Nigerian Bureau of Statistics (NBS) yesterday said that the nation’s total value of trade declined from N4.36 trillion to N4,021.4 billion in the third quarter of this year. This, it said, is 7.8 per cent less than the value recorded in the preceding quarter.
This development, according to NBS, arose from a decrease of N320.6 billion or 12.1 per cent in the value of exports combined with a marginal decline of N17.4 billion or 1 per cent in the value of imports against the levels recorded in the preceding quarter.
“In comparison with the corresponding quarter of 2014, the value of the total merchandise trade decreased by N2.5 trillion or 38.3 per cent. This was as a result of a N132.4 billion or 7.3 per cent and N2.37 trillion or 50.3 per cent decline in imports and exports respectively relative to the corresponding quarter in 2014. Quarter-on -quarter, the sharp decline in exports and slight decrease in imports contributed to continued fall in the country’s trade balance by 32.0 per cent or N303.1 billion during the quarter,” NBS said. On the imports classified by Standard International Trade Classification and Country of Origin, the bureau said the value of Nigeria’s imports stood at N1.69 trillion at the end of Q3, 2015, a decrease of 1 per cent from the value (N1.71 trillion) recorded in the preceding quarter.
“Meanwhile, year-on-year analysis showed that the country’s imports decreased by N132.4 billion or 7.3 per cent. The structure of Nigeria’s imports by section was dominated by the imports of “boilers, machinery and appliances; parts thereof” which accounted for 24 per cent of the total value of imports in Q3, 2015.
Other commodities which contributed noticeably to the value of imports in the review period were “Mineral products” (15.3 per cent), “Vehicles, aircraft and parts thereof; vessels etc.” (8.8 per cent ), “Products of the chemical and allied industries” (8.6per cent ), and “Base metals and articles of base metals” (8.4per cent).
Imports classified by Broad Economic Category, revealed that “Industrial Supplies ”, ranked first with ₦470.3billion or 27.9 per cent of total imports. This was followed by “Capital Goods and parts” with the value of ₦398.7 billion or 23.6 per cent, and “Food and Beverage” with ₦322.8 billion or 19.1per cent. The value of Motor Spirit stood at ₦220.6 billion.
Nigeria’s imports by direction, showed that the Country imported goods mostly from China, United States, Belgium, Netherlands and India which respectively accounted for ₦459.4 billion or 27.2 per cent, ₦160.6 billion or 9.5 per cent, ₦128.3 billion or 7.6 per cent, ₦101.8 billion or 6.0 per cent and ₦ 97.4 billion or 5.8 per cent of the total value of goods imported during the quarter.
This development, according to NBS, arose from a decrease of N320.6 billion or 12.1 per cent in the value of exports combined with a marginal decline of N17.4 billion or 1 per cent in the value of imports against the levels recorded in the preceding quarter.
“In comparison with the corresponding quarter of 2014, the value of the total merchandise trade decreased by N2.5 trillion or 38.3 per cent. This was as a result of a N132.4 billion or 7.3 per cent and N2.37 trillion or 50.3 per cent decline in imports and exports respectively relative to the corresponding quarter in 2014. Quarter-on -quarter, the sharp decline in exports and slight decrease in imports contributed to continued fall in the country’s trade balance by 32.0 per cent or N303.1 billion during the quarter,” NBS said. On the imports classified by Standard International Trade Classification and Country of Origin, the bureau said the value of Nigeria’s imports stood at N1.69 trillion at the end of Q3, 2015, a decrease of 1 per cent from the value (N1.71 trillion) recorded in the preceding quarter.
“Meanwhile, year-on-year analysis showed that the country’s imports decreased by N132.4 billion or 7.3 per cent. The structure of Nigeria’s imports by section was dominated by the imports of “boilers, machinery and appliances; parts thereof” which accounted for 24 per cent of the total value of imports in Q3, 2015.
Other commodities which contributed noticeably to the value of imports in the review period were “Mineral products” (15.3 per cent), “Vehicles, aircraft and parts thereof; vessels etc.” (8.8 per cent ), “Products of the chemical and allied industries” (8.6per cent ), and “Base metals and articles of base metals” (8.4per cent).
Imports classified by Broad Economic Category, revealed that “Industrial Supplies ”, ranked first with ₦470.3billion or 27.9 per cent of total imports. This was followed by “Capital Goods and parts” with the value of ₦398.7 billion or 23.6 per cent, and “Food and Beverage” with ₦322.8 billion or 19.1per cent. The value of Motor Spirit stood at ₦220.6 billion.
