The value of Nigeria’s merchandise trade declined by N110.2bn or 2.2 per cent on quarter-on-quarter basis at the end of the first quarter of this year.
It went down from about N4.99trn recorded in the fourth quarter of 2014 to about N4.88trn as at the end of March this year.
The Merchandise Trade Report published by the National Bureau of Statistics (NBS) yesterday indicated that the drop in the export-import trade occurred despite improvement in the nation’s export trade by N275.6bn, representing 9.3 per cent increase over the recorded value of exports in the preceding quarter, while import dropped by N385.8bn.
The bureau reported however that the rise in export and decline in import improved the country’s trade balance, which increased by 71.6 per cent from the preceding quarter, to about N1.59trn during the quarter under review
It stated further that in comparison with the corresponding quarter of 2014, the value of total merchandise trade decreased by N639.5bn or 11.6 per cent, while the trade balance decreased by N839.1bn or 34.6 per cent.
A further analysis of the merchandise trade figures showed that during the quarter under review, the value of Nigeria’s imports stood at N1.65trn, representing a decrease of N385.8bn or 19.0 per cent from the N2.03trn recorded in the preceding quarter.
Year-on-year import value increased by N99.8bn or 6.5 per cent, from the value of N1.55trn recorded in the corresponding quarter of last year.
Classification of the import by sections indicates that “boilers, machinery and appliances” dominated it, accounting for 27.7 per cent of the total value of import in the quarter under review.
The NBS clarified further: “Other commodities which contributed considerably to the value of import in the review period were mineral products (13.1 per cent), base metals and articles of base metals (10.2 per cent), vehicles, aircraft and associated parts (9.6 per cent), and products of the chemical and allied industries (8.7 per cent).
“The key drivers of the year-on-year growth were boilers, machinery and appliances and vegetable products, which increased by N88.7bn or 24.2 per cent and N33.8bn or 47.6 per cent from Q1 of 2014 values respectively.
“Imports classified by broad economic category revealed that industrial supplies not elsewhere classified, ranked first with N491.4bn or 29.9 per cent of total Q1, 2015.”
According to the agency, the product with the greatest import value was motor spirit, which stood at N181.3bn or 11.0 per cent of the total, while the country’s major import sources are China, United States, Belgium, Netherlands and India, which respectively accounted for N387.5bn or 23.6 per cent, N133.8bn or 8.1 per cent, N118.7bn or 7.2 per cent, N108.7bn or 6.6 per cent and N96.6bn or 5.9 per cent of the total value of goods imported during the quarter.
The bureau reported that when analysed by continent, the country consumed goods largely imported from Asia, with an import value of N708.2bn or 43.0 per cent of the quarterly total, compared with Europe’s value of N458.4bn or 27.9 per cent and Africa’s N252.2bn or 15.3 per cent. Import from the ECOWAS region amounted to N9.6b or 3.8 per cent of the total value of import from Africa.
Comparatively, the value of exports totalled N3.23trn in the first quarter of this year, indicating an increase of N275.6bn or 9.3 per cent over the value recorded in the preceding quarter.
The bureau stated that relative to the opening quarter of 2014, the value of exports declined by N739.3bn or 18.6 per cent, with crude oil contributing N2.25trn or 69.7 per cent to the value of total of export, thus dominating the structure.
It explained that when classified by section, the export trade trend showed that Nigeria exported mainly mineral products, which accounted for N2, 880.3bn or 89.2 per cent of total export.
Other products exported by Nigeria include vehicles, aircraft and parts thereof; vessels etc at N185.8bn or 5.8 per cent of the total; prepared foodstuff; beverages, spirits and vinegar; tobacco at N53.8bn or 1.7 per cent of the total, and vegetable products at N36.7bn or 1.1 per cent of total export.
NBS stated: “Natural Liquefied Gas was the product with the second greatest export value, after crude oil, with a value of N306.2bn or 9.5 per cent of the total export value during the period of review. “Nigeria exported goods mainly to India, Netherlands, Spain, South Africa and Brazil, which values stood at N436.6bn or 13.5 per cent, N319.6bn or 9.9 per cent, N263.4bn or 8.2 per cent, N260.0bn or 8.0 per cent and N257.0bn or 8.0 per cent of the Q1, 2015, totals respectively.
“Exports by continent of destination revealed that Nigeria mainly exported goods to Europe and Asia, which accounted for N1, 152bn or 35.7 per cent, and N909.1bn or 28.1 per cent respectively of total export during Q1 2015.
“Nigeria exported goods valued at N601bn or 18.6 per cent of total exports to the continent of Africa, while exports to the ECOWAS region totalled N277.3bn or 46.1 per cent of the total goods exported to Africa,” the Bureau added.
