Home Business Nigeria merchandise trade grew in Q3, 2019 with higher exports and lower imports–NBS

Nigeria merchandise trade grew in Q3, 2019 with higher exports and lower imports–NBS

by Business News Report

 National Bureau of Statistics NBS has said that the value of Nigeria’s total trade stood at N9,187.6 billion in Q3 of 2019 representing 6.77 per cent increase over the value recorded in Q2, 2019 and 1.33 per cent increase relative to Q3, 2018. The value of the export component (N5,288.5billion) increased by 15.02 per cent against Q2, 2019 and 8.97 per cent when compared with the corresponding quarter in 2018. On the other hand, the import component, valued at N3,899.1 billion, decreased by 2.70 per cent in Q3 against Q2, 2019 and 7.47 per cent against Q3, 2018. The increase in exports coupled with the decrease in imports led to a positive trade balance of N1,389.3billion during the period under review. 

According to NBS in Q3, 2019, crude oil remained the dominant export, accounting for 70.87 per cent (N3,747.8billion) of the value of total export, while non-crude oil exports amounted to 29.13 per cent (N1,540.7billion). However, in Q3, 2019, the value of crude oil exports was 4.7 per cent lower than in Q2, 2019 and 9.6 per cent lower than the corresponding quarter of 2018. Nigeria’s imports it said stood at N3,899.1 billion in Q3,2019, representing a decrease of 2.70 per cent over the value recorded in Q2,2019 and 7.47 per cent over the corresponding quarter of 2018. This was due to decreases in the values of mineral fuel, which fell by N381.9billion or 41.98%, and crude inedible materials (N15.95 billion or 24.44%) in Q3, 2019 over their values in Q2, 2019. 

During the quarter, Nigeria imported goods mainly from Asia, and valued at N1,998.5 billion or 51.3 per cent of total imports. Other major imports originated from Europe, valued at N1,194.2billion or 30.6 per cent while imports from the Americas and Africa amounted to N576.7billion or 14.8 per cent and N106.0billion or 2.7 per cent respectively. Import from Oceania stood at N23.8billion or 0.6 per cent of total imports while goods valued at N19.1billion originated from ECOWAS. Nigeria’s imports, by country of origin, shows goods were imported mainly from China, and valued at N1,221.9 billion. Nigeria also imported goods from the United States worth N442.4billion, India (N292 billion),the Netherlands(N265.2billion)andBelgium(N155.2billion). The value of total exports in Q3, 2019 stood at N5,288.5 billion. This indicates an increase of 15.02% against the level recorded in Q2,2019 and 8.97% when compared with its value in Q3, 2018. The Crude oil component of export amounted to N3,747.8 billion or 70.84% of total exports during the period under review while Non-crude oil export grew significantly in Q3, 2019 and was valued at N1,540.7 billion or 29.13%. 

Exports by section revealed that mineral products accounted for the largest proportion of exports, amounting to N4,220.1 billion or 79.8%). Other major sections in exports were Base metals and its articles (N771.6billion or 14.6%) as well as Vehicles aircraft and parts (N200billion or 3.7%).
Analysis of trade by region revealed that Nigeria exported most products to Europe (N1,861 billion or 35%), followed by Africa (N1,459.7billion or 27.6%), Asia (N1,361.3billion or 25.74%), America (N598.3billion or 11.3%) and Oceania (N8.1billion or 0.1%). Within Africa, exports to ECOWAS member states was worth N1,140.1 billion, or 21.56% of total exports. The value of exports to Africa and ECOWAS was notably high in Q3 2019 due to exports of Cable sheaths of iron and submersible drilling platforms exported to Ghana. Exports by country of destination showed that Nigeria exported goods to Ghana (valued at N908.6billion or 17.18% of total exports), India (N775.7 billion or14.67%), theNetherlands (N519.3 billion or 9.8%), Spain (N454.7 billion or 8.6%) and the United States (N332.2billion or 6.3%). During the quarter, total trade in Agricultural goods stood at N282.0 billion, out of which exported agricultural goods accounted for N42.1billion or 14.9%. Analysis by economic region showed that most were exported to Asia and Europe, and valued at N20.5 billion and N18.0 billion respectively. The key driver of agricultural products exports was Sesame seeds exported mainly to Japan (N5.6billion), Turkey (N2.9billion) and China (N1.3billion). Other key agricultural exports were Good Fermented Nigerian Cocoa Beans exported mainly to the Netherlands (N6.2billion) and Malaysia (N2.1billion), as well as Cashew nuts, shelled exported to Vietnam and the United States, and valued at N2.2billion and N0.3billion respectively. Imported agricultural products accounted for N239.9billion or 85.1% of total agricultural trade in Q3, 2019. The major product was Durum wheat (seeds) imported mainly from the United States and Russia, worth N26.7 billion and N19.1 billion respectively. Other products were Durum wheat (Notinseeds) imported from the United States and Canada valued at N22.6billion and N16.2billion respectively, as well as Mackerel imported from Russia and Japan, valued at N3.9 billion and N3.6billion respectively. 

The total trade in solid mineral goods stood at N26.2 billion in Q3, 2019, comprising an import component of N19.9 billion and export component of N6.3 billion. The major products exported under this sector were Other cement exported to Niger Republic and Togo, worth N2.8 billion and N1.9 billion respectively. Lead ore and concentrates were exported to China, worth N1.1 billion, in addition to Niobium, tantalum, and Vanadium ores (worth N0.2billion). In terms of imports, Nigeria imported plasters of calcined Gypsum or calcium sulphate mainly from Turkey (N3billion), Tunisia (N0.8billion) and Egypt (N0.5billion). In addition, Crude salt valued at N2.5billion and Gypsum valued at N2.9billion were imported from Brazil and Spain respectively. 

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