Friday, June 07, 2019 08:40 AM / NBS
v Total Trade: Total trade grew by 2.50% in Q1,2019 compared to Q4,2018, and 7.52% relative to the corresponding quarter in 2018
v The value of total imports rose 3.39% in Q1 2019 compared to Q4 2018, and by 25.84% over the corresponding quarter of 2018.
v Imported Agricultural products were 7.98% higher in value than in Q4 2018, and 28.1% higher than in Q1, 2018.
v The value of Raw material imports grew 6.62% more than the value recorded in Q4, 2018 and 20.76% more than the value recorded in Q1 2018.
v The value of Solid minerals imports was 1.26% more than the value of imports in Q4, 2018 and
35.90% higher than the value recorded in Q1 2018.
v The value of Energy goods imports was 20.28% lower than in Q4,2018. Compared with the corresponding quarter of 2018, a decrease of 0.94% was recorded.
v The value of imported Manufactured goods increased by 25.81% in Q1,2019 against the value recorded in Q4,2018 and rose by 130.7% against its value in Q1, 2018. The increase in value of imported manufactured goods was partly as a result of the importation of hygienic/ pharmaceutical product for humanitarian purposes during the quarter.
v The value of Other oil products imported was 58.4% lower than in Q4, 2018 and
72.71% lower than the corresponding quarter of 2018.
v The value of total exports in Q1, 2019 increased by 1.78% against the level recorded in Q4, 2018 but decreased by 3.90% against its value in Q1, 2018.
v In Q1 2019 the value of agricultural exports was 11.89% lower than in Q4, 2018 but 17.5% higher than Q1 2018.
v The value of raw material exports in Q1,2019 was 10.67% lower than the value in Q4,2018 but 11.57% higher than in Q1 2018.
v The value of Solid minerals exports increased by 16.88% relative to Q4 2018 but decreased by 66.6% compared to the corresponding quarter in 2018.
v The exports of Energy goods decreased in value by 1.3% compared to Q4,2018 but increased by 2.17% when compared with Q1 2018.
v The value of Manufactured goods exports rose by 511.19% in Q1 2019 when compared with the value recorded in Q4 2018 and 6.43% compared to the corresponding quarter in 2018. The increase in export during the quarter was due to the re-export of Vessels and other floating structures during the quarter, amongst other high value re-exports.
v The value of Crude oil exports in Q1 2019 was 7.78% lower than in Q4 2018 and 5.67% lower than in Q1 2018.
v The value of Other oil products exports decreased by 1.42% compared to Q4 2018, and 1.44% compared to Q1 2018.
Major Export Trading Partners and percentage share in Q1, 2019 Export Trade.
v South Africa
Major Import Trading Partners and percentage share in Q1, 2019 Import Trade
v United States
Major Traded Agricultural Products
v Sesamum seeds, whether or not broken
v Good fermented Nigerian cocoa beans
v Superior quality raw cocoa beans
v Cashew nuts, in shell
v Frozen shrimps and prawns
v Quality raw cocoa beans
In the first quarter of 2019, Nigeria’s total exports was recorded at N4,535.3 billion, which represents a 1.78% rise compared to the fourth quarter of 2018 but a 3.9% fall compared to the first quarter of 2018. Similarly, the value of total imports increased to N3,703.7 billion, representing an increase of 3.39% relative to Q4 2018 and 29.84% compared with Q1 2018. The trade balance remained positive at N831.6 billion in Q1 2019, boosted by increase in both exports and imports. The boost also helped total trade increase to N8,239.04 billion. This figure is 2.50% higher compared to Q4,2018 and 7.52% higher relative to the corresponding quarter in 2018.
Crude oil remained the major export, recording N3,376.7billion, 74.45% of total exports. Non-oil products accounted for 13.33% of the value of total exports while Other oil products accounted for 12.22% of total exports in the quarter under review.
Imports Classified by Standard International Trade Classification and country of Origin
Nigeria’s imports stood at N3,703.7 billion in Q1, 2019 out of which Machinery & transport equipment N1,505.9 billion or 40.66% of total imports, Manufactured goods accounted for N841.3 billion or 22.72% and Chemical and related products accounted for N403.4 billion or 10.89% of total imports during the period under review. Other major imports were food and live animals which amounted to N353.0billion or 9.53%, and mineral fuel which amounted to N346.2billion or 9.35% during the period under review.
