NBS says foreign trade records 4th consecutive rise in 2018

NBS says foreign trade records 4th consecutive rise in 2018

- Foreign trade recorded fourth consecutive rise from N16.29 trillion in 2015 to N32.26 trillion in 2018

- According to the National Bureau of Statistics which made the disclosure, foreign trade in 2015 was N16.29 trillion, N17.34 trillion in 2016, N23.16 trillion in 2017 and it rose to N32.26 trillion in 2018

- During the fourth quarter of 2018, total merchandise trade stood at N8.60 trillion compared to its value of N9.06 trillion recorded in the third quarter of the year

The National Bureau of Statistics (NBS), has said foreign trade recorded fourth consecutive rise from N16.29 trillion in 2015 to N32.26 trillion in 2018.

The NBS said this in its “Foreign Trade in Goods Statistics for Fourth Quarter of 2018” posted on its website.

The bureau said foreign trade in 2015 was N16.29 trillion, N17.34 trillion in 2016, N23.16 trillion in 2017 and it rose to N32.26 trillion in 2018, News Agency of Nigeria reports.

Legit.ng gathers that the bureau said the volume of total merchandise trade in 2018 was the highest recorded since 2014, almost doubled pre-recession levels.

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See tweet from NBS below:

The bureau said during the fourth quarter of 2018, total merchandise trade stood at N8.60 trillion compared to its value of N9.06 trillion recorded in the third quarter of the year.

The country’s major export trading partners as at fourth quarter of 2018 were India, Spain, France, South Africa and the Netherlands, while China, US, Netherlands, India and Belgium were the major import trading partners.

The major import items were machinery and transport equipment, mineral fuel, chemical related products and food and live animals as well as manufacturing goods.

The report said Nigeria’s imports were valued at N3.6 billion in fourth quarter of 2018, of which machinery and transport equipment accounted for N1.48 billion or 41.4% of total imports during the quarter.

It said mineral fuel worth N83 billion or 23.2% of total imports was also recorded while the importation of chemical and related products accounted for N398.1 billion or 11.1% of the total imports during the quarter.

Other major categories of imports were food and live animals as well as manufactured goods, which accounted for N349 billion (9.7%) and N286 billion (7.98%) of total imports during the quarter.

The major import origins for Nigeria during the quarter were Asia, Europe and America each of which contributed N1.6 billion or 42.9 per cent, N1.4 billion or 39.0 per cent and N511 billion or 14.3% of the total imports.

Imports from Africa totaled N114 billion or 3.2%, while imports from the ECOWAS region accounted for N23 billion or 20 per cent of the total imports from African countries.

Nigeria’s imports by country of origin shows imported goods were predominantly from China valued at N900 billion or 25.1% of the value of total imports.

Other import origins were the US, the Netherlands, India and Belgium which accounted for N373 billion or 10.4%, N327 billion or 9.1%, N231 billion or 6.5% and N197 billion or 5.57%.

The value of total imports from the top originating country was equivalent to the sum of total imports from the following three countries.

The exports were agricultural products, raw materials, solid materials, energy goods, manufactured goods, crude oil and oil products.

The structure of Nigeria’s export trade valued at N5.02 billion in fourth quarter of 2018 was dominated by crude oil exports, which contributed N4.3 billion or 84.2% to the value of total exports.

By section, Nigeria exported mainly mineral products which accounted for N5 billion or 95.7% of the total value of exports.

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This was followed by prepared food stuff, beverages, spirits and vinegar which accounted for N60 billion or 1.2% of total exports.

In the fourth quarter of 2018, Nigeria exported mostly to Europe, Asia and America, each of which accounted for N2.2 billion or 43.2%, N1.43 billion or 28.4% and N702 billion or 13.98%.

Meanwhile, Legit.ng previously reported that the National Bureau of Statistics (NBS) said residents of Bauchi paid the lowest bus fare within the city in January, 2019.

The NBS said this in the “Transport Fare Watch for January 2019” published on its website.

The bureau said the residents paid N98.28 per bus trip, followed by residents of Abia and Enugu who paid N121.11 and N125.24 respectively.

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