Wednesday August 19, 2015 / 2.56PM /National Bureau of Statistics
Total Merchandise Trade
The total value of Nigeria’s merchandise trade during Q2, 2015, was recorded at ₦4,372.4 billion. This was 0.5% less than the value of ₦4,392.7 billion recorded in the preceding quarter.
In comparison with the corresponding quarter of 2014, the value of the total merchandise trade decreased by ₦2,287.0 billion or 34.3%.
Relative to the preceding quarter, a rise of ₦214.1 billion or 8.0%, in the value of exports combined with a decline of ₦234.4 billion or 13.6%, in the value of imports improved the country’s trade balance, which increased by 47.9% or ₦448.6 billion during the quarter.
Year on year, the country’s trade balance declined by 48.8% as imports declined by 24.5% whilst exports declined even further by 38.5%.
Imports Classified by Standard International Trade Classification and Origin
The value of Nigeria’s imports stood at ₦1,493.2 billion during Q2, 2015, a decrease of 13.6% from the value of ₦1,727.7 billion recorded in the preceding quarter. Year-on-year analysis showed that import trade was lower by ₦484.0 billion or 24.5%.
When classified by Section, the structure of Nigeria’s import trade was dominated by the import of “Boilers, machinery and appliances; parts thereof” which accounted for N356.0 billion or 23.8% of the total value of imports in Q2, 2015.
Other commodities which contributed significantly to the value of imports in the review period were “Mineral products” at N173.9 billion or 11.6%, “Products of the chemical and allied industries” at N155.2 billion or 10.4%, “Vehicles, aircraft and parts thereof; vessels etc.” at N152.9 billion or 10.2%, and “Base metals and articles of base metals” at N132.8 billion or 8.9% of the total quarterly imports respectively.
Imports classified by Broad Economic Category revealed that “Industrial Supplies (nec)” ranked first with an import value of ₦433.6billion or 29.0% of the Q2 total. This was followed by “Capital Goods and parts of”, with the value of ₦342.2 billion or 22.9%, and “Food and Beverage” with ₦290.4billion or 19.4% of total imports. Motor spirit remained the product with the greatest import value, at ₦140.5 billion*, or 9.4% of the total Q2 2015 bill.
Nigeria imported goods mostly from China, United States, India, Belgium and Netherlands, which respectively accounted for ₦336.5 billion or 22.5%, ₦143.6billion or 9.6%, ₦115.4billion or 7.7%, ₦83.4billion or 5.6% and ₦ 80.9billion or 5.4% of the total value of goods imported during the quarter.
By Continent, Nigeria consumed goods largely from Asia, with an import value of ₦665.7 billion or 44.6% of the quarterly total. The country also imported goods valued at ₦502.3 billion or 33.6% of the total from Europe, and ₦210.1 billion or 14.1% of the total from The Americas.
Imports from Africa stood at ₦97.8 billion or 6.5% of total imports, while imports from the region of ECOWAS amounted to ₦39.0 billion, 39.9% of total African imports.
Exports Classified by Standard International Trade Classification and Destination
The value of Nigeria’s exports totalled ₦2,879.2billion in Q2, 2015, an increase of ₦214.1billion or 8.0% over the value recorded in the preceding quarter, yet a decline of ₦1,803.0 million or 38.5% year on year.
The structure of the exports is still dominated by Crude Oil exports, which contributed ₦2,121.4 billion or 73.7% to the value of total domestic exports in Q2 of 2015*. Natural Liquefied Gas was the product with the second greatest export value, recording ₦260.7 billion or 9.1% of the total export value during the period under review.
Exports classified by section revealed that Nigeria exported mainly “Mineral Products”, which accounted for ₦2,514.7 billion or 87.3% of the total export value in Q2 of 2015.
Other products exported by Nigeria include “Vehicles, aircraft and parts thereof; vessels etc.” at ₦250.6 billion or 8.7%, “Vegetable Products” at ₦36.7 billion or 1.3%, and “Prepared foodstuffs; beverages, spirits and vinegar; tobacco” at ₦24.6 billion or 0.9% of the totals respectively.
Nigeria exported goods mainly to India, Spain, Netherlands, South Africa and Brazil in the quarter of review, whose values stood at ₦406.1 billion or 14.1%, ₦297.4 billion or 10.3%, ₦296.3 billion or 10.3%, ₦240.9 billion or 8.4% and ₦147.8 billion or 5.1% of the total exports respectively.
By continent, Nigeria exported goods mainly to Europe and Asia, which accounted for ₦1,063.0billion or 36.9% and ₦823.8 billion or 28.6% of the total export value respectively during the period under review. Nigeria exported goods valued at ₦554.3 billion or 19.3% to the continent of Africa while export to the ECOWAS region totalled ₦171.1 billion, 30.9% of all exports to Africa.