Merchandise Trade Declines in Q2 2018: -8.89% Contraction from Q1 2018 Trade Figure

Proshare

Wednesday, September 05, 2018 / 09:30 PM / NBS   

Key Highlights:

Total Trade and Trade Balance

-    The total value of Nigeria’s merchandise trade was N6,569.98 billion in the second quarter of 2018, which was a -8.89% contraction from the figure recorded in Q1, 2018 (N7,211.12 billion) and a 14.56% growth from Q2, 2017 (N5,734.80 billion).

-     The contraction of total trade in the reviewing quarter was mainly driven by the decline in both imports and exports.

-    The trade balance in Q2, 2018 was a surplus of N2,356.60 billion, which is an 8.36% increase from the figure in Q1, 2018 (N2,174.60 billion) and a 399.82% increase from the figure in Q1, 2017 (N471.48 billion).

Imports

Total Imports value was N2,106.7 billion in Q2, 2018, -16.3% lower than Q1, 2018 (N2518.26 billion) and -19.9%% lower than Q1, 2017 (N2,631.65 billion).

·     The value of imported agricultural goods in the second quarter of 2018 (N224.52 billion) increased by 21.7% from Q1, 2018 (N184.49 billion) and lower by -3.14% from Q2, 2017 (N231.80 billion).

·         Raw materials imports in Q2 2018 (N261.10 billion) declined by -8.3%% compared to Q1, 2018 (N284.81 billion) and lower by -14.2%% compared to Q2, 2017 (N304.43 billion).

·    Solid minerals imports in Q2, 2018 (N17.29 billion) increased by 37.0% on a quarter-to-quarter basis (N12.62 billion), but declined by -91.0% on a year-to-year basis (N193.16 billion).

·    Energy goods imports in Q2, 2018 (N98.17 million) was 202.6% higher than Q1 2018 (N32.45 million), and 288.5%% higher than Q2, 2017 (N25.27 million).

·       The value of manufactured goods imported in Q2 2018 (N1,175.86 billion) declined by -1.2% over the previous quarter (N1,189.97 billion) but increased by 1.6% over the same quarter in 2017 (N1,157.65 billion).

·     The value of Other oil products imported in Q2,2018 (N427.80 billion) was -49.5% lower than then value in Q1, 2018 (N846.31 billion) and -42.5% lower than Q2, 2017 (N744.58 billion).

Exports

Total export value amounted to 4,463.3 billion in Q2, 2018, representing a contraction of -4.9% over Q1, 2018 (N4,692.86 billion) and a growth of 43.8% over Q2, 2017 (N3,102.14 billion).

·    The export value for Agricultural goods in Q2, 2018 (N85.90 billion) was 17.3% higher than the value in Q1, 2018 (N73.24 billion) and 127.3% higher than the value recorded in Q2, 2017 (N37.79 billion).

·     Raw material exports value decreased by -2.98% in Q2, 2018 (N31.72 billion) compared to Q1, 2018 (N32.70 billion) but increased by 19.7% compared to Q2, 2017 (N26.50 billion).

·     Solid Minerals exports value in Q2 2018 (N19.93 billion) recorded a -25.98% quarter on quarter decline (N26.92 billion), and a -19.7% year on year decline rate compared to Q2, 2017 (N21.02 billion).

·      The value of Energy goods exported in Q2, 2018 (N10.99 billion) was 5.8% higher than that of Q1, 2018 (N10.39 billion) and 0.6% higher than the value in Q2, 2017 (N10.93 billion).

·      Manufactured goods exports in Q2 2018 (N69.86 billion) recorded a significant decline by -83.9% over the previous quarter (N434.37 billion), and higher by 0.9%% when compared to Q2, 2017 (N69.26 billion).

·    The value of Crude Oil exports recorded in Q2, 2018 (N3,728 billion) was 4.2% higher than the value in Q1, 2018 (N3,579 billion) and 53.7% higher than the value in Q2, 2017 (N2,425 billion).

·       Other oil products exports in Q2, 2018 (N516.32 billion) declined in the reviewing quarter, with a -3.6% contraction from Q1, 2018 (N535.68 billion) and a 0.8% growth from the value recorded in Q2, 2017 (N512.41 billion).

