India was Nigeria’s biggest trading partner in the third quarter of 2018, gulping N719.2bn of crude and N37.7bn of natural gas exports from the country. India also bought cashew nuts worth N4.7bn.
The News Agency of Nigeria stated that the latest figures from the National Bureau of Statistics, covering July, August and September, showed that Nigeria imported motorcycles and tricycles worth N29.2bn from the Asian country. Other imports were medicines such as antibiotics to the value of N7bn, agricultural machines worth N3.6bn, dried vegetables valued at N3.6bn and treated mosquito nets worth N3.4bn.
The NBS also listed Spain, France, Netherlands and China as Nigeria’s major trading partners in the report titled ‘Commodity Price Index and Terms of Trade for third quarter, 2018.’
Spain was the second biggest buyer of Nigeria’s crude after India. The European country bought crude worth N463bn and liquified natural gas valued at N52.7bn.
Nigeria also shipped leather valued at N4.3bn and cocoa paste worth N300m to the country. In return, Nigeria imported petrol or premium motor spirit at N25.7bn, bitumen N3.7bn and petrochemical products N3.4bn.
France was Nigeria’s third biggest trading partner, the NBS figures showed.
France bought N422.5bn crude and N74.2bn LNG and N1.1bn of soya bean oil from Nigeria during the period. Nigeria imported petrol worth N54.6bn and lubricating oil, worth N16.1bn.
Netherlands was also a major importer of Nigeria’s crude as it bought N260.7bn worth of crude in third quarter.
It also bought LNG valued at N5.6bn, cocoa beans N2.9bn and frozen shrimps and prawns N1.9bn.
Nigeria imported from the Netherlands petrol valued at N337.2bn; gas oil, N48.2bn; medical equipment N36.7bn and medicines, such as antibiotics worth N9.5bn.
0China, the fifth important country to Nigeria in terms of trade bought crude worth N24.5bn, gas that includes LNG and butane worth N48.6bn. Nigeria imported chips worth N14.6bn from China, herbicides N14bn, motorcycles N12bn, vehicle chassis N10bn, iron and steel N10bn.
The NBS said all products Terms of Trade index rose by 0.52 per cent during the period under review.
TOT is the relative price of imports in terms of exports and is defined as the ratio of export prices to import prices.
It can be interpreted as the amount of import goods an economy can purchase per unit of export goods.
The NBS said the increase in the TOT was driven by prices of prepared foodstuffs; beverages, spirits and vinegar; tobacco, footwear, headgear, umbrellas, sunshades and whips, among others.
According to the report, the all commodity group import price index decreased in the period under review by 1.76 per cent.
It stated that the decrease was due to change in prices of vegetable products.
In addition, the report stated that the all commodity group export price index rose by 1.26 per cent in the quarter under review.
This, it stated, was driven by prices of prepared foodstuffs, beverages, spirits and vinegar, tobacco, footwear, headgear, umbrellas, sunshades and whips, among others.
It further stated that all region group export index rose by 1.05 per cent as a result of trade with Asia.
According to the report, the all region group import index rose by 1.22 per cent as a result of trade with Oceania and Asian regions.
It stated that all regional terms of trade rose marginally by 0.10 per cent as a result of trade with Asia and other African countries.
