Nigeria’s total trade in the first quarter of 2017 stood at N5.30 trillion, the National Bureau of Statistics (NBS) has said.

The nation’s exports in the period under review stood at N3.01 trillion compared to imports of N2.29 trillion, with a trade balance of N719.38 billion.

The NBS stated that imports fell by 0.9 per cent, adding that the country recorded an increase of 6.5 per cent in external trade.

According to the NBS, the value of the total trade at the end of 2016 was N17. 35 billion, stressing that the figure was 6.5 per cent higher than the value recorded in 2015.

The report, however, stated that Nigeria’s external trade in the fourth quarter of 2016 was valued at N5.28 billion.

“The export component stood at N2.98 billion while the import component stood at N2.31 billion leading to a trade surplus of N671 billion.

“Trade by sector showed that crude oil exports had the largest share of the total trade, accounting for N2.43 billion or 45.9 per cent trade in fourth quarter.

“The second major contributor to total trade by sector was manufactured goods with N1.17 billion or 22.1 per cent of total trade,’’ it stated.

The report stated that manufactured goods were followed by the non-crude oil products, which was also a major contributor to total trade in the quarter under review.
“The non-crude oil products stood at N1.15 billion or 21.8 per cent while Agricultural goods accounted for N212.7 billion or 4 per cent.

“Raw material goods accounted for N309 billion or 5.9 per cent and Solid mineral goods stood at N13.1billion or 0.3 per cent of total trade in the quarter.’’

The report stated that Nigeria’s export intensity in the months of October, November and December 2016 was the highest for South Africa with export intensities of 8.9, 7.3 and 4.1, respectively.

Export intensity in the fourth quarter was also intense with India recording export intensities of 5.8, 5.8 and 1.7 for the last three months of 2016.

“ Spain and Netherlands also had high export intensities with export intensities of 4.8, 2.9 and 2.0 for Spain and 2.2, 1.5 and 2.2 for the Netherlands.

“Although United States was one of Nigeria’s major trading partners, its export intensity was low with 0.6, 0.6 and 0.2 for the last three months of 2016.’’

Meanwhile, the report stated that Nigeria imported mainly from China with total imports of N404.1billion or 17.5 per cent of total imports.

It stated that China was followed by Belgium with N356.46 billion or 15 per cent while import trade with Netherlands which was the third highest was valued at N230 billion or 10 per cent.

“ The remaining trading partners contributed relatively lower proportion of the total import trade.

“United States accounted for N205.6 billion or 8.9 per cent while India accounted for N113.9 billion or 4.9 per cent,’’ the report stated.

http://investorsking.com/nigeria-records-positive-trade-balance-exports-rise-to-n3-01tn-in-q1/

good

Because of this, someone will come and say Bubu is working beyen...
Countdown to 2019....

Hillarie:
Because of this, someone will come and say Bubu is working beyen...
Countdown to 2019....

What is the big deal in exporting more oil

mykelmeezy:
i have nothing to comment

;Dweyrey

Unemployment also rose to 14% and this scary 2017 budget with its loopsided misplaced priorities don't look like it can effect any miraculous turnaround speedily enough

Govt has to disengage from their constant d!ck-stroking and face the realities on ground before election-season comes when, as we all know, they won't even hear us anymore again anyway.

DieBuhari:
What is the bid deal in exporting more oil

I am also not understanding..

Gradually.......we're moving in the right direction.

okay

Good news attract the least number of comments on this forum these days. Were this to be the other way round, the thread would have been on the third page by now.

Little steps in the right direction. That's all it takes. We will get there.

GoldHorse:
Little steps in the right direction. That's all it takes. We will get there.

We sure will.

how can we have a positive balance of trade while the major world currencies are seriously depressing the naira.the exchange rate is not reflecting the report above, I'll wait for a report from a more credible source.

Good news, it's been a while

If these statistics are correct, then it's commendable cos it is a known fact that with the exchange rate to the dollar high, it's a boom for exporters to earn more local currency from foreign exchange.

I think the focus should now change to encouraging the youths to be export minded. Sometime in 2013/2014, massive tutorials were made by Ymodulus, shinaf, dav8id, 2sexy, chemashie and a whole of others that I can't remember their handle on how to import from China, those tutorials changed a lot of lives and made them super independent today.

Now the tides have turned, will those massive tutorials on how to export to europe, Asia and the Americas pop up. Nairalanders abroad should champion this cause, not cos of self pity but out of patriotism.

There are lot of government agencies that I know and have attended their workshops in the past who are willing to assist and support with funds and data to make you succeed.

One love...

Another good news. No wonder the Naira has gained some value jn recent months.

good development

A thread for children of anger, hatred and frustration to avoid.

The annoying thing is US export to import comparison

Double Good news for a single day.

greenermodels:
how can we have a positive balance of trade while the major world currencies are seriously depressing the naira.the exchange rate is not reflecting the report above, I'll wait for a report from a more credible source.

Dollar is coming down, even BDC's are scared of the fall.

kka2007:
Gradually.......we're moving in the right direction.

Yes indeed
Long live FEDERAL GOVERNMENT OF NIGERIA

This is a miracle! But of course Crude oil takes the bulk of it.

greenermodels:
how can we have a positive balance of trade while the major world currencies are seriously depressing the naira.the exchange rate is not reflecting the report above, I'll wait for a report from a more credible source.

You are not far from the truth. But the truth is, for our the value of the naira to appreciate, we have to import less, that means we have to consume what we produce. Majority of the exports recorded are Crude oil. We don't consume crude oil, we consume refined oil which we import. So focus on locally made products will actually help grow our Naira not necessarily having more exports than imports

Where all dem moda4kr wailing bastards . I guess this thread ain't good enough for orgy

Where is LordAdam16 to come and pass this off as Lagos-Ibadan press whitewashing of Prof Yemi Osinbajo as acting president

ilynem:

You are not far from the truth. But the truth is, for our the value of the naira to appreciate, we have to import less, that means we have to consume what we produce. Majority of the exports recorded are Crude oil. We don't consume crude oil, we consume refined oil which we import. So focus on locally made products will actually help grow our Naira not necessarily having more exports than imports

EXACTLY!

We should also focus eventually on being a major exporter of finished goods...which would earn us lots of forex.

Thanks to the positive impact of a devalued naira curbing exports and forcing us to look inwards for our needs, which leads to exporting the excess capacity.
Nice time to be an entrepreneur and skilled artisan or technician.
I am very sorry for those carrying paper certificates around claiming and forming graduate. Hunger never fire them wella.

paranorman:
The annoying thing is US export to import comparison

lol how many of our finished products could compete with that in the u.s market?we'ld eventually get there someday

Firgemachar:
Where is LordAdam16 to come and pass this off as Lagos-Ibadan press whitewashing of Prof Yemi Osinbajo as acting president

Go and find out what time lag means in economic policy and impact.
Thou shall not perish for lack of knowledge.

Hillarie:
Because of this, someone will come and say Bubu is working beyen...
Countdown to 2019....

No, it is you that is working....