During the quarter, imported products originated from Asia (valued at N1,635.0 billion or 44.2% of total imports), Europe (N913.4billion or 24.7%) and Africa (N644.1billion or 17.4%). Analysis of regional trade flows further showed that import trade with the Americas accounted for N493 billion or 13.3%, while Oceania accounted for N18.2 billion or 0.5%. Within the African continent, trade with the ECOWAS sub-region amounted to N27.7 billion of total import trade.
Imports by country of origin shows that Nigeria imported goods worth N979.30 billion or 26.44% from China. Notably, goods worth N528.89 billion or 14.28% of total imports was imported from Swaziland during the quarter. This significant volume of import was a result of the importation of a laboratory, hygienic or pharmaceutical glassware for humanitarian purposes, leading to Swaziland appearing for the first time among Nigeria’s top five trading partners in terms of imports. Other major trading partners during the quarter were the United States, India and the Netherlands which accounted for N525.30 billion or 8.78%, N242.71 billion or 6.55% and N 150.72 billion or 4.07% respectively.
Exports Classified by Standard International Trade Classification and Country of Destination
Exports trade was dominated by crude oil exports, which contributed N3,376.73 billion or 74.45% to the value of total exports in Q1, 2019. By section, analysis reveals that Nigeria exported mainly mineral products which amounted to N3,950.1 billion or 87.1% of the total value of exports. This was followed by Vehicles, aircraft and parts; Prepared food stuff, beverages, spirits; and Vegetable products which respectively accounted for N418 billion or 9.22%, N55.4 billion or 1.2% and N49.0 billion or 1.1% of the total export.
In Q1 2019, Nigeria exported most products to Europe, Asia and Africa equivalent to N1,833.4 billion or 40.43% of total exports, N1,324.8billion or 29.2% and N936.8billion or 20.67% respectively. Furthermore, Nigeria exported goods worth N405.8 billion or 8.95% to the Americas and N34.5 billion or 0.76% to Oceania.
Within Africa, Nigeria exported goods valued at N300.6billion to ECOWAS member states (representing 32.08% % of total merchandise exports to Africa). By country of destination, Nigeria exported goods mainly to India, Spain, Netherlands, South Africa and France, valued at N745.0 billion or 16.43%, N487.1 billion or 10.74%, N405.4billion or 8.9%, N325.5 billion or 7.2% and N302.3 billion or 6.7% respectively.
Export/Imports Products Classified by Sectors Q1, 2019
The trade in agricultural goods in Q1, 2019 stood at N322.4 billion representing 3.9% of the value of total trade. The export component of this trade was valued at N86.1billion in Q1 2019. Compared with N97.3billion recorded in the previous quarter, this represented a decrease of 11.89%, but indicates an increase of 17.5% when compared with Q1, 2018.
By economic regions, further analysis showed that exported Agricultural goods worth N48.4 billion and N31.7billion respectively were destined for Asia and Europe. During the period under review, Agricultural exports were driven by Sesamum seeds (N39.6 billion), good fermented cocoa beans (N20.1 billion), Superior quality raw cocoa beans (N9.8 billion) and frozen shrimps and prawn (N4.3 billion). Sesamum seeds were exported mainly to Japan (N8.2 billion) and China (N7.0 billion). The good fermented Cocoa beans were exported mainly to Germany (N5.9 billion) and Netherlands (N5.7 billion).
In terms of imports, the Agricultural products were valued at N236.33billion or 6.4% of total imports during the period under review. The major driver was Durum wheat (not in seeds) imported from the United States and Russia at values of N19.6 billion and N17.8billion respectively. Other drivers were Durum wheat in seed imported from Argentina (N18.7 billion) and the United States (N18.1 billion).
Trade in solid minerals stood at N26.8billion in Q1, 2019 representing 0.3% of total trade. Solid mineral exports stood at N8.98 billion or 0.2 % of total exports, while imports stood at N17.8 billion or 0.48%. During the quarter, the value of solid minerals exports rose by 16.88% against Q4 2018, but fell by 66.6% against the corresponding quarter in 2018.
The major solid minerals exported during the quarter were other cements, destined for Niger and Togo with total value of N2.9 billion and N1.9 billion respectively, while Zinc ores and concentrates worth N1.6 billion were exported to China. Analysis of solid mineral imports showed that Nigeria imported Crude salt from Brazil (valued at N2.9 billion) and Namibia (N1.1 billion).
