Indications are that the measures being put in place to make Nigerians look inwards are beginning to yield dividends as imports of goods into the country fell by 2.9 per cent between April and June 2013 according to data released by the National Bureau of Statistics yesterday. Nigeria export as usual was dominated by crude oil export.
According to the Bureau of Statistics between April and June 2013 the total value of Nigeria’s exports and imports of goods amounted to N5.3411 trillion, an increase of N242.3 billion or 4.8 per cent from N5.0989 trillion recorded in the previous quarter.
This change the National Bureau reported resulted from an increase in the value of goods Nigeria sold to foreign countries from N3.4521 trillion in the first quarter (January-March) of 2013 to N3.7429 trillion in the second quarter April-June), an increase of N290.8 billion or 8.4 per cent, and a 2.9 per cent decline in the value of imports from N1.6467 trillion in the first quarter of 2013 to N1.5982 trillion in the second quarter.
The increase in goods sold to out to foreigners and decrease in goods bought from outside the country resulted in a favourable trade of N2.1447 trillion in the second quarter, an increase of N339.3billion or 18.8 per cent from levels recorded in the First Quarter of 2013.
An analysis of the data released by the bureau showed that the second quarter of the preceding year indicates that the value of the nation’s total merchandise trade decreased by N1.7428 trillion or 24.6 per cent, while the trade balance also declined by 49.7 per cent as imports increased by 13.5 per cent while exports decreased by 34.1 per cent year on year.
According to the National Bureau of Statistics the Crude component of the total trade stood at N2.7094 trillion, a decrease of N321.2 billion or 10.6 per cent when compared with the previous quarter. Year-on-year, the crude oil component recorded a 23.6 per cent decline. The Value of total trade for the First half of the year 2013 was N10.4400 trillion decrease of N3266.0billion or 23.8 per cent compared to N13.7060 trillion recorded in the same period of last year.
The value of Nigeria’s imports according to the Bureau of Statistics stood at N1.5982 trillion in the second quarter of 2013 a decrease of N48.5billion or 2.9 per cent from N1. 6467 trillion recorded in the first quarter. In the second quarter of 2013, the value of imports increased by 13.5 per cent year-on-year. For the first half of the year, the total value of imports, stood at N325.0billion a 6.0 per cent increase from N3.0607 trillion recorded in the corresponding part of the previous year. The decline of imports in the second quarter 2013 relative to the first quarter of the year resulted from the decline of some products classified according to SITC such as Crude Inedible Materials which accounted for N12.2 billion or 0.8 per cent of total imports, Oil and fats at N1.2 trillion or 0.1 per cent, Mineral fuels at N14.2billion or 0.9 per cent, and Beverages & Tobacco with N6.7 billion or 0.4 per cent of total imports. Details of imports classified by sections showed that Footwear, Head Gear, and Umbrellas accounted for N4.7billion or 0.3% of total imports, Miscellaneous manufactured articles accounted for N7.0billion or 0.4 per cent, Mineral products were recorded at N254.7billion or 15.9 per cent and Vehicles, Aircraft and parts at N89.4billion or 5.6 per cent. The Nigerian imports according to Broad Economic Category revealed that Consumer goods (nec) accounted for with N55.7 billion or 3 per cent of total imports, Transport Equipment and Associated Parts accounted for N57.8billion or 4 per cent, and Food and Beverages were recorded at N147.5billion or 9 per cent. A summary of Nigeria’s imports by region showed that Asia ranked highest with N672.8billion or 42.1 per cent of total imports, Europe recorded N584.6billion or 36.6 per cent, followed by The Americas at N211.5billion or 13.2%, while Africa stood at N119.4billion or 7.5 per cent. Out of the total imports from Africa, ECOWAS countries contributed N59.7billion or 50 per cent. Exports Classified by Standard International Trade Classification andCountry of Destination
The value of Nigeria’s export totalled N3.7429 trillion in the second quarter of 2013, an increase of N290.8billion or 8.4 per cent from N3.4521 trillion recorded in the first quarter 2013. Further analysis on a year-on-year basis revealed that export decreased by N1.9326 trillion or 34.1 per cent in the second quarter 2013. The value of exports in the first half of 2013 was recorded at N 7,195.0 billion, a decrease of N3450.2billion or 32.4 per cent from N10.6452 trillion recorded in the first half of 2012.
Analysis of exports by section reveals that Mineral Products contributed N3.1221 trillion or 83.4 per cent of total exports. This was followed by Plastic, Rubber and Parts with N196.5billion or 5.2 per cent, and Prepared Foodstuffs, Beverages, Spirit and Vinegar, Tobacco were recorded at N98.2billion or 2.6 per cent. Exports to various continents indicated that Europe ranked first with N1.4103 trillion or 37.7 per cent of total exports, followed by the Americas with N971.0billion or 25.9 per cent, and Asia with N734.6billion or 19.6 per cent. While Africa accounted for N503.8billion or 13.5 per cent of total exports, ECOWAS contributed N218.5billion or 43.4 per cent of exports to the region. Exports by Country of destination showed that Brazil took the lead with N443.0billion, followed by United States with N441.2billion, India with N359.4billion, France with N238.8billion and Italy with N227.5billion respectively.
