Tuesday, March 07, 2017 08:03 AM / NBS
Highlights of 4th Quarter External Trade in Goods
Total Trade 2016
Major Export trading partners
Major import trading partners
Major traded Agricultural products
Nigeria’s External Trade in Q4 2016
Nigeria’s external trade in the fourth quarter 2016, was valued at N5, 286.6 billion. The export component stood at N2, 978.9 billion while the import component stood at N2, 307.6 billion leading to a trade surplus of N671.3 billion.
Trade by sector showed that crude oil exports had the largest share of the total trade, accounting for N2, 425.4 billion or 45.9%. trade in Q4 2016. The second major contributor to total trade by sector was manufactured goods with N1, 167.1 billion or 22.1% of total trade.
This was followed by other (non crude) oil products with N1, 153.9 billion or 21.8%, Agricultural goods which accounted for N212.7billion or 4%, Raw material goods which accounted for N309.3billion or 5.9% and Solid mineral goods which tood at N13.1billion or 0.3% of total trade in Q4 2016.
The value of the total trade at the year-end, 2016 amounted to N17,345.0 billion which is 6.5% higher than the value recorded for the year 2015(Table1).
Export Intensity Index with five Major Trading PartnersThe 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. What does it tell us? We can think of the export intensity index as a uniform export share. In other words, the statistic tells us whether or not a region exports more (as a percentage) to a given destination than the world does on average.
It is interpreted in much the same way as an export share. It does not suffer from any ‘size’ bias, so we can compare the statistic across regions, and over time when exports are growing rapidly. A value greater than 1 indicate an intense’ trade relationship.
Nigeria’s export intensity in the months of October, November and December 2016 was highest for South Africa with export intensities of 8.9, 7.3 and 4.1 respectively. Export intensity in Q4 2016 was also intense with India with export intensities of 5.8, 5.8and 1.7 for the last three months of 2016. Spain and Netherlands also had high export intensities with export intensities of 4.8, 2.9 and 2.0 for Spain and 2.2, 1.5and 2.2 for the Netherlands.
Although United States was one of Nigeria’s major trading partners, its export intensity was low with 0.6, 0.6 and 0.2 for the last three months of 2016. (Table3).
Import Intensity Index with five Major Trading Partners
Import intensity follows the same concept of export trade intensity except that in this case it relates to imports.
Nigeria’s major import trading partners in Q4 2016 were China, Belgium, Netherlands, United States and India. With respect to import intensity, China has been the most important source of imports for Nigeria throughout 2016 recording import intensity values of 1.1, 0.8 and 0.5 in the last quarter of 2016.
Belgium had import intensities of 5.6, 3.6 and 2.3 for the same months followed by Netherlands and India that have import intensities of 3.5, 1.4 and 0.6; 2.2, 2.5 and 1.1 respectively. However, the import intensity of Nigeria with United States was lower with 0.7, 0.6 and 0.4 (Table3)..
Major Import Partners
In quarter four 2016, Nigeria imported mainly from China with total imports of N404.1billion or 17.5% of total imports. China was followed by Belgium with N356.46 billion or 15% while import trade with Netherlands which was the third highest was valued at N230.0billion or 10%.
The remaining trading partners contributed relatively lower proportion of the total import trade. United States accounted for N205.6billion or 8.9% while India accounted for N113.9billion or 4.9 % .( Table4a)
Agricultural Product Exports
Agricultural goods exports were 2.7% higher in Q4 2016 than Q3 2016. The products that contributed most to Agricultural product exports in the fourth quarter were Sesame seeds with N6.46billion, Frozen shrimps and prawns with N4.4billion, Flour and meals of Soya beans with N2.59billion, Cashew nuts in shell with N0.95billion and Crude palm kernel which accounted for N0.62 billion of the total Agricultural exports(Table5).
Click Here to Download Q4 2016 Trade Intensity (PDF) Report
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