Nigeria’s trade rose by 2.5 per cent to N8.24tn in first quarter

The National Bureau of Statistics on Friday released the country’s merchandise trade report with trade rising by 2.5 per cent from N8.04tn in the fourth quarter of last year to N8.24tn in the first quarter of this year.

The NBS said this in the report which was obtained by our correspondent.

Giving a breakdown of the N8.24tn figure, the report stated that the country recorded total export of N4.53tn while import trade was put at N3.7tn.

The development, according to the report, resulted into a positive trade balance of N831.6bn during the first quarter.

The report reads in part, “In the first quarter of 2019, Nigeria’s total exports was recorded at N4.53tn, which represents a

1.78 per cent rise compared to the fourth quarter of 2018 but a 3.9 per cent fall compared to the first quarter of 2018.

“Similarly, the value of total imports increased to N3.7tn representing an increase of 3.39 per cent relative to Q4 2018 and 29.84 per cent compared with Q1 2018.

“The trade balance remained positive at N831.6bn in Q1 2019, boosted by increase in both exports and imports.

“The boost also helped total trade increase to N8,239.04 billion.

“This figure is 2.50 per cent higher compared to Q4,2018 and 7.52 per cent higher relative to the corresponding quarter in 2018.”

The report stated that the country’s exports trade was dominated by crude oil exports, which contributed N3.37tn or 74.45 per cent to the value of total exports in the first quarter.

Further analysis of the report showed that Nigeria exported mainly mineral products which amounted to 87.1 let cent of the total value of exports.

This was followed by vehicles, aircraft and parts; prepared foodstuffs, beverages, spirits; and vegetable products which

respectively accounted for N418bn or 9.22 per cent, N55.4bn or 1.2 per cent cent and N49.0bn or 1.1 per cent of the total export.

During the first quarter, the NBS report stated that Nigeria’s exports to Europe, Asia and Africa amounted to N1.83tn.

This is about 40.43 per cent of total exports.

Furthermore, the report stated that Nigeria exported goods worth N405.8bn or 8.95 per cent to the Americas and N34.5bn or 0.76 per cent to Oceania .

Within Africa, it said that Nigeria exported goods valued at N300bn to ECOWAS member states.

This is about 32.08 per cent of total merchandise exports to Africa.

By country of destination, it added that Nigeria exported goods mainly to India, Spain, Netherlands, South Africa and France, valued at N745.0bn, N487.1bn, N405.4bn, N325.5bn and N302.3bn respectively.