By Omoh Gabriel
Nigerians penchant for foreign goods dropped by 43 per cent in 2012 according to figures released by National Bureau of Statistics yesterday. The figures showed a sharp decrease in the value of imports from N9.8926 trillion in 2011 to N 5.6249 trillion in 2012, a decrease of 43.1 per cent. The Bureau of Statistics in a statement of its website said there was an increase of 15.5 per cent in the value of exports from N19.4404 trillion in 2011 to N 22.4463 trillion in 2012. The statement said “The increase in the value of exports contributed immensely to the visible trade Balance of N16.8214 trillion recorded in 2012. This was a contrast to the visible trade balance of N 9.5477 trillion recorded in 2011”.
According to the report “The crude oil component of total trade increased by N1.596.0triillion or 11 per cent over the level recorded in 2011. The structure of Nigeria’s export is still determined by crude oil export. The contribution of crude oil to the value of total domestic export trade amounted to N15.5319trillion or 69.2 per cent in 2012.
“Summary of Nigeria’s export by section revealed that the highest export product of Nigeria in 2012 was mineral products which accounted for N18.868 trillion or 84.1 per cent. 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 N1.5999trillion or 7.1 per cent and N764.2billion or 3.0 per cent of the total exports of Nigeria during the period under review.
“Details of Nigeria’s exports to various continents of the world showed that European countries are the highest consumer of Nigeria’s export with N8.2271billion or 36.7 per cent. This was followed closely by America with N7.1961trillion or 32.1 per cent and Asia with N4.3474trillion or 19.4 per cent. Within the continent of Africa, Nigeria exported products valued at N2.11868 trillion or 9.4 per cent 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”
The report further said “The total imports of Nigeria was valued at N1.2928trillion in quarter 4, 2012 indicating a rise of N21.6billion or 1.7 per cent when compared with the value of the third quarter of the same year. The value of imports totaled N5.6249trillion at the end of 2012 as against N9.892.6billion in 2011, a decrease of N 4.2678 trillion or 43.1 per cent.
“The structure of import trade according to SITC was still dominated by the imports of Machinery and transport equipments, Manufactured goods and Commodities n.e.s which accounted for 23.5 per cent,12.4 per cent and 34.0 per cent 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 with N79.0billion or 1.4 per cent, N61.7billion or 1.1 per cent, N49.4billion or 0.9 per cent, N10.9 billion or 0.2 per cent respectively.
Nigeria in 2012 exported more than it imported thus resulting in an increase in the nation’s external reserves according to statistics released by the National Bureau of statistics yesterday. The report said that Exports outperformed imports leading to visible trade surplus.
The total value of Nigeria’s external merchandise trade for the fourth quarter of 2012, stood at N7.185.8trillion, showing a slight increase of N6.4billion or 0.1 per cent over the previous quarter. At the end of 2012, the Nigeria’s external trade was N 28.0712 trillion. This was 4.3 per cent lower than the corresponding figure of N 29.333.0 trillion recorded in 2011.
Further analysis of Nigeria’s imports according to sections showed that Boilers , Machinery and Appliances still accounted for the largest share of Nigeria’s imports with N1.2833trillion or 22.8 per cent. However, 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 with N1,1114trillion or 19.8 per cent, N577.2billion or 10.3 per cent, N520.3Billion or 9.2 per cent and N450.2billion or 8.0% respectively.
“At the end of 2012, Nigeria’s imports according to Broad economic classification revealed that goods not elsewhere specified accounted for N1.9290trillion or 34.3 per cent, followed by Industrial supplies with N1.3218trillion or 23.5 per cent and capital goods and parts with N957.9 billion or 17.0 per cent.
“Direction of import trade by Economic region showed that Nigeria’s major imports came from Asian countries which accounted for N2, 319.9billion or 41.2 per cent of the total imports. Other major imports of Nigeria were from Europe and America with N1.4904trillion or 26.5 per cent and N1.4219trillion or 25.3 per cent. Within the continent of Africa, Nigeria imported goods valued at N245.6billion or 4.4 per cent out of which ECOWAS accounted for N33.8billion or 13.8 per cent.
“Nigeria’s total export trade amounted to N5.8929trillion in the quarter under review. This was less than N5.9082 trillion recorded in the preceding quarter. On annual basis, the total exports of Nigeria stood at N 22.4463 trillion at the end of 2012, representing a rise of N3.0060 trillion or 15.5 per cent over the level in 2011” the report stated.
