Nigeria’s Export Hits N5.288trn, Records N1.389trn Surplus In Q3’19 – NBS
UMORU ABDULKADIR
The National Bureau of Statistics (NBS) has said that the value of the nation’s total trade increased 6.77 per cent to N9, 187.6billion in the third quarter of 2019 compared to the previous quarter and 1.33 per cent increase relative to the corresponding period of 2018.
The NBS disclosed this in its latest foreign trade report published on its website on Friday.
According to the report, the value of the export component of N5.288 trillion was an increase of 15.02 per cent against Q2, 2019 and 8.97 per cent rise when compared with the corresponding quarter in 2018.
Conversely, the import component valued at N3.899 trillion representing a decrease of 2.70 per cent in Q3 against Q2, 2019 and 7.47 per cent against Q3, 2018.
The NBS stated that, the increase in exports coupled with the decrease in imports led to a positive trade balance of N1,389 trillion during the period under review.
The report further showed that crude oil still remained the major export commodity of the country with a value of N3.747 trillion, thus accounting for 70.87 per cent of the value of total export, while non-crude oil exports contributed 29.13 per cent at N1.540 trillion.
Meanwhile, In spite of the fact that crude oil dominated exported commodity during the period under review, the value of its exports was 4.7 per cent lower than what was obtainable in Q2, 2019 and 9.6 per cent lower than the corresponding quarter of 2018.
On a sector by sector basis, mineral products accounted for the largest proportion of exports amounting to 79.8 per cent or N4.220 trillion during the period in focus with most of the products exported to Europe at a value of N1.861 trillion or 35 per cent, followed by Africa at N1.459.7 trillion or 27.6 per cent, Asia at N1.361 trillion or 25.74 per cent, America at N598.3billion or 11.3 per cent and Oceania at N8.1billion or 0.1 per cent.
Between July and September 2019, the exports to ECOWAS member states stood at N1.140 trillion or 21.56 per cent of the country’s total exports with total agricultural products exported accounting for N42.1 billion or 14.9 per cent.
The report also shows that the country’s major imports originated from Europe, valued at N1,194.2billion or 30.6 per cent while imports from the Americas and Africa amounted to N576.7billion or 14.8 per cent and N106.0billion or 2.7 per cent respectively.
The country’s total agricultural goods stood at N282.0 billion with imported agricultural goods accounting for N239.96 billion or 85.1 per cent of total agricultural trade in Q3 while exported agricultural goods accounted for N42.1billion or 14.9 per cent.
Similarly, the country also imported solid mineral products estimated at N19.9 billion while its export of derivatives of solid minerals stood at N6.3 billion.
In the period under review, the total value of trade in manufactured goods stood at N3.776 trillion or 41.1 per cent of total trade out of which the Export component accounted for N996.8 billion, an increase of 839.44 per cent over the value recorded in Q2, 2019” and “was driven by export of Cable sheaths of Iron and steel valued at N750.3billion which was exported to Ghana.
Ghana has topped Nigeria’s major export trading partner in the third quarter (Q3) of 2019 by 17.18 per cent despite closure of the Nigerian land borders within the period, followed by India which accounted for14.67 per cent Nigeria’s exported goods.
Netherland accounted for 9.82 per cent of the country’s export destination to occupy the third place during the Q3 period. Spain and the United States of America received 8.60 and 6.28 per cent of the total export to occupy fourth and fifth place respectively.
On the other hand, 31.34 per cent of the nation’s total imported goods during the period in focus came from China, followed by the United States of America, accounting for 11.35 of our imported goods. India occupied third place accounting for 7.49 per cent of the country’s imports while both the Netherland and Belgium accounted for 6.80 and 3.98 per cent respectively to occupy our fourth and fifth import destinations.
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