The trade balance in first quarter (Q1) of 2018 recorded a surplus of N2.1 trillion which is a 20.95 per cent increase from that of the fourth quarter (Q4) of 2017 which stood at N1.7 trillion and a 221.08 per cent increase from the figure in Q1, 2017 of N677.42 billion. The quarter under review is the first quarter in two years that the trade balance exceeded N2 trillion. The total export amounted to ₦ 4.7 trillion in Q1, 2018, representing a significant growth of 20.02% over Q4, 2017 of N3.9 trillion and 56.01% over Q1, 2017 which was N3 trillion.
According to the National Bureau of Statistics (NBS) , the strong growth of total trade in the reviewing quarter, was mainly driven by the strong increase in export. Total merchandise trade hits N7.2 trillion in the first quarter of 2018, indicating an increase of 19.74 per cent over that of the fourth quarter of 2017. The export value recorded a growth of 35.07 per cent compared to that of the first quarter of 2017 which was N5.3 trillion.
The export value for Agricultural goods in Q1, 2018 was N73.24 billion, 63.84% higher than the value in Q4, 2017 of N44.70 billion and 24.01% higher than the value recorded in Q1, 2017 which stood at N59.06 billion. Raw material exports value decreased by 13.62% in Q1, 2018 (N32.70 billion) compared to Q4, 2017 (N37.85 billion) but increased by 47.71% compared to Q1, 2017 (N22.13 billion). Solid Minerals exports value in Q1 2018 (N26.92 billion) recorded a 12.96% increase on quarter on quarter growth (N23.83 billion), and a 58.50% year on year growth rate compared to Q1, 2017 (N16.98 billion).
The value of Energy goods exported in Q1, 2018 (N10.39 billion) was 8.8% higher than that of Q4, 2017 (N9.55 billion) and 16.5% higher than the value in Q1, 2017 (N8.92 billion). Manufactured goods exports in Q1 2018 (N434.37 billion) saw significant growth by 684.11% over the previous quarter (N55.39 billion), and by 576.90% when compared to Q1, 2017 (N64.17 billion). The value of Crude Oil exports recorded in Q1, 2018 (N3,580.01 billion) was 10% higher than the value in Q4, 2017 (N3,251.61 billion) and 50.74% higher than the value in Q1, 2017 (N2,374.94 billion).
Other oil products exports in Q1, 2018 (N535.8 billion) also grew steadily in the reviewing quarter, with a 10.53% growth from Q4, 2017 (N484.65 billion) and a 15.92% growth from the value recorded in Q1, 2017 (N462.10 billion). Total Imports value was N2.5 trillion in Q1, 2018, 19.22% higher than Q4, 2017 of N2.1 trillion and 8.04% higher than Q1, 2017 of N2.3 trillion. “The value of imported agricultural goods in the first quarter of 2018 (N184.49 billion) declined by 18.90% from Q4, 2017 (N227.49 billion) and by 5.87% from Q1, 2017 (N196.0 billion).
Raw materials imports in Q1 2018 (N284.81 billion) grew by 1.93% compared to Q4, 2017 (N279.41 billion) and by 9.89% compared to Q1, 2017 (N259.17 billion). Solid minerals imports in Q1, 2018 (N12.62 billion) decreased by 17.27% on a quarter-to-quarter basis (N15.26 billion), however increased by 3.67% on a year-to-year basis (N12.17 billion). Energy goods imports in Q1, 2018 (N32.4 million) recorded 76.51% lower than Q4 2017 (N138.1 million), and 205.28% higher than Q1, 2017 (N10.6 million). The value of manufactured goods imported in Q1 2018 was N1.2 trillion, declined by 1.65% over the previous quarter N1.2 trillion but increased by 12.11% over the same quarter in 2017 (N1.1 trillion.
The value of other oil products imported in Q1,2018 (N846.31 billion) was 122.70% higher than then value in Q4, 2017 (N380.03 billion) and 5.51% higher than Q1, 2017 (N802.11 billion). The total export amounted to ₦ 4.7 trillion in Q1, 2018, representing a significant growth of 20.02% over Q4, 2017 of N3.9 trillion and 56.01% over Q1, 2017 which was N3 trillion. The export value for Agricultural goods in Q1, 2018 was N73.24 billion, 63.84% higher than the value in Q4, 2017 of N44.70 billion and 24.01% higher than the value recorded in Q1, 2017 which stood at N59.06 billion. Raw material exports value decreased by 13.62% in Q1, 2018 (N32.70 billion) compared to Q4, 2017 (N37.85 billion) but increased by 47.71% compared to Q1, 2017 (N22.13 billion).
Solid Minerals exports value in Q1 2018 (N26.92 billion) recorded a 12.96% increase on quarter on quarter growth (N23.83 billion), and a 58.50% year on year growth rate compared to Q1, 2017 (N16.98 billion). The value of Energy goods exported in Q1, 2018 (N10.39 billion) was 8.8% higher than that of Q4, 2017 (N9.55 billion) and 16.5% higher than the value in Q1, 2017 (N8.92 billion). Manufactured goods exports in Q1 2018 (N434.37 billion) saw significant growth by 684.11% over the previous quarter (N55.39 billion), and by 576.90% when compared to Q1, 2017 (N64.17 billion).The value of Crude Oil exports recorded in Q1, 2018 (N3,580.01 billion) was 10% higher than the value in Q4, 2017 (N3,251.61 billion) and 50.74% higher than the value in Q1, 2017 (N2,374.94 billion). Other oil products exports in Q1, 2018 (N535.8 billion) also grew steadily in the reviewing quarter, with a 10.53% growth from Q4, 2017 (N484.65 billion) and a 15.92% growth from the value recorded in Q1, 2017 (N462.10 billion).
At a Glance
Major Export Trading Partners and Corresponding Share in Q1 2018 Export Trade
Netherlands 20.5%
India 18.2%
Spain 8.3%
The United States 8.2%
France 6.3%
Major Import Trading Partners and Share to Q1 2018 Import Trade
China 21.1%
Netherlands 12.1%
Belgium 10.6%
The United States 6.5%
India 6.3%
Major Traded Agricultural Exports in Q1 2018
– Sesamum seeds, whether or not broken (N26.65 billion)
– Good Fermented Nigerian Cocoa Beans (N23.30 billion)
– Superior quality raw cocoa beans (N6.03 billion)
– Cashew nuts, in shell (N5.03 billion)
– Soya beans, whether or not broken (N3.46 billion)
– Other frozen shrimps and prawns (N1.72 billion)
