| Nigeria Economy |    4751 VIEWS  |
| Nigeria Economy | |
| 4751 VIEWS | |
 |
Friday, March 06, 2020 /05:00 PM
/ By NBS/ Header Image Credit: NBS
Key Highlights
Total
Trade
Imports:
Exports
|
India |
13.17% |
|
Spain |
10.35% |
|
France |
7.78% |
|
The Netherlands |
7.47% |
|
Ghana |
7.40% |
Major import trading partners and
percentage share in Q4, 2019 import trade
|
India |
22.57%
|
|
China |
20.49% |
|
United States |
9.05% |
|
The Netherlands |
8.61% |
|
Belgium |
5.76% |
|
Major Traded Agricultural Products. |
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Overview
The
value of Nigeria's total trade stood at N10,120.20 billion in Q4,2019
representing a 10.15% increase over the value recorded in Q3, 2019 and
25.9% increase relative to Q4, 2018. The value of the export component
(N4,770.57 billion) fell by 9.79% against Q3, 2019 but rose by 7.06% when
compared with the corresponding quarter in 2018. On the other hand,
the import component (valued at N5,349.63 billion) increased by 37.20% in Q4
against Q3,2019 and 49.34% against Q4,2018. The faster increase in imports
resulted in a negative trade balance of N579.06billion during the quarter under
review, the first since mid-2016.
On an annual basis, the value of total trade in 2019 was recorded at N36,152.1 billion, representing a 14.05% increase over 2018. However, this was lower than 36.86% recorded in 2018 over 2017. The level of imports stood at N16,959.9 billion while exports were valued at N19,192.2 billion, resulting in a trade balance of N2,232.4billion. While imports rose by 28.8% in 2019 over 2018, exports rose by only 3.6%, and the trade balance was 58.4% less than in 2018.
In Q4, 2019, Crude oil remained the dominant export valued at N3,629.24 billion and accounting for 76.1% of total exports, while non crude oil exports amounted to N1,141.3billion or 23.9%. However the value of crude oil exports in Q4,2019 was 3.16% lower than in Q3,2019 and 0.88% lower than the corresponding quarter of 2018. On an annual basis, the value of crude oil exports at N14,690.02billion, was lower than in 2018 by 3.08%.
Imports Classified by Standard International Trade
Classification and country of Origin
Total imports stood at N5,349.63 billion in Q4, 2019 representing an increase of 37.2% over the value recorded in Q3,2019 and 49.34% over the corresponding quarter of 2018. This was due to increases in the values of imported machinery and transport equipment (which increased by N866.5billion or 47.03%) and Mineral fuels (N320.3billion or 60.68%) in Q4,2019 over their values in Q3,2019.
During
the quarter, Nigeria imported goods mainly from Asia, valued at N3,008.69
billion or 56.24% of total imports. Other major imports originated from Europe,
valued at N1,550.36billion or 28.98% while imports from America and Africa
amounted to N668.57billion or 12.50% and N113.99 billion or 2.13% respectively.
Import from Oceania stood at N8.01billion or 0.15% of total imports while goods
valued at N22.8billion originated from ECOWAS.
By country of origin, goods were imported mainly from India, valued at N1,207.24 billion or 22.57%, China (N1,096.14 or 20.49%), the United States (N484.34billion or 9.05%), the Netherlands (N460.58billion or 8.61%) and Belgium (N308.30billion or 5.76%).
Exports Classified by Standard International Trade
Classification and Country of Destination
The
value of total exports in Q4, 2019 stood at N4770.57 billion. This indicates a
decrease of 9.79% against the level recorded in Q3,2019 but an increase of
7.06% when compared with its value in Q4, 2018. The Crude oil component of
export amounted to N3,629.24 billion or 76.08% of total exports during the
period under review while Non-crude oil export accounted for N1,141.33 billion,
or 23.92%. For 2019, the share of crude oil exports in total exports stood at
76.5%, maintaining its downward trend from 2016 as the share of non-oil exports
continued to increase.
Exports
by section revealed that mineral products accounted for the largest proportion
of exports, amounting to (N4,171.95 billion or 87.45%). This was followed by
Vehicles aircraft and parts (N477.06billion or 10%) and others.
During
the quarter, analysis of trade by region revealed that Nigeria exported mostly
to Europe (N1,968.50billion or 41.2%), followed by Asia (N1417.31billion or
29.71%), Africa (N949.45billion or 19.9%), America (N359.49billion or 7.54%)
and Oceania (N75.83billion or 1.5%). Within Africa, goods worth N582.3 billion
was exported to ECOWAS member states. Similarly, on an annual basis, most
exports went to Europe (39.69%), Asia (28.25%), Africa (20.44%), the Americas
(10.67%) and Oceania (0.53%).
By country of destination, Nigeria exported goods to India (valued at N628.4billion or 13.17%), Spain (N493.88billion or 10.35%), France (N371.37billion or 7.78%), the Netherlands (N356.3 billion or 7.47%) and Ghana (N352.88billion or 7.4%).
