By AMADI NNAMDI, Abuja
Increase in Nigeria’s import and export trade in the third quarter (Q3) of 2016 has pushed the total value of the country’s merchandise trade to N4,721.9 billion, an increase of N661.5 billion (16.3%) from the preceding quarter value of N4,060.4 billion.
According to the foreign trade report released by National Bureau of Statistics (NBS), exports stood at N2,308,857.2 billion, resulting to an increase of N520.8 billion or 29.1 percent, while imports rose to N2,413,001.7 billion, which gives an increase of N140.7 billion or 6.2 percent.
The rise in exports this quarter reduced the deficit trade balance from -N484,238.7 billion experienced in the previous quarter to -N104,144.5 billion, the report further revealed.
According to the NBS, the crude oil export value stood at N1,943,987.0 billion, indicating an increase of N458.4 billion or 30.9 percent against the level recorded in Q2 2016. “The structure of Nigeria’s import trade according to the reported was dominated by the imports of mineral fuel, lubricant, machinery, transport equipment as well as Chemicals and related products,” which contributed the most to the value of import trade in 2016.”
Whereas commodities such as ‘crude inedible materials, except for fuel,’ beverages, tobacco, animal and vegetable oils as well as fats and waxes, contributed the least, the report revealed.
Import trade by section was dominated by the imports of mineral products, which accounted for N746.2 billion or 30.9 percent of the total value of import trade in 2016. Other commodities that contributed noticeably to the value of import trade in 2016 were boilers, machinery and appliances; parts thereof” at N475.6 billion (19.7%).
While “products of the chemical and allied industries stood at N220 billion (9.1%), “plastic, rubber articles thereof at N153.9 billion (6.4%) while “prepared foodstuffs; beverages, spirits and vinegar; tobacco” stood at N148.2 billion (6.1%).
The NBS report further revealed that Nigeria’s import trade by direction showed the country imported goods mostly from China, with an import value of N478.7 billion (19.8%) of total imports. This was followed by Belgium at N331.3 billion (13.7%), Netherlands with₦299.7 billion (12.4%), the United States with N165.5 billion (6.9%) and India with N121.3 billion (5.0%), of total imports. “Imports by economic region revealed that the country consumed goods largely from Europe, with import value of N1,158.4 billion (48.0%), Asia, with import goods valued at N843.27 billion (34.9%). Goods valued at N294.5. While import trade within the continent of Africa totalled N87.9 billion or 3.6 percent, whereas imports from the region of ECOWAS amounted to N8.5 billion.
Meanwhile, the structure of Nigeria’s export trade, which is still dominated by crude oil exports, with an estimated value of N1,944.0 billion, showed that Nigeria mainly exported goods to Europe and Asia. While the report further revealed that the country exported goods valued at N371.2bn to the continent of Africa whereas export to the ECOWAS region totalled N190.3 billion.