01 June 2016, Sweetcrude, Abuja – Nigeria recorded steep decline in exports which brought the country’s trade balance down to – ₦184.1 billion, or ₦548.7bilIion less than in the preceding quarter with crude oil trade declining by ₦716.7 billion or 46.6% against the level recorded in Q4,2015 according to a new data released by Nigerian Bureau of Statistics, NBS.
The total value of Nigeria’s merchandise trade at the end of Q1, 2016 stood at ₦2,723.9 billion. From the preceding quarter value of ₦3,517.4 billion, this was ₦793.5billion or 22.6% less. This development arose due to a sharp decline in both imports and exports.
Exports saw a decline of ₦671.1 billion or 34.6%, while imports declined by ₦122.4 billion or 7.8%. The steep decline in exports brought the country’s trade balance down to -₦184.1 billion, or ₦548.7bilIion less than in the preceding quarter. The crude oil component of total trade decreased by ₦716.7 billion or 46.6% against the level recorded in Q4,2015.
Nigeria’s import trade stood at ₦1,454.0 billion, at the end of Q1, 2016. This was 7.8% less than the value recorded in the preceding quarter ₦1,576.4 billion. Further comparison with the corresponding quarter of last year, showed a decrease of ₦273.7 billion or 15.8%.
The structure of Nigeria’s import trade according to SITC was dominated by the imports of “Machinery and transport equipments”, “Mineral Fuel”, and “Chemicals and related products”, which accounted for 34.7%, 17.4%, and 14.7% respectively in 2016.
These commodities contributed the most to the value of import trade in Q1, 2016, whereas commodities such as “Crude inedible materials”, “Oils, fats & waxes”, and “Beverages & tobacco”, contributed the least, accounting for 1.5%, 0.8%, and 0.6% respectively.
Import trade by section (Table 2), was dominated by the imports of “Boilers, machinery and appliances”, which accounted for ₦378.4 billion or 26.0% of the total value of import trade in Q1, 2016.
Other commodities which contributed noticeably to the value of import trade in the period under review were “Mineral Products” at ₦263.0 billion (18.1%), and “Products of the chemical and allied industries” at ₦137.0 billion (9.4%), “Vehicles, aircraft and parts thereof; vessels etc.” at ₦127.8 billion (8.8 %) and “Base metals and articles of base metals” at ₦105.1 billion (7.2%).
At the end of the quarter, the import trade classified by Broad economic category (Table7), revealed that “Industrial supplies not elsewhere classified” ranked first with ₦404.4 billion or 27.8%. This was followed by “Capital goods and parts” with the value of ₦370.1billion or 25.5%, and “Fuels and lubricants” with ₦244.2 billion or 16.8%.
Nigeria’s import trade by direction showed the country imported goods mostly from China, with an import value of ₦345.5 billion or 23.8% of total imports. This was followed by the United States at ₦127.1 billion or 8.7%, India with ₦89.4 billion or 6.1%, Netherlands with ₦73.8 billion or 5.1% and United Kingdom with ₦61.4 billion or 4.2% of total imports.
Imports by economic region revealed that the country consumed goods largely from Asia with import value of ₦611.2 billion or 42.0%.The Country also imported goods valued at ₦538.2 billion or 37.0% from Europe, and ₦201.9 billion or 13.9% from America. The import trade within the continent of Africa totaled ₦82.5 billion or 5.7% while imports from the region of ECOWAS amounted to ₦41.3 billion.
The value of the export trade, totaled ₦1,269.9 billion in Q1, 2016 showing a decrease of ₦671.1 billion or 34.6%, over the value recorded in the preceding quarter. Year-on-Year analysis shows that the country’s exports dropped by ₦1,395.2 billion or 52.3% against the export value recorded in the corresponding quarter of 2015. The structure of Nigeria’s export trade is still dominated by crude oil exports, with the contribution of crude oil to the value of total domestic export trade amounting to ₦821.9 billion or 64.7% (estimate figures).
Exports by section revealed that the highest export product for Nigeria in Q1, 2016 was “Mineral products” which accounted for ₦1,054.1 billion or 83.0%. Other products that contributed the most to Nigeria’s exports include “Vehicles, aircraft and parts thereof; vessels etc.” and “Prepared Foodstuffs; beverages, spirits and vinegar; tobacco” whose values stood at ₦72.7 billion or 5.7%, and ₦63.6 billion or 5.0% respectively, of the total exports from Nigeria for the quarter.
Exports by continent showed that Nigeria mainly exported goods to Europe and Asia, which accounted for ₦467.1 billion or 36.8% and ₦360.6 billion or 28.4% respectively, of the total export value for Q1, 2016. Furthermore, Nigeria exported goods valued at ₦161.3 billion or 12.7% to the continent of Africa while export to the ECOWAS region totaled ₦50.4 billion