12 August 2014 , By James Emejo,
Source: This Day
Nigeria's total merchandise trade
increased by 6.8 per cent to about
N5.51 trillion in the first quarter of the
year (Q1 2014) compared to about
N5.16 trillion recorded in the fourth
quarter of 2013, according to the
National Bureau of Statistics (NBS).
When compared to the corresponding
quarter of 2013 (Q1 2013), the value of
the total merchandise trade also
increased by N406 billion or 8.2 per
cent, it added.
The NBS, in its Foreign Trade Statistics,
Q1 2014, which was released yesterday
said there had been rising exports and
declining imports which resulted in
greater trade surplus for the country.
It said trade surplus increased by 34.3
per cent or N618.6 billion in Q1 2014
following a decline in imports by 6.2 per
cent while exports increased by 15 per
cent when compared to the Q1 2013
figures.
The report stated that the total trade
was dominated by crude oil exports
which accounted for about N3.23
trillion, representing 81.5 per cent of
total exports while the non-crude oil
accounted for N735.9 billion or 18.5 per
cent of total exports.
Conversely, total imports in Q1 2014
was valued at about N1.54 trillion,
representing a 8.3 per cent decline
compared to about N1.68 trillion
recorded in the preceding quarter.
When compared to the corresponding
quarter of 2013, the value of imports
dipped by N101.3 billion or 6.2 per cent,
according to the NBS.
It stated further that the structure of
Nigeria's import trade was dominated
by the imports of boilers, machinery and
appliances, which accounted for 23.7
per cent of the total value of import
trade in Q1, 2014.
The value of export trade amounted to
about N3.96 trillion in Q1 2014,
representing an increase of N492.6
billion or 14.2 per cent over the value
recorded in the preceding quarter.
Crude oil component of export trade
grew by 8.4 per cent from the preceding
quarter, contributing 51.1 per cent of
the total growth in exports while the
non-crude oil component of trade grew
by 48.6 per cent and accounted for 48.9
per cent of the total export growth from
the previous quarter.
Further analysis of the trade statistics
showed India as the country's major
trade partner with exports to that
country valued at N544 billion followed
by the Netherlands, Brazil, Spain and
France, whose values stood at N461.5
billion, N376.8 billion, N346 billion and
N310.9 billion of total exports
respectively.
On the other hand, import trade by
country showed that Nigeria imported
goods mostly from China, United States,
India, Belgium and Netherlands, which
accounted for N368.1 billion, N164.7
billion, N93.2billion, N91.7 billion and
N76.4 billion respectively.