Trade in manufactured goods stood at N3235.3 billion in Q1, 2019 or 39.27% of total trade. The export component was valued at N462.3 billion or 10.2% of the total export. Imported manufactured goods stood at N2.772.9 billion or 74.87% of the total imports during the period under review. The value of Manufactured goods exports rose by 511.19% in Q1 2019 when compared with the value recorded in Q4 2018 due to the re-export of high value manufactured goods, notably Vessels and other floating structures (valued at N202.6billion) to Angola. In addition, Refrigerated vessels worth N69.6billion were re-exported to Ghana, while other light vessels valued at N12.6billion were also re-exported to the United States during Q1, 2019.
Similarly, the value of manufactured goods imports rose by 130.7% relative to Q1 2018 and 25.8% relative to Q4 2018. This was due in part to the importation of high value goods, in particular Laboratory hygienic or pharmaceutical glassware, worth N517.0 billion, which was imported from Swaziland; Used Vehicles with Diesel engine (worth N90.8 billion) imported from the United States, as well as motor cycles worth N65.3billion and N3.0 billion imported from India and China respectively.
The value of raw materials traded in Q1, 2019 stood at N366.5billion or 4.5% of total trade. During the quarter, the export component of raw materials trade was valued at N36.4billion or 0.8% while import of raw materials accounted for N330.1 billion or 8.9% of the total import trade. The value of raw material goods exports in Q1,2019 was 10.67% lower than the value in Q4 2018, but 11.57% higher than in Q1 2018. On the other hand, the value of raw material imports grew 6.62% more than the value recorded in Q4, 2018 and 20.76% more than the value recorded in Q1 2018.
Raw materials exports during the quarter included Urea exported to Brazil worth N15.8billion; Leather exported to Spain and Italy worth N2.9billion and N2.4billion respectively, and technically specified natural rubber worth N0.6 billion exported to France.
In terms of imports, Cane sugar, meant for sugar refinery was imported from Brazil at a value of N34.5 billion, while preparations for infant use were imported mainly from China at a value of N11.3billion. Nigeria also imported mixtures of odoriferous substances from Ireland worth N8.3 billion and tobacco worth N6.6 billion from Brazil.
Trade Intensity in Q1 2019
Export Intensity Index with Five Major Trading Partners
During the quarter under review, Nigeria's export trade with India recorded an intensity index of 5.18 in January, 2.91 in February and 3.39 in March, while export trade with Spain recorded an index of 3.45, 3.78 and 2.28 during the same months. Trade intensity was also high (with index greater than 1) between Nigeria and Netherlands in January (1.14), February (2.11) and March (1.27). The trade between Nigeria and France was intense in January and March while there was a downswing in February (which recorded an index of 0.63).
Import Intensity Index with five Major Trading Partners
The intensity index of Nigeria’s trade with China stood at 1.41, 2.08 and 1.02 in January, February and March respectively. For the United States of America, the import intensities remained low, at registering 0.60 in January, 0.82 in February and 0.54 in March. With India, the intensity index was higher than 1 for all the months of Q1 2019, at 3.18 for January, 2.13 for February and 2.13 for March. For the Netherlands, there was low trade in all months, except January which recorded 1.09 as import intensity index. Trade with Belgium was high in January (1.2) and February (1.24) but slowed in March (0.60).
Trade by Mode of Transport
In Q1, 2019, Nigeria’s major mode of transporting its goods to trading partner countries remained by sea. Transport of goods by water accounted for N4,494.7 billion or 99.1% of total exports. Goods exported by road accounted for N14.0 billion while goods that passed through the air were valued at N16.5 billion. Other means of transport accounted for N10.2billion during the period under review. Similarly, in terms of imports, water (maritime) remained the major mode of transportation, responsible for goods worth N3,378.7billion or 91.2% of total imports while air transport accounted for goods worth N298.1billion or 8% of total imports.
Trade by Custom Ports and Post
The leading port of operation during the quarter was Apapa port which accounted for N4,064.5 billion or 89.6 % of total export transaction. This was followed by Port-Harcourt (3) Onne through which goods worth N298.6 billion were shipped, as well TinCan Island which recorded exports worth N109billion or 2.4 %.
In terms of imports, Apapa Port also remained the leading port of operation with transactions valued at N1,276.7 billion or 34.5%. This was followed by Portharcourt (3) which accounted for N882.3billion or 23.8% and Tin Can Island (N701.0 billion or 18.9%).
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