Q1 2016: Nigeria’s oil trade down ₦716.7bn – NBS

Oscarline Onwuemenyi 09 June 2016, Sweetcrude, Abuja – Nigeria’s crude oil trade declined by 716.7 billion or 46.6% in the first quarter of this year against the level recorded in fourth quarter, 2015, according to a new data released by the Nigerian Bureau of Statistics, NBS.

Crude-oil-declineThe report stated that mainly because of this, Nigeria’s overall exports during the first quarter recorded a steep decline, which brought the country’s trade balance down to 184.1 billion, or 548.7 billion less than in the preceding quarter.
According to NBS, 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).
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 of3,517.4 billion, this was 793.5billion or 22.6% less.
This development arose due to a sharp decline in both imports and exports, the NBS report indicated.
Exports saw a decline of 671.1 billion or 34.6%, while imports declined by 122.4 billion or 7.8%.
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.
Exports by section revealed that the highest export product for Nigeria in Q1, 2016 was “mineral products” which accounted for1,054.1 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, according to the report, 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
It added that 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 of273.7 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, the report further stated.
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