Nigeria’s merchandise trade grows by 6.85% - PUNCH
BY Nike Popoola
Nigeria’s merchandise trade grew by 6.8 per cent in the third quarter of 2019 compared to the second quarter of 2019, and 1.33 per cent relative to the third quarter of 2018.
The National Bureau of Statistics revealed in its Foreign Trade in Goods Statistics report for the third quarter of 2019 that the country recorded higher exports and lower imports.
It stated that the value of total imports decreased by 2.70 per cent in Q3 2019 compared to Q2, 2019, and 7.47 per cent relative to the corresponding quarter of 2018.
In Q3, 2019, the value of imported agricultural products was 4.01 per cent lower than the performance in Q2, 2019, but 7.21 per cent higher than Q3 2018.
The value of raw material imports decreased by 4.64 per cent in Q3, 2019 relative to Q2 2019 but increased by 16.81 per cent when compared to Q3 2018.
The value of solid minerals imports was 31.73 per cent lower than the value in Q2 2019 but 7.05 per cent higher than the value recorded in Q3 2018.
It stated that the value of energy goods imports increased by 243.92 per cent in Q3 2019 and 286.91 per cent relative to Q3 2018 due to increased import of other wood charcoal, electrical energy and charcoal of bamboo.
The NBS revealed that the value of imported manufactured goods grew by 12.46 per cent in Q3 2019 against the value recorded in Q2 2019 but decreased by 3.48 per cent when compared to Q3 2018.
It added that the value of other oil products imported decreased by 41.85 per cent in Q3 2019 against the level recorded in Q2 2019 and 54.59 per cent when compared to Q3 2018.
According to the report, the value of total exports in Q3 2019 increased by 15.02 per cent compared to the level recorded in Q2 2019 and 8.97 per cent when compared with its value in Q3 2018.
It stated that the value of agricultural exports decreased by 42.69 per cent in Q3 2019 relative to Q2 2019 and 7.30 per cent when compared to Q3 2018.