The National Bureau of Statistics (NBS), has listed India as Nigeria’s largest export market in the first quarter (Q1) of 2019 with a net worth of N744.9 billion.
The Bureau which revealed this in its Commodity Price Indices and Terms of Trade (Q1 2019) on its website on Tuesday in Abuja, said Nigeria’s export trade to India accounted for 16.43 per cent of total exports, equivalent to N744.9 billion.
It said that the largest export commodity to India remained crude oil valued at N684 billion followed by liquefied natural gas at N47.1 billion.
Others items traded within the quarter included Sesame seed (beniseed) valued at N6billion and Urea at N2.5 billion, among others.
On the other hand, Nigeria imported motorcycles valued at N65.3 billion, Kerosene and Jet fuel worth N15.2 billion.
Also imported into the country from India during the quarter was antibiotics valued at N9.3 billion.
Other major trading partners for the country during the period were China, Spain, France and the Netherlands who bought crude petroleum and natural gas.
According to the report, the major imports from these countries are motorcycles, motor spirit (ordinary) and machine for reception, conversion and distribution of voice and images.
Nigeria’s export trade with China in the first quarter according to the NBS was dominated by liquefied natural gas valued at N88.6 billion. The Bureau said that this was followed by crude oil at N38.7 billion, and Sesame seeds worth N7 billion.
The NBS, however, said that machines for voice reception, motorcycles, and other machine tools for working on stones worth N49.4 billion, N29.97 billion and N25.50 billion respectively were imported from China. It said that Nigeria’s major export to Spain in the period under review was crude oil valued at N395.7 billion followed by liquefied natural gas worth N85.8 billion.
NBS said that leather prepared after tanning valued at N2.9 billion was exported to Spain. It explained that imports from that country during the quarter were mixed alkyl benzene and mixed alkyl naphthalene, worth N6.9 billion.
Other items included motor spirits worth N3.3 billion and Gypsum, anhydrite whether coloured or not at N2.6 billion.
According to the Bureau, Nigeria exported crude oil worth N229.2 billion to France. Other major export commodities included liquefied natural gas valued at N70.96 billion and parts for boring or sinking machinery worth N1.1 billion.
In terms of imports, the main commodities imported were motor spirits valued at N15 billion, and lubricating oils worth N3.2 billion. Other exports include additives for lubricating oils at N1.5 billion and Malt not roasted at N1.3 billion.
The Bureau said that the largest exported commodity to the Netherlands was crude oil worth N366.3 billion, followed by Dredgers valued at N9.4 billion.