Major Export Trading Partners and % share to Q2, 2018 Export Trade.

§  India                           16.19%

§  Netherlands               10.25%

§  Spain                           9.55%

§  South Africa               8.06%

§  United States              6.87%

Major Import Trading Partners and % Share to Q2, 2018 Import Trade

§  China                          25.28%

§  Netherlands               8.59%

§  Belgium                       8.11%

§  India                             6.88%

§  United States               6.72%

Major Trade Agricultural Products.

§  Cashew nuts, in shell

§  Seamus seeds, whether or not broken

§  Superior quality raw Coca beans

§  Good fermented Nigerian Cocoa beans

§  Other frozen shrimps and prawns

§  Other quality raw cocoa beans.

Overview

The total value of Nigeria’s external trade in goods amounted to N6,569.98 billion in the second Quarter of 2018, which is a decrease of N641.1 billion or -8.9% from the N7,211 billion recorded in the first quarter of 2018. The total trade value in Q2, 2018 also shows a 14.56% growth compared to the amount of N5,734.80 billion recorded in same quarter last year.

The Trade balance in Q2, 2018 was N2,356.6 billion, which increased by 8.36% from Q1 2018 and 399.82% over the same quarter in 2017. The quarter and quarter increase of trade balance in the reviewing quarter was driven by the slower decline in exports compared to a higher decline in imports.

Proshare Nigeria Pvt. Ltd.

The total value of exports in the quarter under review was N4,463.3 billion, representing a -4.9% contraction over Q1 2018 and a 43.8% growth compared to Q2 2017.

Likewise, the total import component in the first quarter (N2,106.7 billion) also recorded a decline of -16.3%% on a quarter on quarter basis, and -19.9% year on year.

Exports in the first quarter of 2018 was still dominated by Crude oil (N3,728.5 billion of 83.5%).

Proshare Nigeria Pvt. Ltd.

Imports Classified by Standard International Trade Classification and Country of Origin

The total value of imports into Nigeria in the second quarter stood at N2,106.7 billion, of which N426.9 billion imports were mineral fuel (20.26% of the total import) and N600.6 billion were machinery and transport equipment (28.5% of the total import), while Chemical and Related Product imports accounted for 7.7% of total imports.

Proshare Nigeria Pvt. Ltd.

Asia, Europe and America continued to dominate as import destination into Nigeria in the reviewing quarter, accounting for 44.4%, 38.3% and 10.5% respectively.

In the second quarter, the top five import destination for Nigeria was China, Netherlands, Belgium, India and United States which respectively accounted for N531.6 billion or 25.2%, N181 billion or 8.6%, N170.9 billion or 8.1%, N145.0 billion or 6.9% and N141.5 billion or 6.7%.  Import trade from African Countries stood at N109.1 billion or 5.2% while imports from the region of ECOWAS amounted to N14.2 billion or 0.4% of total imports.

Proshare Nigeria Pvt. Ltd.

Exports Classified by Standard International Trade Classification and Country of Origin

In the reviewing quarter, mineral products accounted for N4,275.3 billion or 95.8% of the total export from Nigeria. This category of export was dominated by Crude Oil exports which contributed N3,728.4 billion or 83.5% of total exports.  The second largest component of export in Q2 2018 were vegetable products, which recorded N65.45 billion or 1.5% of the total export in the reviewing quarter. 

Nigeria exported most products to Europe, Asia and Africa which accounted for N1,849.1 billion or 41.4%, N1,283.9 billion or 28.8% and 639.3 or 14.3% respectively. However, within Africa, Nigeria exported goods valued at N265.1 to ECOWAS member states representing 41.5% of the total export trade to Africa.

Exports by country of destination showed that Nigeria exported goods in Q2 2018 mainly to India, Netherlands, Spain, South Africa and United States valued at N722.6 billion or 16.2%, N457.6 billion or 10.3%, N426.1 billion or 9.6%, N359.8 billion or 8.1% and N306.5 billion or 6.9% respectively.  These five countries accounted for 50.9% of the total exports in Q2, 2018.

Proshare Nigeria Pvt. Ltd.

