By Joseph Inokotong, Abuja
Nigeria’s total value of merchandise trade stood at N5,292.4 billion at the end of Q1, 2017, representing a slight increase of 0.1 per cent over N5,286.6 billion recorded in the preceding quarter.
The National Bureau of Statistics (NBS), which released its data, Tuesday in Abuja, explained that the marginal rise in exports, coupled with a slight decrease in imports brought the country’s trade balance to N719.4 billion during the period, up from N671.3 billion. Total exports for the period under review stood at N3,005.9 billion, while total imports from various countries was N2,286.5 billion. This represents the second consecutive positive trade balance after four quarters of negative trade balance.
According to the NBS, the value of exports increased by 0.9 per cent compared to the previous quarter while imports fell by 0.9 per cent relative to the value recorded in the preceding quarter.
It pointed out that “on a sectoral/product basis, crude oil accounted for the largest share of total trade with 44.91 per cent, followed by other oil products (23.37 per cent); manufactured products (21.93 per cent), raw materials (5.12 per cent) and agricultural products (4.35 per cent).
Major traded agricultural products were sesame seed, soybeans, frozen shrimps and prawns. Others include crude palm kernel and cashew nuts in shell.
Manufactured goods exports in Q1 2017 were 45 per cent more than the value attained in Q4 2016. Crude oil exports in Q1 2017 were 2 per cent lower than the value recorded in Q4 2016, while other oil products exports were 8 per cent more in value in Q1 2017 compared to Q4 2016.
Further analysis of the NBS report shows that imported agricultural goods increased by 1.96 per cent in Q1 2017 compared to Q4 2016 and raw materials imports were 11.3 per cent lower in Q4 2016. Solid minerals imports reduced by 15.7 per cent in Q1 2017 relative to Q4 2016.
Manufactured goods imports were 3.3 per cent lower in Q1 2017 than the level attained in Q4 2016. Other oil products imports were 6.6 per cent higher in value in Q1 2017 than Q4 2016. Agricultural goods exports grew in value by 82 per cent in Q1 2017 compared to Q4 2016.
Raw material exports reduced by 25 per cent in Q1 2017 against the level in Q4,2016. Solid minerals exports in Q1 2017 were 2 per cent more than the value recorded in Q4 2016. Total imports was 0.92 per cent less than Q4 2016 figure, while total value of export grew by 0.9 per cent compared to Q4 2016. However, domestic exports reduced by 0.17 per cent in Q1 against the level in Q4, 2016.
Total trade was 0.11 per cent higher in Q1 2017 than the value recorded for Q4, 2016. Major export trading partners in Q1 2017 were India, Netherlands, USA, Spain and France.