Value of Nigeria’s external trade falls to N4.1tr in Q3

The total value of Nigeria’s merchandise trade at the end of third quarter of 2015 was ₦N4.1 trillion, representing a N7.8 per drop from the ₦N4.4 trillion recorded in the preceding quarter.

This development arose from a decrease of ₦320.6 billion or N12.1 per cent, in the value of exports, combined with a marginal decline of ₦N17.4 billion or one per cent, in the value of imports against the levels recorded in the preceding quarter.

Also, the value of the nation’s merchandise exports was ₦N2.4 trillion in the third quarter of 2015, representing a decrease of ₦N320.6 billion or N12.1 per cent, over the value ₦N2.6 trillion, recorded in the preceding quarter.

This decline was attributed to a fall in crude oil exports by ₦N372.8 billion or 18.8 per cent over the preceding quarter.

According National Bureau of Statistics (NBS) in its latest foreign trade statistics, released recently, the structure of Nigeria’s exports remains dominated by crude oil, which contributed ₦N1.5 trillion or 69.1 per cent to the value of total domestic exports in 2015.

According to the agency, natural liquefied gas recorded ₦N265.2 billion of the total export value during the period under review.

The report revealed that Nigeria exported mainly “mineral products”, which accounted for ₦N2 trillion or 86.8 per cent of the total exports.

Exports by direction showed that the country exported goods mainly to India, Netherlands, Spain, United Kingdom and Brazil, whose values stood at ₦N408.2 billion or 17.5 per cent, ₦N245.1 billion or 10.5 per cent, ₦N211.4 billion or 9.1 per cent, ₦N192.2 billion or 8.2 per cent and ₦N169.4 billion or 7.3 per cent respectively.

By continent, Nigeria mainly exported goods to Europe and Asia, which accounted for ₦925.0 billion or 39.6 per cent and ₦N682.5 billion or 29.2 per cent respectively, of total exports during the period under review.

The report added that Nigeria exported goods valued at ₦N287.9 billion or 12.3 per cent of total exports to other African countries, while exports to the ECOWAS region totaled ₦N140.4 billion.

The value of Nigeria’s imports stood at ₦N1.688 trillion, a decrease of one per cent from the value ₦N1.705 trillion, recorded in the preceding quarter.