| Nigeria Economy |    2627 VIEWS  |
| Nigeria Economy | |
| 2627 VIEWS | |
 |
Friday, December 13,
2019 10:00AM / NBS / Header Image Credit: NBS
Key Highlights
Total Trade
Total trade grew by 6.8% in Q3,2019 compared to Q2,2019 and 1.33% relative to Q3, 2018.
Imports
Exports
Major export trading partners and percentage share
in q3, 2019 export trade.
|
17.18% |
|
14.67% |
|
9.82% |
|
8.60% |
|
6.28% |
Major import trading partners and percentage share
in q3, 2019 import trade
|
31.34% |
|
11.35% |
|
7.49% |
|
6.80% |
|
3.98% |
Major Traded Agricultural Products.
Overview
The value of Nigeria's total trade stood at N9,187.6billion in Q3,2019 representing 6.77% increase over the value recorded in Q2,2019 and 1.33% increase relative to Q3, 2018. The value of the export component (N5,288.5billion) increased by 15.02% against Q2, 2019 and 8.97% when compared with the corresponding quarter in 2018. On the other hand, the import component (valued at N3,899.1 billion) decreased by 2.70% in Q3 against Q2, 2019 and 7.47% against Q3, 2018. The increase in exports coupled with the decrease in imports led to a positive trade balance of N1,389.3billion during the period under review.
In Q3, 2019, crude oil remained the dominant export, accounting for 70.87% (N3,747.8billion) of the value of total export, while non-crude oil exports amounted to 29.13% (N1,540.7billion). However, in Q3, 2019, the value of crude oil exports was 4.7% lower than in Q2, 2019 and 9.6% lower than the corresponding quarter of 2018.
Imports Classified by
Standard International Trade Classification and country of Origin
Nigeria's imports stood at N3,899.1 billion in Q3,2019, representing a decrease of 2.70% over the value recorded in Q2,2019 and 7.47% over the corresponding quarter of 2018. This was due to decreases in the values of mineral fuel (which fell by N381.9billion or 41.98%) and crude inedible materials (N15.95 billion or 24.44%) in Q3, 2019 over their values in Q2, 2019.
During the quarter, Nigeria imported goods mainly
from Asia, and valued at N1,998.5 billion or 51.3% of total imports. Other
major imports originated from Europe, valued at N1,194.2billion or 30.6% while
imports from the Americas and Africa amounted to N576.7billion or 14.8% and
N106.0billion or 2.7% respectively. Import from Oceania stood at N23.8billion or
0.6% of total imports while goods valued at N19.1billion originated from
ECOWAS.
Nigeria's imports, by country of origin, shows goods were imported mainly from China, and valued at N1,221.9 billion. Nigeria also imported goods from the United States worth N442.4billion, India (N292 billion), the Netherlands (N265.2 billion) and Belgium (N155.2billion).
Exports Classified by
Standard International Trade Classification and Country of Destination
The value of total exports in Q3, 2019 stood at
N5,288.5 billion. This indicates an increase of 15.02% against the level
recorded in Q2,2019 and 8.97% when compared with its value in Q3, 2018. The
Crude oil component of export amounted to N3,747.8 billion or 70.84% of total
exports during the period under review while Non-crude oil export grew
significantly in Q3, 2019 and was valued at N1,540.7 billion or 29.13%.
Exports by section revealed that mineral products
accounted for the largest proportion of exports, amounting to N4,220.1 billion
or 79.8%). Other major sections in exports were Base metals and its articles
(N771.6billion or 14.6%) as well as Vehicles aircraft and parts (N200billion or
3.7%).
Analysis of trade by region revealed that Nigeria
exported most products to Europe (N1,861 billion or 35%), followed by Africa
(N1,459.7billion or 27.6%), Asia (N1,361.3billion or 25.74%), America
(N598.3billion or 11.3%) and Oceania (N8.1billion or 0.1%). Within Africa,
exports to ECOWAS member states was worth N1,140.1 billion, or 21.56% of total
exports. The value of exports to Africa and ECOWAS was notably high in Q3 2019
due to exports of Cable sheaths of iron and submersible drilling platforms
exported to Ghana.
Exports by country of destination showed that Nigeria exported goods to Ghana (valued at N908.6billion or 17.18% of total exports), India (N775.7billion or 14.67%), the Netherlands (N519.3billion or 9.8%), Spain (N454.7 billion or 8.6%) and the United States (N332.2billion or 6.3%).
Export/Imports Products Classified by Sectors Q3, 2019
Agricultural Goods
Sector
During the quarter, total trade in Agricultural
goods stood at N282.0 billion, out of which
exported agricultural goods accounted for N42.1billion
or 14.9%. Analysis by economic region showed
that most were exported to Asia and Europe, and valued at N20.5billion and N18.0billion
respectively. The key driver of agricultural products exports was Sesamum
seeds exported mainly to Japan (N5.6billion), Turkey (N2.9billion) and China
(N1.3billion). Other key agricultural exports were Good Fermented Nigerian
Cocoa Beans exported mainly to the Netherlands (N6.2billion) and Malaysia
(N2.1billion), as well as Cashew nuts, shelled exported to Vietnam and the
United States, and valued at N2.2billion and N0.3billion respectively.
