Foreign Trade Report: Strong Merchandise Trade Growth in Q2 2014

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November 17, 2014 / 12.37pm /National Bureau of Statistics

 

Total External Merchandise Trade

Nigeria’s external merchandise trade stood at N6,659.4 billion in the Second Quarter of 2014. Relative to the N5,514.9 billion recorded in the preceding quarter the value of the nation’s total merchandise trade increased by N1,144.5 billion or 20.8%.

Compared with the N5,341.1 billion recorded in the corresponding quarter of 2013, total trade grew by N1,318.2 billion or 24.7%. Quarter-on-Quarter rises were driven by increases in both the value of imports and exports, of N431.8 billion or 27.9% and N712.7 billion or 18.0% respectively, above the levels recorded in the First Quarter of 2014.

The balance of trade stood at N2,704.9 billion, representing a rise of N280.9 billion or 11.6% from the N2,424.0 billion of the First Quarter of 2014 and N560.2 billion or 24.68% from the N2,144.7 billion of the corresponding quarter of 2013.

At a value of N3,268.8billion, the Crude Oil component of exports represented 69.8% of total exports. This was an increase of N35.1 billion or 1.1% when compared with the previous quarter. Non-crude exports stood at N1,413.4 billion, representing a rise on N677.5 billion or 92.1% from the opening quarter of 2014. The First Half of 2014 recorded total trade of N12,174.3 billion.

Imports Classified by Standard International Trade Classification and Country of Origin.

The value of Nigeria’s imports totalled N1,977.2 billion in the Second Quarter of 2014, representing a rise of N431.8 billion or 27.9% above the level in the First Quarter of 2014.

This emanated from a rise in the value of Imports of products classified by SITC over their respective levels in the previous quarter, with the greatest quarter-on-quarter rises recorded in Mineral Products, Machinery and Transport Equipment; and Food and Live Animals at N131.30 billion or 55.34%, N86.90 billion or 15.41% and N73.72 billion or 35.36% of total imports In comparison with the N1,598.2 billion of imports recorded in the corresponding quarter of last year, the Second Quarter 2014 total import value increased by N379.0billion or 23.7% (Table1). The total imports in the First Half of the year 2014 were valued at N3,522.7 billion.

Classified by Section, the greatest values of imports in the Second Quarter of 2014 were recorded for Boilers, Machinery and Appliances; Mineral products; and Vehicles and Aircraft and Parts with N422.4 billion or 21.4%, N380.6 billion or 19.2%, and N232.8 billion or 11.8% of the total value of Q2 2014 imports.

Imports classified by Broad Economic Category revealed that the three greatest values of imports in Second Quarter of 2014 were recorded for Industrial supplies, Capital goods, and Fuels and Lubricants, which accounted for N536.8billion or 27.2%, N396.7billion or 20.1%, and N343.6billion or 17.4% of the total import value recorded for the Second Quarter of 2014 respectively (Table7).

At the Product level Motor spirit recorded the greatest value of imports, accounting for N315.7billion or 16.0% of the total imports for the Second Quarter of 2014 (Product Table). Spelt, Common Wheat and Meslin with N85.8 billion or 4.3% of the total followed, whilst Machine Tools for Working Stone, Ceramics and Concrete with N37.5 billion or 1.9% of the total imports for

Second Quarter of 2014 ranked third. Imports classified by continent showed that the greatest value of imports in the Second Quarter of 2014 came from Asia, with a value of N796.1billion or 40.3% of the total.

This was followed by Europe with N 758.1 billion or 38.3%, The Americas with N316.1billion or 16.0%, and Africa with N78.1billion or 4.0%. Of the value of total imports from Africa, ECOWAS contributed N12.2billion or 15.7% .

By country of origin, the value of goods imported to Nigeria were greatest from China, United States, Netherlands, Belgium and India with import values of N426.1billion or 21.5%, N235.6billion or 11.9%, N138.7billion or 7.0%, N124.0billion or 6.3%, and N117.1billion or 5.9% of the total in the Second Quarter of 2014 respectively

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