 

Export/Imports Products Classified by Sectors Q2, 2018

Agricultural Goods Sector

The total trade of agricultural goods in Q2, 2018 stood at N310.4 billion (4.72% of total trade), in which exports and imports recorded N85.9 billion (1.92% of total exports) and N224.5 billion (10.66% of total imports) respectively. Exports of agricultural products in the second quarter grew strongly by 17.3% compared to N73.2 billion recorded in Q1 2018, while imports in the reviewing quarter increased by 21.7% compared to N224.50 billion recorded in the previous quarter.

Agricultural products in the quarter under review, were mainly exported to Asia (N64.6 billion) and Europe (N15.3 billion). 

The major exported agricultural products in Q2, 2018 were Cashew nuts (N38.4 billion), Sesamum seeds (N19.4 billion), Raw Cocoa beans (N6.8 billion), Fermented cocoa beans (N4.6 billion), Frozen Shrimps and Prawns (N3.1 billion).  Specifically, N26.6 billion worth of cashew nuts were exported to Vietnam, N10.01 billion to India, N665.1 million to UAE. The second primary exported agricultural product in Q2 2018 was Sesamum seeds. This product was exported mainly to Turkey (N4.7 billion), Japan (N4.1 billion) and China (N3.3 billion).

Other major agricultural products include superior quality raw cocoa beans which were exported to Malaysia (N472.9 million) and Netherlands (N3.1 billion) and Frozen shrimp and prawns which were mainly exported to The Netherlands (N1.9 billion) and USA (N511.4 million).

In terms of imports, Agricultural products with a total value of N224.5 billion were imported into Nigeria in Q2, 2018, which was an increase of 21.7% compared to N184.4 billion imported in Q1, 2018.

Proshare Nigeria Pvt. Ltd.

Major imported agricultural products in Q2, 2018 include durum wheat not in seeds from Canada, Russia, Australia with values of N15.1 billion, N23.5 billion, N14.3 billion, respectively and durum wheat in seeds from Russia (N14.3 billion), United States(N12.9 billion) and Canada (N6.1 billion).

Other agricultural products such as Blue Whitings from Netherlands’ (N7.1 billion), Russia (N4.7 billion), and Faroe Islands (N3.4 billion); Mackerel were imported from Japan, Chile and the Netherlands which were valued at N3.8 billion, N1.9 billion, N1.8 billion respectively.

Proshare Nigeria Pvt. Ltd.


Solid Minerals Sector

The total value of solid minerals trade recorded in Q2, 2018 was N37.2 billion, accounting for 0.57% of the total trade. The value of exported solid minerals stood at N19.9 billion while the value of imported solid minerals stood at N17.2 billion. 

In the second quarter 2018, Nigeria exported N9.2 billion of Naphthalene to the Netherlands. This was followed by Cement (excluding white cement) of N2.4 billion to Togo and N2.1 billion to Niger.  Zinc ores and concentrates were exported to China to the tune of N2.9 billion. 

During the second quarter of 2018, Crude salt was imported mainly from Brazil and Namibia with values in the second quarter of N2.9 billion and N2.1 billion from the two respective countries.  Plasters of calcined gypsum or calcium sulphate whether or not colored were imported from Turkey, Tunisia and Egypt, with values worth N1.7 billion, N592.9 million and N467.8 million respectively. Gypsum; anhydrite whether or not colored, with/without small quantities of accelerators were imported from Spain, Switzerland and China, with values worth N2.3 billion, N261.2 million and N34.2 million respectively

Manufactured Goods Sector

The total trade of manufactured goods stood at N1,245.7 billion in Q2, 2018 accounting for 18.92% of total trade. In the reviewing period, the value of exported manufactured goods from Nigeria was N69.8 billion (1.57% of total exports). Manufactured goods exports included Cigarettes containing tobacco to Niger (N3.2 billion) and Ivory Coast (N922.4 million); Cocoa butter, fat and oil to Netherlands (N989.8 million) and Germany (N606.2 million) and Polyethylene having a specific gravity >=0.94, in primary forms to China (N1.3 billion) and Vietnam (N657.8 million)

