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Q4 2016 Merchandise Trade Intensity - Total Trade Grows by 6.5% in 2016

Proshare

Tuesday, March 07, 2017 08:03 AM / NBS

Highlights of 4th Quarter External Trade in Goods

IMPORTS

  • Imported Agricultural goods in Q4 2016 grew by 1.7 % more than in Q3 2016
  • Imported Raw materials in Q4 2016 were 2.1 % lower than Q3 2016
  • Imported Solid minerals reduced by 11.4% in Q4 2016 against the level in Q3 2016
  • Imported Manufactured goods in Q4 2016 were 6.8% lower than the level in Q3 2016
  • Other oil products in Q4 2016 were 8.5% lower in value than in Q3 2016

 

EXPORTS

  • Agricultural goods exports were 2.7% higher in Q4 2016 than Q3 2016
  • Raw material exports in Q4 2016 were 184.6% higher than Q3 2016
  • Solid minerals exports were 6.2% lower than the value in Q3 2016
  • Manufactured goods exports were 75% more than the value in Q3 2016
  • Crude Oil exports were 24% higher than the value recorded in Q3 2016
  • Other oil products exports was 48.6% more in value than in Q3 2016

  

Total Trade 2016

  • 6.5% higher than the value recorded for 2015

 

Major Export trading partners

  • India
  • Netherlands
  • United States
  • Spain
  • South Africa

 

Major import trading partners

  • China
  • Belgium
  • Netherlands
  • United States
  • India

 

Major traded Agricultural products

  • Sesamum seed
  • Frozen shrimps and prawn
  • Flour and meals of soya bean
  • Cashew nuts in shell
  • Crude palm kernel

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

 

Latest 2017 NBS Reports
1.       Merchandise Trade Grows in Q4 2016 - Records First Quarterly Positive Trade Balance Since Q4 2015
2.      JAMB Received 11.7m Applications Between 2010 and 2016
3.      Average Kerosene Price Increases to N433.84 in Jan'17 from N231.85 in Dec'16
4.      Average Intracity Transport Fare Increases to N122 in Jan'17 from N84.29 in Dec'16
5.      Average Cooking Gas Price Increases to N2,567.56 in Jan’17 from N2,002.16 in Dec’16
6.      Average Diesel Price Increases to N240.52 in Jan’17 from N196.20 in Dec’16
7.      Average Petrol Price Increases to N148.7 in Jan'17 from N146.7 in Dec'16
8.     CPI Rises to 18.72% in January 2017, 0.17% Higher Than 18.55% December 2016 Rate
9.      GENCOs Issued Total Invoice of N331bn to DISCOs in 2016
10.  Nigeria Produced 5.79 mln Tonnes of Fish Between 2010 and 2015
11.   4,296 Applications Were Received by NAFDAC for New Products Registration in 2016 - NBS
12.  19,833 Vessels Berthed At Nigerian Ports Between 2013 and 2016 - NBS
13.  Total Value of Capital Imported into Nigeria in Q4 2016 Estimated at $1,548.88mln - NBS
14.  Telecoms Sector Contributes N1,399bn to GDP in Q3 2016 - NBS
15.   FAAC Disburses N426.88bn in December 2016 - NBS
16.  Banking Sector Records 910.18m Volume of Transaction in 2016 on Electronic Payment Channels - NBS
17.   Daily Energy Generation Attained a Peak of 3,859.59MW in Q4 2016 - NBS
18.  10.8% of Nigeria's Total Working Population Are Registered Under The National Pension Scheme - NBS
19.  Nigeria Imports 4.83 bn Litres of PMS in Q4 2016 - NBS
20. 72.53% of Nigeria’s Prison Population in 2015 were Un-sentenced - NBS
21.  Lagos, Ogun Top IGR for H1 2016

 

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