Imported agricultural products accounted for N239.9billion or 85.1% of total agricultural trade in Q3, 2019. The major product was Durum wheat (seeds) imported mainly from the United States and Russia, worth N26.7 billion and N19.1billion respectively. Other products were Durum wheat (Not in seeds) imported from the United States and Canada valued at N22.6billion and N16.2billion respectively, as well as Mackerel imported from Russia and Japan, valued at N3.9 billion and N3.6billion respectively.
Solid Minerals Sector
The total trade in solid mineral goods stood at
N26.2 billion in Q3, 2019, comprising an import component of N19.9 billion and
export component of N6.3 billion. The major products exported under this sector
were Other cement exported to Niger Republic and Togo, worth N2.8 billion and
N1.9 billion respectively. Lead ore and concentrates were exported to China,
worth N1.1 billion, in addition to Niobium, tantalum, and Vanadium ores (worth
N0.2billion).
In terms of imports, Nigeria imported plasters of
calcined Gypsum or calcium sulphate mainly from Turkey (N3billion), Tunisia
(N0.8billion) and Egypt (N0.5billion). In addition, Crude salt valued at
N2.5billion and Gypsum valued at N2.9billion were imported from Brazil and
Spain respectively.
Manufactured Goods
Sector
The value of manufactured goods trade in Q3, 2019 stood at N3,776.5 billion or
41.1% of total trade. Of this, the export component accounted for N996.8
billion, an increase of 839.44% over the value recorded in Q2, 2019. This was
driven by export of Cable sheaths of Iron and steel valued at N750.3billion
which was exported to Ghana. Another product that drove up Manufactured export
was floating and submersible drilling platforms also exported to Ghana and
valued at N117.4billion. In addition, Vessels and other floating structures for
breaking up worth N41.7 billion was exported to Cameroon.
In terms of imports, used Vehicles worth N120.6 billion was imported from the
United States, Italy (N6.3 billion), Belgium (N4.3billion), Germany (N3.9
billion) and Canada (N3.9 billion). Other imported products were motorcycles
from India and China, worth N81.8 billion and N35.7 billion respectively.
Vaccines for human medicine, worth N37.8billion and N37.6billion were imported
from Denmark and Singapore respectively, while machines for reception and
chassis fitted with engines for assembly plants, respectively worth N50.36
billion and N50.42 billion were also imported from China during the period
under review.
Raw Material Goods
Sector
The value of total trade in raw material stood at
N359.7 billion. The import component was valued at N330.4billion while the
export component stood at N29.3 billion. During the quarter, Urea worth N6.9
billion was exported to Brazil while Leather worth N4.1 billion and N2.4
billion was exported to Spain and Italy respectively. Other raw materials
exported during the period were technically specified natural rubber mainly
exported to Spain and France in values N1.2 billion and N1.1 billion
respectively.
However, cane sugar worth N31.95 billion was
imported from Brazil. Other products imported were preparations for infant use
valued at N12.5 billion, N7.8 billion and N1.7billion imported from China, the
United Kingdom and the Netherlands respectively. In addition, milk preparations
containing vegetable fats worth N8.8 billion, N3.3 billion, N2.1 billion and
N1.0 billion were imported from Ireland, Australia, Malaysia and the
Netherlands respectively. During the quarter, mixtures of Odoriferous substance
valued at N10.2billion was also imported from Ireland.
Trade Intensity in Q3, 2019
Export Intensity Index with Five Major Trading
Partners
The export intensities of Nigeria in Q3, 2019 showed Nigeria's export with India was intense in July, August and September with the index recording 6.3, 5.6 and 2.2 respectively. Similarly, export to Spain was intense, and recorded at 3.1, 5.8 and 1.7 during the months of July, August and September respectively. Export to the Netherlands in July, August and September recorded intensity indices of 1.9, 3.5 and 1.3. However, the United States and France recorded generally lower export intensities during the period under review.
Import Intensity Index with five Major Trading Partners
In Q3 2019, Nigeria's import trade with China was intense in all months of the quarter, with import intensities of 1.9, 1.3 and 1.1 recorded in July, August and September respectively. This was the case with India as well, which recorded 3.4, 2.4 and 2.8 respectively during the same period. Import intensities for Belgium were recorded at 1.4 in July and 2.1 in August, while September recorded lower intensity of 0.3. Import intensity with the Netherlands showed 1.0 in July, 1.9 in August and 1.1 in September. For the United States, intense trade was recorded in July at 1.0 but this slowed down in August and September which recorded 0.9 and 0.7 respectively.
Trade by Mode of Transport
Water transport remained the major mode of
transporting goods between Nigeria and trading partner countries. In Q3, 2019,
water transport accounted for N5,256.1 billion or 99.39% of total exports. Air
transport contributed N15.4 billion, Road transport accounted for N11.6billion
and other means contributed N5.4billion. Similarly for imports, most goods
brought into the country arrived via water transportation means. Water
transport accounted for N3,491.6 billion or 89.5% of the value of total
imports. Goods imported by road and air were valued at N17.2 billion and
N390.3billion respectively.
Trade by Custom Ports and Post
In Q3, 2019, the bulk of export transactions was
conducted through Apapa port, valued at ₦4,259.2 billion or 80.5% of total exports, followed
by Tin Can Island port which recorded ₦793.4billion or 15%. In terms of imports, Apapa
Port also recorded the highest transactions valued at ₦1,706.5billion or 43.8% of
total imports. This was followed by Tin Can Island (₦785.9billion or 20.2%) and
Port-Harcourt-3 (₦415.3billion or 10.7%).
Click Here to Download Q3 2019 Foreign Trade Statistics PDF Report
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