re-exports.

“The value of Crude oil exports in Q1 2019 was 7.78per cent lower than in Q4 2018 and 5.67per cent lower than in Q1 2018. The value of Other oil products exports decreased by 1.42% compared to Q4 2018, and 1.44per cent compared to Q1 2018.”

Imports Classified by Standard International Trade Classification and country of Origin

Nigeria’s imports stood at N3,703.7 billion in Q1 2019 out of which Machinery & transport equipment N1,505.9 billion or 40.66per cent of total imports, Manufactured goods accounted for N841.3 billion or 22.72per cent and Chemical and related products accounted for N403.4 billion or 10.89per cent of total imports during the period under review.

“Other major imports were food and live animals which amounted to N353.0billion or 9.53per cent, and mineral fuel which amounted to N346.2billion or 9.35per cent during the period under review.”

The report explained further that, “During the quarter, imported products originated from Asia (valued at N1,635.0 billion or 44.2per cent of total imports), Europe (N913.4billion or 24.7per cent) and Africa (N644.1billion or 17.4per cent).

“Analysis of regional trade flows further showed that import trade with the Americas accounted for N493 billion or 13.3per cent, while Oceania accounted for N18.2 billion or 0.5per cent.

“Within the African continent, trade with the ECOWAS subregion amounted to N27.7 billion of total import trade. Imports by country of origin shows that Nigeria imported goods worth N979.30 billion or 26.44per cent from China.

“Notably, goods worth N528.89 billion or 14.28per cent of total imports was imported from Swaziland during the quarter. This significant volume of import was a result of the importation of a laboratory, hygienic or pharmaceutical glassware for humanitarian purposes, leading to Swaziland appearing for the first time among Nigeria’s top five trading partners in terms of imports.

“Other major trading partners during the quarter were the United States, India and the Netherlands which accounted for N525.30 billion or 8.78per cent, N242.71 billion or 6.55per cent and N 150.72 billion or4.07 per cent respectively.”

Exports Classified by Standard International Trade Classification and Country of Destination

According to the NBS report, “Exports trade was dominated by crude oil exports, which contributed N3,376.73 billion or 74.45per cent to the value of total exports in Q1 2019.

“By section, analysis reveals that Nigeria exported mainly mineral products which amounted to N3,950.1 billion or 87.1per cent of the total value of exports.

“This was followed by Vehicles, aircraft and parts; Prepared food stuff, beverages, spirits; and Vegetable products which respectively accounted for N418 billion or 9.22per cent, N55.4 billion or 1.2per cent and N49.0 billion or 1.1per cent of the total export.

“In Q1 2019, Nigeria exported most products to Europe, Asia and Africa equivalent to N1,833.4 billion or 40.43per cent of total exports, N1,324.8billion or 29.2per cent and N936.8billion or 20.67per cent respectively.

“Furthermore, Nigeria exported goods worth N405.8 billion or 8.95 per cent to the Americas and N34.5 billion or 0.76per cent to Oceania . Within Africa, Nigeria exported goods valued at N300.6billion to ECOWAS member states (representing 32.08 per cent of total merchandise exports to Africa).

“By country of destination, Nigeria exported goods mainly to India, Spain, Netherlands, South Africa and France, valued at N745.0 billion or 16.43per cent, N487.1 billion or 10.74per cent, N405.4billion or 8.9per cent, N325.5 billion or 7.2per cent and N302.3 billion or 6.7per cent respectively.”

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