Nigeria Records N2.4tn Crude Oil Exports, Total Trade Hits N5.7tn in Q2

Nigeria recorded a total of N2.43 trillion crude oil exports in the second quarter (Q2) of 2017 as total trade hit N5.69 trillion.

The value of petrol imports also stood at N556.1 billion in the review period.

Of the N5.69 trillion trade posted in the quarter, total exports stood at N3.10 trillion while imports recorded N2.59 trillion.

 

According to the National Bureau of Statistics (NBS), the total export value of N3.10 trillion in Q2 2017 represented an increase of 3.2 per cent over Q1 2017 and 73.48 per cent over the first quarter of 2016.

Giving further insight into the trade figures, the total trade of N5.69 trillion in Q2 2017 was 7.7 per cent higher than the value recorded for Q1 2017 and 37.3 per cent higher than the value of trade in Q2 2016.

Trade balance, accordingly, stood at a surplus of N506.5 billion in Q2 2017 compared to a surplus of
N719.4 billion recorded in the preceding quarter and a trade deficit of N572.12 billion in the
corresponding quarter last year.

Non-crude oil exports was N676.81 billion while The NBS in its “Foreign Trade in Goods Statistics” for the second quarter of 2017 said the country recorded a positive trade balance as merchandise trade grew marginally quarter-on- quarter but significantly year-on-year.

Value of imported agricultural goods were 16.01 per cent higher than the value recorded in Q1,2017 but 61.02 per cent higher than Q 2 2016.

Value of raw material imports were 17.4 per cent more than Q1,2017 but 63.20 per cent higher than the value in Q2 2016.

Solid minerals imports in Q2 2017, increased by 1,527.44 per cent compared to Q1 2017 but was 1,947.52 per cent higher than Q2 2016.

Energy goods imports in Q2 2017 were 177.77 per cent higher than Q1 2017 and compared to Q2 2016 when no energy goods imports were recorded.

The value of manufactured goods imports was 9.5 per cent higher in Q2 2017 than the level in Q1 2017 but -18.33 per cent lower than Q1 2016.

Other oil products imports value was 6.4 per cent lower than in Q1 2017 and 18.48 per çent higher than Q2 2017.

Similarly, the value of agricultural goods export in Q2 2017 was -1.03 per cent lower than Q1 2017 but 94.05 per cent higher than Q2 2016.

The NBS’ report noted that Nigeria’s import trade of N2.59 trillion at the end of Q2, 2017, showed an increase of 13.5 per cent from the value (N2,286 trillion) recorded in the preceding quarter. The structure of Nigeria’s import trade by section was dominated by the imports of “Mineral products” which accounted for 34.7 per ceñt of the total value of import trade in Q2, 2017.

Other commodities which contributed noticeably to the value of import trade during the review period were “boilers, machinery and appliances; parts thereof” (15.8 per cent).

Also, “products of the chemical and allied industries” accounted for 9.1 per cent, “prepared foodstuffs; beverages, spirits and vinegar; tobacco” (8.0 per cent) while “vegetable products” recorded 6.0 per cent.

The import trade classified by broad economic category, revealed that “Industrial Supplies”, ranked first with N785.6 billion or 30.3 per cent. This was followed by “Fuels and lubricants” with a value of N694.6 billion or 26.8 per cent, and “Food and Beverage” with N443.8 billion or 17.1 per cent.

Nigeria’s import trade by direction showed that the country imported goods mostly from China, Belgium, Netherlands, the United States and Italy, which respectively accounted for N414.7 billion or 16.0 per cent; N319.2 billion or 12.3 per cent; N250.8 billion or 9.7 per cent; N193.8 billion or 7.5 per cent, and N161.5 billion or 6.2 per cent.

These five countries accounted for 51.6 per cent of total imports, while all other countries of the world accounted for N1,255.4 billion or 48.4 per cent of the total value of goods imported during the quarter. Further analysis of Nigeria’s imports by çontinent revealed that the country consumed goods largely from Europe with import value of N1,432.0 billion or 55.2 per cent.

The country also imported goods valued at N733.3 billion or 28.3 per cent from Asia and N312.4 billion or 12.0 per cent from America. Import trade from Africa stood at N79.0 billion or 3.0 per cent while imports from the ECOWAS’ region amounted to N12.1 billion.