Abuja — Nigeria exported dredgers and vessels of various sizes and specifications valued at N411.949 billion in the first quarter of 2019.
According to data obtained from the first quarter, Foreign Trade Statistics of the National Bureau of Statistics (NBS) vessels and dredgers’ export accounted for 9.08 percent of the total export of N4.535 trillion recorded in the period under review.
The report disclosed that the export of vessels and other floating structures for breaking up stood at N312.24 billion, representing 6.88 percent of total export in the period under review; export of refrigerated vessels N69.6 billion; export of other light vessels, fire-floats, floating cranes stood at N20.719 billion and dredger export stood at N9.39 billion in the period under review.
The vessels, according to the report, were exported to Ghana, Netherlands, France, United States, Angola, Argentina, Cameroun, and Norway.
However, the NBS noted that the vessels were re-exported. It explained that re-exports are exports of foreign goods in the same state as previously imported.
In general, the NBS report said, “In the first quarter of 2019, Nigeria’s total exports were recorded at N4.535 trillion, which represents a 1.78 percent rise compared to the fourth quarter of 2018 but a 3.9 percent fall compared to the first quarter of 2018. Similarly, the value of total imports increased to N3.703 trillion, representing an increase of 3.39 percent relative to the fourth quarter of 2018 and 29.84 percent compared with the first quarter of 2018.
“The trade balance remained positive at N831.6 billion in first quarter 2019, boosted by an increase in both exports and imports. The boost also helped total trade increased to N8.239 trillion. This figure is 2.50 percent higher compared to the fourth quarter of 2018 and 7.52 percent higher relative to the corresponding quarter in 2018.”
The report noted that in the first quarter of 2019, the value of manufactured goods exports rose by 511.19 percent when compared with the value recorded in the fourth quarter of 2018.
It attributed the rise in manufactured goods export to the re-export of high value manufactured goods, notably vessels and other floating structures, valued at N202.6 billion to Angola.
In addition, the report noted that refrigerated vessels worth N69.6 billion were re-exported to Ghana, while other light vessels valued at N12.6 billion were also re-exported to the United States during the first quarter of 2019.