The total value of imported manufactured goods into Nigeria in the second quarter of 2018 was N1.17 billion, or 55.82% of total imports.  During the quarter, Nigeria imported N 26.7 billion worth of motorcycles from India and N 12.9 billion from China. A total of N31.0 billion worth of Herbicides and antisprouting products were imported from China, and N1.8 billion from India. Besides motorcycles and herbicides, Nigeria imported Milk & cream in powder (>1.5% fat not contain sweetening matter specially made for infants) from Chatham Island, NZ (N10.8 billion), Germany N4.8 billion and Netherlands (N2.2 billion)

Raw Material Goods Sector

The total value of raw material trade in Q2, 2018 stood at N292.8 billion representing 4.46% of the total trade. In the reviewing quarter, raw material goods exported from Nigeria was valued at N31.7 billion in total, accounting for 0.71% of the total export in the quarter.

During the quarter, Nigeria exported Urea valued at N2.9 billion, N1,1 billion and N2.0 billion to Benin, Cameroon and Senegal respectively. Other raw materials including leather further prep after tanning and tanned or crust hides and skins without wool were exported to countries including Italy (N3.0 billion), India N(392.9 million) and Spain N2.5 billion).

Raw material imports recorded N284.8 billion in the reviewing quarter, which is a 1.93% marginal increase from the last quarter of 2017 and a 9.9% growth from the first quarter of 2017. Sugar cane from Brazil which was valued at N15.7 billion was the largest component of raw material import in the quarter, followed by Milk preparations containing vegetable fats /oils, powdered/granular, packings => 25 kg, exported to Ireland (N4.8 billion), Australia (N1.8 billion) and Malaysia (N1.7 billion).

Trade Intensity in Q2 2018

Export Intensity Index with Five Major Trading Partners

The export intensity index compares the share of exports to each country in Nigeria’s total exports, with the share of world exports going to that country, and therefore gives a measure of the importance of that country to Nigeria as an export destination. A higher number denotes a stronger relationship, and an index of one indicates that exports to that country are what would be expected given global trade patterns.

The export intensities of Nigeria showed Nigeria had a strong export relationship with India, with export intensities of 4.6, 5.8 and 2.7 for April, May and June.  Similarly, an index greater than 1 was recorded for Spain in all the months of Q2 2018, with export intensities of 4.8, 3.6 and 1.3. The bilateral trade flow between Nigeria and Netherland was high in April and May which was reflected by the export intensities of 2.3 and 1.9. However, there was a downswing in June with an index of 0.90.

South Africa registered a high export intensity index of 11.1, 13.8 and 5.1 in all the months of quarter 2, 2018. The United States registered low export intensities of 0.57, 0.67 and 0.20. This can be traceable to the mix of products exported to this country during the period under review.

Proshare Nigeria Pvt. Ltd.

Import Intensity Index with five Major Trading Partners

During the quarter under review, the import intensity of Nigeria with China was 1.59, 1.61 and 1.37 for April, May and June.  This shows high bilateral trade flow between Nigeria and China.  There was also a stronger relationship between Nigeria and India and this was reflected in the indexes of 1.8, 1.7 and 1.7 in the month of April, May and June. Similarly, Belgium recorded higher import intensity in April and May with an index of 3.28 and 3.08. The Netherlands recorded high import intensity in April and May with an index of 1.83 and 2.80 but recorded a lower index in June of 0.29.  The import intensity of the United States of America has remained low. This can be attributed to the product mix imported during the period under review.

Proshare Nigeria Pvt. Ltd.

Trade by Mode of Transport

In Q2, 2018, Nigeria’s major mode of transporting its goods for international trade was by water.  Transport of goods by water accounted for N4,426.7 billion or 99.2% of total exports.  The goods exported by road accounted for N15.0 billion. The goods that transported by Air accounted for N11 billion, while all other means of transport not specified accounted for N10.5 billion of total exports.

In terms of importing goods into the Country, the Sea continued to be the major mode of transportation as it contributed N2, 019.8billion or 95.9% of total imports.  During the Quarter, Road transport accounted for N12.3 billion and Air transport accounted for N74.5 billion.

