Home / BUSINESS / Nigeria’s Q2 foreign trade grows by 7.7% 
.Kemi Adeosun, Nigeria's Finance Minister

Nigeria’s Q2 foreign trade grows by 7.7% 

 

The total value of Nigeria’s merchandise trade at the end of Q2, 2017 stood at N5,697.5 billion, National Bureau of Statistics (NBS) has said.

According to NBS in its Foreign Trade in Goods Statistics report for Q2 2017, this represents a slight increase of 7.7% from the value of N 5,292.4 billion recorded in quarter one.

The Statistics Bureau noted that total export for the period under review stood at N3,102 .0 billion, representing an increase of 3.2% over Q1 2017 and 73.48% over Q1 2016.

Accordingly, the marginal rise in exports as well as increased imports brought the Country’s trade balance in Q2, 2017 to N506.5 billion from N719.4 billion recorded in Q1.

Trade in crude oil was 2% more than the value recorded in Q1 2017 but 63.25%% higher than Q2 2016.

During the same period, manufactured goods trade of N1.24 trillion accounted for 21.86%, raw materials goods at N0.32 trillion accounting for 5.63% of total trade.

“Agricultural goods trade of N0.26 trillion accounted for 4.60% of total trade, solid mineral goods trade of N0.19 trillion accounted for 3.42% of total trade with trade in Energy goods of N1.55 billion accounting for 0.03% of total trade in Q2 2017,” the report stated.

The report also revealed that import trade was largely dominated by the imports of “Mineral products” which accounted for 34.7% of the total value of import trade in Q2, 2017.

Boilers, machinery and appliances; parts thereof”; Products of the chemical and allied industries; Prepared foodstuffs; beverages, spirits and vinegar; tobacco and Vegetable products contributed noticeably to import trade with 15.8%, 9.1%, 18.0%, and 6.0% respectively.

Nigeria’s import trade came mostly from China, Belgium, Netherlands, the United States and Italy, which respectively accounted for N414.7billion or 16.0%, N319.2 billion or 12.3 %, N250.8 billion or 9.7%, N193.8 billion or 7.5%, and N161.5 billion or 6.2%. These five countries accounted for 51.6% of total imports, while all other countries of the world accounted for N1,255.4 billion or 48.4% of the total value of goods imported during the quarter.

By Continent, Nigeria impoted more consumer goods from Europe with value at N1,432.0 billion or 55.2%. The Country also imported goods valued at N733.3 billion or 28.3% from Asia and N312.4 billion or 12.0% from America, Africa at N79.0 billion or 3.0% while imports from the ECOWAS region amounted to N12.1 billion

The structure of the export trade is still dominated by crude oil exports, which contributed N2,425.2 billion or 78.2% to the value of total exports in Q2 2017 while natural liquefied gas recorded an additional N412.49 billion or 13.29% of total export value during the period under review.

Meanwhile, Nigeria exported mainly mineral products, which accounted for N2,967.5 billion or 95.7% of the total export value.

Examining export by direction, showed that the country exported goods mainly to India, Spain, the United States, Netherlands, and France, whose values stood at N519.7 billion or 16.8 %, N374.4 billion or 12.1 %, N317.1 billion or 10.2 %, N241.3 billion or 7.8 %, and N224.9 billion or 7.2% respectively.

 

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