Samuel Bello, Abuja
Latest reports from the National Bureau of Statistics (NBS) revealed that Nigeria’s total merchandise trade stood at N7,211.61 billion in the first quarter of 2018, showing a growth of 19.74 percent from the (N6.022.93 billion) recorded in the fourth quarter of 2017.
In the report titled: “Foreign Trade in Goods Statistics for First Quarter 2018,’’ it stated that the total value of export trade in the first quarter, amounted to N4.7 billion, representing a significant growth of 20.02 percent over the N3.9 billion recorded in the preceding quarter.
It added that the strong growth of total trade in the reviewing quarter was mainly driven by the strong increase in export.
According to the bureau, the export value for agricultural goods in the first quarter of 2018, amounted to N73.24 billion, representing a 63.84 percent higher than the N44.70 billion recorded in the fourth quarter of 2017.
“The value of crude oil exports recorded in Q1, 2018 (N3.580.01 billion) was 10 percent higher than the value in Q4, 2017 (N3,251.61 billion). Raw material exports value decreased by 13.62 percent in Q1, 2018(N32.70 billion) compared to Q4, 2017(N37.85 billion).
“Other oil products exports in Q1, 2018 (N535.8 billion) also grew steadily in the reviewing quarter, with a 10.53 percent growth from Q4, 2017 (N484.65 billion).
The statistics office also reported that the total imports value in the first quarter of 2018 had a 19.22 percent growth of N2,518.26 billion higher than the N2,112.31 billion and 8.04 percent higher than the N2,330.91 billion recorded in the first quarter of 2017.
“The value of imported agricultural goods in the first quarter of 2018(N184.49 billion) declined by 18.90 percent from Q4, 2017 (N227.49 billion) and by 5.87 percent from Q1, 2017 (N196.0 billion).
“Raw materials imports in Q1 2018 (N284.81 billion) grew by 1.93 percent compared to Q4, 2017 (N279.41 billion) and by 9.89 percent compared to Q1, 2017 (N259.17 billion).
“The value of other oil products imported in Q1, 2018 (N846.31 billion) was 122.70 percent higher than the value in Q4, 2017 (N380.03 billion) and 5.51 percent higher than Q1, 2017 (N802.11 billion).”