NBS Says Merchandise Trade Declines in Q1, 2015

NBS Says Merchandise Trade Declines in Q1, 2015
May 27 19:33 2015 Print This Article

The total value of Nigeria’s merchandise trade at the end of Quarter One, 2015, stood at ?4,875.4billion. From the preceding quarter value of ?4,985.6billion, this was ?110.2billion or 2.2% less.

Despite a rise of ?275.6billion or 9.3% in the value of exports against levels recorded in the preceding quarter, a decline of ?385.8billion or 19.0% in the value of imports resulted in an overall decline in the value of merchandise trade.

The National Bureau of Statistics in its “Q1 Merchandise Q1 2015 Trade Report noted the rise in exports and decline imports improved the Country’s trade balance which increased by 71.6% from the preceding quarter, to ?1,584.9billion. In comparison with the corresponding quarter of 2014, the value of total merchandise trade decreased by ?639.5billion or 11.6%, while the trade balance decreased by ?839.1 billion or 34.6%.

The value of Nigeria’s imports stood at ?1,645.3billion, at the end of Q1, 2015, a decrease of ?385.8billion or 19.0% from ?2,031.0billion recorded in the preceding quarter. Year-on-year however, the value of the country’s imports increased by ?99.8billion or 6.5% from the Q1, 2014 value of ?1,545.44billion.

Also, imports of “Boilers, Machinery and Appliances” dominated, accounting for 27.7% of the total value of imports in Q1, 2015.

The key drivers of the year on year growth were “Boilers, Machinery and Appliances” and “Vegetable Products”, which increased by ?88.7billion or 24.2% and by ?33.8billion or 47.6% from Q1 of 2014 values respectively.

Nigeria imported goods mostly from China, United States, Belgium, Netherlands and India, which respectively accounted for ?387.5billion or 23.6%, ?133.8billion or 8.1%, ?118.7billion or 7.2%, ?108.7billion or 6.6% and ?96.6billion or 5.9% of the total value of goods imported during the quarter.

“Asia topped the list of continent from which goods were imported with an import value of ?708.2billion or 43.0% of the quarterly total. Europe followed with imported goods valued at ?458.4billion or 27.9% of total imports from Europe. While ?252.2billion or 15.3% of total imports was from Africa. Imports from the ECOWAS region amounted to ?9.6billion or 3.8% of the total value of imports from Africa,” NBS said.

According to the report, merchandise exports totalled ?3,230.2billion in Q1, 2015, an increase of ?275.6billion or 9.3% over the value recorded in the preceding quarter. Relative to the opening quarter of 2014, the value of exports declined by ?739.3billion or 18.6%.

“The structure of the nation’s exports was still dominated by Crude Oil, which contributed ?2,251.2 billion or 69.7% to the value of total of exports in the opening quarter of 2015.

The Statistics Bureau report revealed that “Nigeria exported mainly “Mineral Products”, which accounted for ?2,880.3billion or 89.2% of total exports. Other products exported by Nigeria include “Vehicles, Aircraft and Parts Thereof; Vessels etc” at ?185.8billion or 5.8% of the total, “Prepared Foodstuffs; Beverages, Spirits and Vinegar; Tobacco” at ?53.8billion or 1.7% of the total, and “Vegetable Products” at ?36.7billion or 1.1% of total exports. Natural Liquefied Gas was the product with the second greatest export value, after Crude Oil, with a value of N306.2 billion or 9.5% of the total export value during the period of review.

“Nigeria exported goods mainly to India, Netherlands, Spain, South Africa and Brazil, whose values stood at ?436.6billion or 13.5%, ?319.6billion or 9.9%, ?263.4billion or 8.2%, ?260.0billion or 8.0% and ?257.0billion or 8.0% of the Q1, 2015 respectively

“Exports by continent of destination revealed that Nigeria mainly exported goods to Europe and Asia, which accounted for ?1,152.0billion or 35.7%, and ?909.1billion or 28.1% respectively of total exports during Q1 2015. Nigeria exported goods valued at ?601.0billion or 18.6% of total exports to the continent of Africa, while exports to the ECOWAS region totalled ?277.3billion, 46.1% of the total exported to Africa,” it said.

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