With improved value of the nation’s export, latest trade report by the National Bureau of Statistics (NBS) has shown that Nigeria’s merchandise for the first quarter (Q1) of 2017 rose by 0.11 per cent to close at N5.29 trillion.
Indeed, exports by section revealed that Nigeria exported mainly mineral products, which accounted for ₦2.86 trillion or 95.2% of the total export value, as well as “Prepared foodstuffs; beverages spirits and vinegar; tobacco”, all of which stood at ₦46.5 billion or 1.5%.
According to the report, the total value of export grew by 0.9%, while that of import closed lower 0.9% from the Q4 figure, emphasising the dominance of crude oil exports in Nigeria’s trade structure, contributing ₦2.37 trillion or 79.1% to the value of total domestic export trade in 2017.
Total exports for the period under review stood at ₦3 trillion while total imports stood at ₦2.28 trillion, just as the marginal rise in exports, coupled with a slight decrease in imports brought the country’s trade balance to ₦719.4 billion during the period, up from ₦671.3 billion.
On a sectoral/product basis, crude oil accounted for the largest share of total trade with 44.91%, followed by other oil products with 23.37%, manufactured products stood at 21.93, while raw materials were 5.12%, and agricultural products 4.35%.
Specifically, the import trade classified by broad economic category revealed that “Fuels and lubricants”, ranked first with ₦743.1 billion or 32.5%, followed by “Industrial Supplies” with the value of ₦554.1 billion or 24.2%, and “Capital Goods and parts” with ₦430.1 billion or 18.8%. The value of motor spirit stood at ₦507.9 billion.
Nigeria’s import trade by direction showed that the country imported goods mostly from China, Belgium, Netherlands, the United States, and India. These respectively accounted for ₦383.9 billion or 16.8 per cent, ₦340.2 billion or 14.9 per cent, ₦246.9 billion or 10.8%, ₦184.5 billion or 8.1%, and ₦103.6 billion or 4.5% of the total value of goods imported during the quarter.
Further analysis of Nigeria’s imports by Continent revealed that the country imported goods largely from Europe, which recorded a value of ₦1.22 trillion or 53.5%.
The Country also imported goods valued at ₦687.1 billion or 30.0% from Asia, and ₦278.2 billion or 12.2% from America, while Import trade from Africa stood at ₦71.6 billion or 3.1%, and the ECOWAS region amounted to ₦12.6 billion.
Total manufactured exports were valued at N98.2 billion. This was dominated by refrigerated vessels exported to Spain with a value of N20.6billion. Good fermented Nigeria cocoa beans were also major manufactured exports with N12.5 billion exported to Netherlands.
With respect to imports, Nigeria imported other gas turbines from Germany, valued at N21.4 billion. Additionally, flexible turbine of other base metal came from France with a value of N14.2billion. Other manufactured imports included used vehicles from the United States for N13.4billion.
Within the period under review, Nigeria’s total exports were mainly transported by water valued N2.9 trillion representing 99.6%.Meanwhile, the proportion of other modes of transport in Nigeria’s total export was very low. The goods exported through the rail transport were valued at N8.9 million, Air transport totalled N4.8 billion or 0.15%, and road transport N7.2billion or 0.23%.