Nigeria’s total value of merchandise trade rose to ₦4,721.9 billion, an increase of ₦661.5 billion or 16.3% from the preceding quarter value of ₦4,060.4 billion. The rise is due to the increase in Nigeria’s import and export trade in the third quarter of 2016, metrobusinessnews.com learnt.
According to the Foreign trade report released by National Bureau Of Statistics (NBS), Exports stood at ₦2,308,857.2 billion resulting to an increase of ₦520.8 billion or 29.1%, while imports rose to ₦2,413,001.7 billion which gives an increase of ₦140.7 billion or 6.2%.
The rise in exports this quarter reduced the deficit trade balance from -₦484,238.7 billion experienced in the previous quarter to -₦104,144.5 billion, the report further revealed.
According to NBS, the crude oil export value stood at ₦1,943,987.0 billion indicating an increase of ₦458.4 billion or 30.9% against the level recorded in Q2 2016.
“The structure of Nigeria’s import trade according to the reported was dominated by the imports of Mineral fuel, lubricant, Machinery, transport equipment as well as Chemicals and related products,” which contributed the most to the value of import trade in 2016.”
Whereas commodities such as ‘Crude inedible materials, except for fuel,’ Beverages, tobacco, Animal and vegetable oils as well as fats and waxes”, contributed the least, the report revealed.
Import trade by section was dominated by the imports of Mineral products which accounted for ₦746.2 billion or 30.9% of the total value of import trade in 2016. Other commodities which contributed noticeably to the value of import trade in 2016 were Boilers, machinery and appliances; parts thereof” at ₦475.6 billion (19.7%).
While “Products of the chemical and allied industries stood at ₦220.0bn (9.1%), “Plastic, rubber articles thereof at ₦153.9 billion (6.4%) while “Prepared foodstuffs; beverages, spirits and vinegar; tobacco” stood at ₦148.2 billion (6.1%).
The NBS report further revealed that Nigeria’s import trade by direction showed the country imported goods mostly from China, with an import value of ₦478.7bn (19.8%) of total imports. This was followed by Belgium at ₦331.3bn (13.7%), Netherlands with ₦299.7 billion (12.4%), the United States with ₦165.5bn (6.9%) and India with ₦121.3bn (5.0%), of total imports.
“Imports by economic region revealed that the country consumed goods largely from Europe, with import value of ₦1,158.4 billion (48.0%), Asia, with import goods valued at ₦843.27 billion (34.9%). Goods valued at ₦294.5. While import trade within the continent of Africa totaled ₦87.9 billion or 3.6%, whereas imports from the region of ECOWAS amounted to ₦8.5 billion.
Meanwhile the structure of Nigeria’s export trade which is still dominated by crude oil exports, with an estimated value of ₦1,944.0 bn, showed that Nigeria mainly exported goods to Europe and Asia. While the report further revealed that the country exported goods valued at N371.2bn to the continent of Africa whereas export to the ECOWAS region totalled ₦190.3 billion.