Trade by Custom Ports and Post

The leading port of operation during the quarter was Apapa port which accounted for N4,298.6 billion or 96.3% of total export. Apapa port was followed by Tin-can through which goods worth N73 billion were shipped to other countries.

In terms of imports, Apapa Port still remained the leading Port of operation with transactions valued at N1,078.0 billion or 51,2%.  The next leading port was Tin-Can Island which accounted for N460.8billion or 21.9%. 

Click Here to Download Q2 2018 Foreign Trade in Goods Statistics PDF Report

Latest 2018 NBS Reports

 Proshare Nigeria Pvt. Ltd.

Q3 2018

1.       13.  Nigeria Produced 45.74m Tons of Solid Minerals in 2017 - NBS

2.      8.13m Workers Are Registered Under The Pension Scheme As At Q2 2018 - NBS

3.      2608 Road Traffic Crashes Occurred in Q2 2018 - NBS

4.      Nigeria’s GDP Grew by 1.50% YoY in Real Terms in Q2 2018

5.      165.71mln Litres of Liquefied Petroleum Gas Imported into Nigeria in Q2 2018

6.      Total Value of Capital Importation into Nigeria Stood at $5,513.55m in Q2 2018 - NBS

7.      Banking Sector Records 509.67m Volume of Transactions in Q2 2018 - NBS

8.     Average Fare Paid by Commuters for Bus Journey Intercity Increased by 0.30% MoM to N1,733.33 in July

9.      Average Price of 1kg of Yam Tuber Decreased by 1.75% MoM to N280.83 in July 2018 - NBS

10.  Headline Inflation Drops to 11.14% in July 2018; 0.09% Lower Than June 2018 Rate

11.   Average Prices of PMS, AGO, HHK and Cooking Gas – July 2018

12.  FAAC Disburses N821.86bn in July 2018 – NBS

13.  FAAC Disburses N668.90bn in June 2018 – NBS

14.  4.79bn Litres of PMS Imported into Nigeria in Q2 2018 - NBS

15.   6,999 Products Were Presented for Registration Approval in 2017 - NBS

16.  Nigeria Produced 45.74m Tons of Solid Minerals in 2017 - NBS

17.   147,823 Domestic Passengers Moved by 41 Private Jet Operators in 2017 - NBS

18.  Average of 92,747MWh of Energy Generated Daily in Q1 2018

19.  GDP By Income and Expenditure Approach 2017 - Household Final Consumption Fell by -0.99% in 2017

 Proshare Nigeria Pvt. Ltd.


