India was Nigeria’s biggest trading partner in the third quarter of 2018,
accounting for N719.2billion of crude and N37.7billion of natural gas exports
from the country. India also bought cashew nuts worth N4.7billion.
Latest figures from the National Bureau of Statistics (NBS), covering
July, August and September, showed that Nigeria imported motorcycles and
cycles worth N29.2billion from the Asian country. Other imports were
medicines, such as antibiotics to the value of N7 billion, agricultural
machines worth N3.6billion, dried vegetables N3.6billion and treated
mosquito nets N3.4billion.
The NBS also listed Spain, France, Netherlands and China as Nigeria’s
major trading partners in the statement titled “Commodity Price Index and
Terms of Trade for third quarter, 2018.
Spain was the second biggest buyer of Nigeria’s crude, after India. The
European country bought crude worth N463billion and liquefied gas valued
N52.7billion. Nigeria also shipped leather valued N4.3billion and cocoa
paste worth N300million to the country. In return, Nigeria imported petrol
or motor spirit at N25.7 billion, bitumen N3.7billion and petrochemical
products N3.4billion.
France is Nigeria’s third biggest trading partner, the NBS figures showed.
France bought N422.5 billion crude and N74.2billion liquefied natural gas
and N1.1billion of soya bean oil from Nigeria, during the period. Nigeria
imported petrol, called motor spirit worth N54.6billion and lubricating
oil, worth N16.1billion.
Netherlands was also a major importer of Nigeria’s crude as it bought
N260.7billion worth in third quarter.
It also bought liquefied gas valued at N5.6billion, cocoa beans N2.9
billion and frozen shrimps and prawns N1.9billion.
Nigeria imported from The Netherlands motor spirit or petrol valued at
N337.2 billion, gas oil, N48.2 billion, medical equipment N36.7billion and
medicines, such as antibiotics N9.5billion.
China, the fifth important country to Nigeria in terms of trade bought
crude worth N24.5billion, gas that includes LNG and butane N48.6billion.
Nigeria imported chips worth N14.6billion from China, herbicides
N14billion, motorcycles N12billion, vehicle chassis N10billion, iron and
steel N10billion.
The NBS said the all products Terms of Trade (TOT) index rose 0.52 per
cent during the period under review.
TOT is the relative price of imports in terms of exports and is defined as
the ratio of export prices to import prices.
It can be interpreted as the amount of import goods an economy can
purchase per unit of export goods.
The NBS said the increase in the TOT was driven by prices of prepared
foodstuffs; beverages, spirits and vinegar; tobacco, footwear, headgear,
umbrellas, sunshades, whips among others.
According to the report, the all commodity group import price index
decreased in the period under review by 1.76 per cent.
It stated the decrease was due to change in prices of vegetable products.
In addition, the report stated that all commodity group export price index
rose by 1.26 per cent in the quarter under review.
This, it stated was driven by prices of prepared foodstuffs, beverages,
spirits and vinegar, tobacco, footwear, headgear, umbrellas, sunshades and
whips among others.
It further stated that all region group export index rose by 1.05 per cent
as a result of trade with Asia.
According to the report, the all-region group import index rose by 1.22
per cent as a result of trade with Oceania and Asian Regions.
It stated that all regional terms of trade rose marginally by 0.10 per
cent as a result of trade with Asia and other African Countries.
