Oil exports lead, as Nigeria’s foreign trade rises to N9.03trn in Q3

Crude oil exports dominated Nigeria’s total foreign trade in the third quarter of 2018 which grew by 48.8 per cent year on year to N9.03

trillion compared to N4.78 trillion recorded in the third quarter of 2017, data from the National Bureau of Statistics

(NBS) has indicated.

According to the foreign trade in goods statistics for Q3 2018 released by the NBS on Tuesday, Nigeria’s external trade increased by 30.74 per cent quarter on quarter from N6.9 trillion recorded in the second quarter of 2018.

The report showed a higher export trade value of  N4.85 trillion in Q3,representing an increase of 7.8 per cent over Q2, howbeit still dominated

by crude oil trade export accounting for N4.15 trillion or 85.4 per centof the value of total exports. The import component stood at N 4.1 trillion in Q3, 2018 showing 73.8  per cent higher than Q2. This was due to importation of submersible drilling platforms in August which was quite expensive and of course occasional importation.

In the same way, there was a rise of 67.7 percent when compared with the import value of the corresponding quarter in 2017. The huge increase in import value during the quarter, resulted into a decrease in the country’s Trade balance from N2,103.4 billion in Q2 to N681.3billion in Q3 representing a decrease of 67.6 per cent, as the year to date.

Total Trade amounted to N23.14 trillion. Further highlights showed a marginal decrease in the value of imported agriculture products in Q3, 2018 which was 0.1 per cent lower than the value recorded in Q2 and 3.10 per cent lower than Q3, 2017. Value of Raw material imports was 11.67 per cent more than Q2, 2018 and 2.19 per cent higher than the value in Q3, 2017 – Solid minerals imports in Q3, 2018 increased by 0.83 percent compared to Q2, 2018 and 20.2 percent percent more than Q3, 2017.

Energy goods, exports value in Q3, 2018 was 6.04 percent lower than Q2 and 31.4 percent higher than Q3, 2017. – Manufactured goods exports were 5.9 percent lower than  Q2, 2018 but 52.2 percent higher than Q3, 2017. – Crude oil exports in Q3, 2018 was 10.03 percent more than the value recorded in Q2, 2018 and 39.5 percent higher than the value recorded in Q3, 2017. – Other oil products export in Q3, 2018 was 5.3 percent more in value than Q2, 2018 and 12.6 percent higher than Q3, 2017

Exports by section revealed that Nigeria exported mainly mineral products which accounted for N4,709.9 billion or 97.04% of the total value of exports. This was followed by prepared food stuff, beverages, Spirits and Vinegar which accounted for N34.5 billion or 0.7% of the total export. In the third quarter, Nigeria exported most products to Europe, Asia and America which accounted for N2,033.99 billion or 41.9%, N1,361.4billion or 28.0% and 727.03 or 14.97% respectively.

Furthermore, Nigeria exported goods worth N715.1 billion or 14.73% to Africa and N16.04 billion or 0.33% to Oceania. However, within Africa, Nigeria exported goods valued at N341.1billion or 47.69 percent to ECOWAS member states and this represents 47.69 % of the total

export trade to Africa. Exports by country of destination showed that Nigeria exported goods mainly to India, Spain, France, South Africa and

Netherlands; in values worth N764.9 billion or 15.76 percent, N522.1 billion or 10,76 percent, N500.31billion or 10.31%, N335.28 billion or 6.9% and N276.37 billion or 5.69 percent respectively. These five countries accounted for 49.43 percent of the total exports in Q3, 2018.