Q2 2018

20. Average Price of 1kg of Yam Tuber Increased MoM by 4.93% to N305.70 - NBS

21.  Average Intracity Transport Fare Increased MoM by 1.53% to N168.90 - NBS

22. Average Prices of PMS, AGO, HHK and Cooking Gas – June 2018

23. Headline Inflation Drops to 11.23% in June 2018; 0.37% Lower Than May 2018 Rate

24. 134,663 Crime Cases Were Reported in 2017 - NBS

25.  FAAC Disburses N701.02bn in May 2018 - NBS

26. Average Prices of 1kg of Tomato Increased MoM by 6.10% to N307.14 in May 2018 - NBS

27.  Average Water Transport Fare Increased By 0.57% MoM in May 2018 - NBS

28. Headline Inflation Drops to 11.61% in May 2018; 0.87% Lower Than April 2018 Rate

29. Average Prices of PMS, AGO, HHK and Cooking Gas – May 2018

30. Merchandise Trade in Both Directions Grew Significantly in Q1 2018

31.  7.98m Workers Are Registered Under The Pension Scheme as at Q1 2018 - NBS

32. 5.67bn Litres of PMS Imported in Q1 2018 - NBS

33. FAAC Disburses N638.09bn in April 2018 - NBS

34. 2,482 Road Traffic Crashes Occurred in Q1 2018 - NBS

35.  Nigeria’s GDP Grew in Real Terms by 1.95% in Q1 2018

36. N269.79bn Generated as VAT in Q1 2018 - NBS

37.  Average Price of 1kg of Tomato Increased by 8.38% MoM in April 2018 - NBS

38. Average Fare for Bus Journey Within City Increased by 3.88% MoM in April 2018 - NBS

39. Headline Inflation Drops to 12.48% in April 2018; 0.86% Lower Than March 2018 Rate

40. Average Prices of PMS, AGO, HHK and Cooking Gas – April 2018

41.  Total Value of Capital Imported in Q1 2018 Stood at $6,303.63m - NBS

42. Banking Sector Records 457.23m Volume of Transactions in Q1 2018 - NBS

43. FAAC Disburses N647.39bn in March 2018 –NBS

44. 720,958 Passport Applications Received in 2017 - NBS

45.  309,713kg of Drug Seized in 2017 - NBS

46. Average Intercity Bus Fare Decreased by -5.63% MoM in March 2018

47.  Average Price of Tomato Decreased by -0.58% YoY in March 2018

48. Headline Inflation Drops to 13.34% in March 2018; 0.99% Lower Than February 2018 Rate

49. Average Prices of PMS, AGO, HHK and Cooking Gas – March 2018

50. Updated 2017 IGR Report – Osun State Grows IGR by 32.04% in FY 2017

 Proshare Nigeria Pvt. Ltd.


Q1 2018

1.       FAAC Disburses N635.55bn in February 2018 - NBS

2.      Lagos State Has The Highest Domestic and Foreign Debts as at December 2017 - NBS

3.      States Generate N931.23bn as IGR in 2017 - NBS

4.      Average Air Fare Increased by 1.47% MoM in February 2018 - NBS

5.      Average Price of 1kg of Yam Tuber Increased by 7.10% YoY in February 2018 - NBS

6.      Headline Inflation Drops to 14.33% in February 2018; 0.8% Lower Than January 2018 Rate

7.      Average Prices of PMS, AGO, HHK and Cooking Gas – February 2018

8.     Lagos, Abuja, Port Harcourt, Owerri and Kano Airports Served Over 92% of Total Passengers in Q4 2017

9.      4,175 Ocean Going Vessels Recorded at Nigerian Ports in 2017

10.  Total Value of Capital Imported into Nigeria in Q4 2017 Estimated at $5,382.89m - NBS

11.   Nigeria’s GDP Grows in Real Terms by 1.92% in Q4 and 0.83% for Full Year 2017

12.  FAAC Disburses N655.18bn in January 2018 – NBS

13.  N254.10bn Generated as VAT in Q4 2017 – NBS

14.  Total Active Voice Subscription Increased by 3.69% in Q4 2017 – NBS

15.   18.36bn Litres of PMS Distributed State-wide in 2017 – NBS

16.  5.84m Students Enrolled in Junior Secondary Schools in 2016 - NBS

17.   2,489 Road Traffic Crashes Occurred in Q4 2017 - NBS

18.  Average Air Fare Increased by 7.34% YoY in January 2018 - NBS

19.  Headline Inflation Drops to 15.13% in January 2018; 0.24% Lower Than 15.37% December Rate

20. Average Prices of PMS, AGO, HHK and Cooking Gas – January 2018

21.  7.82m Workers Are Registered Under the Pension Scheme as at Q4 2017 - NBS

22. Daily Energy Generation Attained a Peak of 94,627MWh in Q4 2017 - NBS

23. Banking Sector Records 461.98m Volume of Transactions in Q4 2017 - NBS

24. 77.5m Persons Engaged in Some Sort of Economic Activities in Q3 2017 - NBS

25.  Average Fare Paid by Passengers for Water Transport Increased by 6.05% MoM to N631.55 in Dec 2017

26.   Average Price of 1kg of Yam Tuber Decreased by -3.67% YoY to N211.61 in December 2017 - NBS

27.  Headline Inflation Drops to 15.37% in December 2017; 0.53% Lower Than 15.90% November Rate

28.   Average Prices of PMS, AGO, HHK and Cooking Gas – December 2017

29.  Active Voice Subscribers Dropped by 8.73% in Q3 2017 – NBS

30.  Inequality in Nigeria Worsened Between 2004 and 2013 But Improved in 2016 – NBS

31.   FAAC Disburses N609.96bn in December 2017 – NBS

 

READ MORE:
Related News
SCROLL TO TOP