Nigeria’s Foreign Trade Figures Decline 5% QoQ in Q4 2018

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Monday, March 4, 2018     2:00PM / By Teslim Shitta-Bey with additional analysis by Proshare Research

 

Nigeria’s foreign trade figures declined 5.01% between Q3 2018 and Q4 2018; the recently released trade statistics released by the National Bureau of Statistics (NBS) showed that trade values slumped between Q3 and Q4 2018, but rose 42.9% between Q4 2017 and Q4 2018. The drop in trade in the last quarter of the year was attributed to a 14.99% fall in imports between Q3 and Q4 2018 even though on a Y-o-Y basis, imports rose 69.6%.

The report showed that the value of imported agricultural goods stood at N5bln by Q4 2018 or 2.23% below the value of Q3 2018. However, this was N8.7bln or 3.8% below the imported value of agricultural goods in 2017.

Raw material imports rose by 9.5% between Q3 and Q4 2018, while the percentage figure between Q4 2017 and Q4 2018 saw the line item rise by 10.8%. This suggest that raw materials continue to remain a significant component of the country’s import and may persistent to put pressure on the nation’s foreign exchange reserves (exchange rate has remained stable hovering around N360/$ for most of 2018 and Q1 2019).

On the export side the country has witnessed a significant improvement on a Y-o-Y basis. Total value of exports increased by 3.52% between Q3 and Q4 2018 but did better on a Y-o-Y basis rising by 28.46% between Q4 2017 and Q4 2018.

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Source: National Bureau of Statistics

Proshare Nigeria Pvt. Ltd.

Source: National Bureau of Statistics

 

Nigeria’s imports were valued at N3.58trn in Q4 2018with machinery and transport equipment accounting for over a third (41%) of items imported. Chemical imports took up another 11% of goods brought into the country or N398bln worth of items. 

 

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Proshare Nigeria Pvt. Ltd.


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