Export/Imports Products Classified by Sectors
Q4 2019
Agricultural Goods Sector
During
the quarter, total trade in Agricultural goods stood at N301.49billion, out of
which exported agricultural goods accounted for N68.2billion. Analysis by
economic region showed that most Agricultural goods were exported to Asia and
Europe, and valued at N34.54billion and N29.2billion respectively. The
key driver of agricultural products exports was Sesamum seeds exported mainly
to India (N6.6billion), China (N5.4billion) and Turkey (N5.3billion). Other key
agricultural exports were Good Fermented Nigerian Cocoa Beans exported mainly
to the Netherlands (N12.3billion) and Germany (N5.9billion), as well as frozen
shrimps exported to the Netherlands and valued at N1.5billion respectively.
Imported agricultural products accounted for N233.3billion of total agricultural trade in Q4, 2019. The major product was Durum wheat (not in seeds) imported mainly from Latvia (N11.58billion) and Canada (N11.15billion). Durum wheat (seeds) was also imported from Singapore and Russia valued at N14.9billion and N6.78billion respectively.
Solid Minerals Sector
The total trade in solid mineral goods stood at N20.4 billion in Q4, 2019, comprising an import component of N18.5 billion and export component of N1.9billion. The major products exported under this sector were Lead ores and concentrates exported to China valued at N1.2billion; Zinc ores and concentrates also to China at a value of N0.3billion, and to Malaysia with a value of N0.2 billion. In terms of imports, Nigeria imported Other salt, including crude salt worth N2.5 billion and N2.3billion from Brazil and Namibia respectively. Plasters of calcined Gypsum were imported from Turkey at a value of N2.1billion, Gypsum; anhydrite worth N1.7billion was imported from Spain while Granite worth N1.8billion was imported from China.
Manufactured
Goods Sector
The
value of manufactured goods trade in Q4, 2019 stood at N4,421.4 billion or
43.69% of total trade. Of this, the export component accounted for N509.2
billion The products that drove up Manufactured export were Vessels and other
floating Structures exported to Ghana, Germany, Cameroun and Singapore, valued
at N302.7billion, N63.7billion, N13.2billion and N13.1billion respectively.
Floating and submersible drilling platforms were also exported to Cameroun
during the period under review, valued at N65.5billion.
In
terms of imports, Other electro-diagnostic apparatus was imported from India,
worth N845.6billion. Unused postage stamps of current issue worth N245billion
was imported from United Arab Emirate . Other products imported included Used
Vehicles worth N129 billion from the United States; Motorcycles worth N90.5
billion from India, and Antibiotics worth N80.4billion from France.
Raw
Material Goods Sector
The
value of total trade in raw material stood at N356.9billion. The import
component was valued at N335.8billion while the export component stood at N21.1
billion. During the quarter, sugar for industrial use worth N0.02 billion was
exported to Ghana; Other cane or beet Sugar worth N.04billion was exported to
Turkey. However, cane sugar worth N59.8 billion was imported from Brazil. Other
products imported were milk preparations imported from Ireland, Malaysia and
Australia respectively worth N7.6 billion, N2.5billion and N2.3billion. In
addition, Mixtures of odoriferous substances were imported from Ireland and
Swaziland, worth N8.5billion and N2.6billion respectively.
Trade Intensity in Q4 2019
Export
Intensity Index with Five Major Trading Partners
The
export intensities in Q4, 2019 showed Nigeria's export trade with India was
intense in October, November and December with the index recording 4.3, 4.3 and
3.5 respectively. There was also intense trade between Nigeria and its major
trading partners (Spain, France, Netherlands and South Africa) in all months of
the fourth quarter: Spain recorded 4.9, 5.0 and 3.2 in October, November and
December respectively, while France recorded 1.8, 2.1 and 1.8; the Netherlands
2.2, 1.2 and 1.7 and South Africa 6.0, 13.6 and 11.6 in those months
respectively.
Import
Intensity Index with five Major Trading Partners
In Q4 2019, India ranked highest in Nigeria's import trade. It recorded an index of 17.2 in October, 4.4 in November and 1.8 in December. The high index in October can be attributed to the importation of electro-diagnostic apparatus and other machinery from India that month. China, which had always been Nigeria's leading partner in terms of imports, recorded 1.0, 1.5 and 0.6 in the months of October, November and December 2019. A similar trade pattern was recorded for the Netherlands (1.7, 2.9 and 0.3) and Belgium (2.8, 1.9 and 0.3). However, trade with the United States was not as intense during those months, as shown by the recorded import intensities of 0.7, 0.8 and 0.6 respectively.
Trade by Mode of Transport
Water
transport remained the major mode of conveying goods between Nigeria and
trading partners. In Q4, 2019, water transport accounted for N4,747.46 billion
or 99.52% of total exports. Air transport contributed N17.03 billion and other
mode of transport contributed N5.89billion. Similarly for imports, most goods
brought into the country arrived via water transportation means. Water
transport accounted for N4,049.17billion or 75.69% of the value of total
imports. Goods imported by road and air were valued at N16.76 billion and
N1283.69 billion respectively.
Trade by Custom Ports and Post
In Q4, 2019, the bulk of export transactions was
conducted through Apapa port, valued at N4,201.52billion or 88.07% of total exports, followed
by PortHarcourt (3) which recorded N497.45billion or 10.43%, and Tin Can Island which recorded N53.76billion
or 1.13%. In terms of imports, Apapa Port also recorded the highest
transactions valued at N1,923.5billion or 35.96% of total imports. This was followed by Muhammed
Murtala Cargo (N1193.77billion
or 22.31%) and Tin can (N702billion or 13.2%).
Click Here to Download Q4 2019 Foreign Trade Statistics Report PDF Report
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