Nigeria’s imports by direction, showed that the Country imported goods mostly from China, United States, Belgium, Netherlands and India which respectively accounted for ₦459.4 billion or 27.2 per cent, ₦160.6 billion or 9.5 per cent, ₦128.3 billion or 7.6 per cent, ₦101.8 billion or 6.0 per cent and ₦ 97.4 billion or 5.8 per cent of the total value of goods imported during the quarter.
Further analysis of Nigeria’s imports by Continent, revealed that the country consumed goods largely from Asia with imports valued at ₦764.5 billion or 45.3 per cent of total imports. The Country also imported goods valued at ₦596.4 billion or 35.3 per cent from Europe and ₦241.3 billion or 14.3 per cent from The Americas. Import trade from Africa stood at ₦65.4 billion or 3.9 per cent while imports from the region of ECOWAS amounted to ₦16.3 billion” the report, noted.
Regarding the exports classified by standard international trade classification and country of destination, the report noted that the value of the nation’s merchandise exports totalled ₦2,333.2 billion in Q3, 2015, a decrease of ₦320.6 billion or 12.1 per cent, over the value (₦2,653.8 billion,) recorded in the preceding quarter. This decline, it said, was attributed to a fall in crude oil exports by ₦372.8 billion or 18.8 per cent over the preceding quarter.
“Nevertheless the structure of exports is still dominated by crude oil, which contributed ₦1,611.5 billion or 69.1 per cent to the value of total domestic exports in 2015. Natural liquefied gas recorded ₦265.2 billion of the total export value during the period under review. Exports by Section revealed that Nigeria exported mainly “Mineral Products”, which accounted for ₦2,025.8 billion or 86.8 per cent of the total exports. Other products exported by Nigeria include “Vehicles, aircraft and parts thereof; vessels etc.” at ₦216.2 billion or 9.3 per cent, “Prepared foodstuffs; beverages, spirits and vinegar; tobacco” at ₦33.1 billion or 1.4 per cent , and “Vegetable products” at ₦9.3 billion or 0.4 per cent of total exports.
Exports by direction showed that the country exported goods mainly to India, Netherlands, Spain, United Kingdom and Brazil, whose values stood at ₦408.2 billion or 17.5 per cent, ₦245.1 billion or 10.5 per cent, ₦211.4 billion or 9.1 per cent, ₦192.2 billion or 8.2 per cent and ₦169.4 billion or 7.3 per cent respectively.
Export by continent, showed that Nigeria mainly exported goods to Europe and Asia, which accounted for ₦925.0 billion or 39.6 per cent and ₦682.5 billion or 29.2 per cent respectively, of total exports during the period under review. Furthermore, Nigeria exported goods valued at ₦287.9 billion or 12.3 per cent of total exports to the continent of Africa while exports to the ECOWAS region totalled ₦140.4 billion” the bureau, further, explained. ENDS
Regarding the exports classified by standard international trade classification and country of destination, the report noted that the value of the nation’s merchandise exports totalled ₦2,333.2 billion in Q3, 2015, a decrease of ₦320.6 billion or 12.1 per cent, over the value (₦2,653.8 billion,) recorded in the preceding quarter. This decline, it said, was attributed to a fall in crude oil exports by ₦372.8 billion or 18.8 per cent over the preceding quarter.
“Nevertheless the structure of exports is still dominated by crude oil, which contributed ₦1,611.5 billion or 69.1 per cent to the value of total domestic exports in 2015. Natural liquefied gas recorded ₦265.2 billion of the total export value during the period under review. Exports by Section revealed that Nigeria exported mainly “Mineral Products”, which accounted for ₦2,025.8 billion or 86.8 per cent of the total exports. Other products exported by Nigeria include “Vehicles, aircraft and parts thereof; vessels etc.” at ₦216.2 billion or 9.3 per cent, “Prepared foodstuffs; beverages, spirits and vinegar; tobacco” at ₦33.1 billion or 1.4 per cent , and “Vegetable products” at ₦9.3 billion or 0.4 per cent of total exports.
Exports by direction showed that the country exported goods mainly to India, Netherlands, Spain, United Kingdom and Brazil, whose values stood at ₦408.2 billion or 17.5 per cent, ₦245.1 billion or 10.5 per cent, ₦211.4 billion or 9.1 per cent, ₦192.2 billion or 8.2 per cent and ₦169.4 billion or 7.3 per cent respectively.
Export by continent, showed that Nigeria mainly exported goods to Europe and Asia, which accounted for ₦925.0 billion or 39.6 per cent and ₦682.5 billion or 29.2 per cent respectively, of total exports during the period under review. Furthermore, Nigeria exported goods valued at ₦287.9 billion or 12.3 per cent of total exports to the continent of Africa while exports to the ECOWAS region totalled ₦140.4 billion” the bureau, further, explained. ENDS
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