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Nigeria’s Exports Grow By 63% To N1.873trn In Q2 - NBS - Politics - Nairaland

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Nigeria’s Exports Grow By 63% To N1.873trn In Q2 - NBS by kahal29: 5:30am On Sep 07, 2016
The total value of Nigeria’s export trade increased to N1.873 trillion in the second quarter (Q2) of 2016, representing an increase of N725.6 billion or 63.3 per cent, over the value recorded in the preceding quarter.

The National Bureau of Statistics (NBS) disclosed this in its foreign trade statistics for Q2 2016 that was released on Tuesday.
According to the NBS, the improvement in export value was largely due to the depreciation in the value of the naira.

It, however, pointed out that the structure of the export trade is still dominated by crude oil exports, which contributed N1.493 trillion or 79.7 per cent to the value of total domestic export trade in 2016.

Exports by section revealed that Nigeria exported mainly mineral products, which accounted for N1.735 trillion or 92.7 per cent of the total export value. Other products exported by the country included “animal and vegetable fats and oils and other cleavage products” at N55.7 billion or three per cent.

“Base metals and articles of base metals” at N28.4 billion or 1.5 per cent, and “prepared foodstuffs; beverages, spirits and vinegar; and tobacco” was at N16.2 billion or 0.9 per cent.

The export by direction showed that the country exported goods mainly to India, United States, Spain, Netherlands and South Africa whose values stood at N402.7 billion or 21.5 per cent, N235 billion or 12.5 per cent, N215.2 billion or 11.5 per cent, N133.3 billion or 7.1 per cent, and N119.9 billion or 6.4 per cent respectively.

In addition, the natural liquefied gas recorded N198.0 billion of the total export value during the period under review.
Export by continent showed that Nigeria mainly exported goods to Europe and Asia, which accounted for N611.7 billion or 32.7 per cent and N606.4 billion or 32.4 per cent respectively of the total export value during the period under review.

Furthermore, Nigeria exported goods valued at N265.9 billion or 14.2 per cent to other countries in Africa, while export to the ECOWAS region totalled N86.9 billion.

Meanwhile, the total value of Nigeria’s merchandise trade in Q2, 2016 was N3.942 trillion. This was 49 per cent more than the N2.645 trillion recorded in the preceding quarter.
This development arose from a rise of N725.6 billion or 63.3 per cent in the value of exports (largely due to exchange rate gains) combined with a rise of N570.8 billion or 38.1 per cent in the value of imports against the levels recorded in the preceding quarter.

The current trade position brought the country’s negative trade balance to N196.5 billion during the period under review. This showed a N154.8 billion reduction in the country’s trade deficit over the previous quarter.

Furthermore, it showed that Nigeria’s import trade stood at N2.069 trillion at the end of Q2, 2016, showing an increase of 38.1 per cent from the N1.498 trillion recorded in the preceding quarter. As with exports, the increase in import value was also traced to a decline in the value of the naira.

The structure of Nigeria’s import trade by section was dominated by the imports of “Boilers, machinery and appliances; parts thereof” which accounted for 34.9 per cent of the total value of import trade in Q2, 2016.

Other commodities, which contributed noticeably to the value of import trade during the review period, were mineral products (15.8%), vehicles, aircraft and parts thereof; vessels etc.(14.7%), products of the chemical and allied industries (7.6%) and base metals and articles of base metals (5.1%).

“The import trade classified by broad economic category revealed that capital goods and parts ranked first with N663.6billion or 32.1 per cent. This was followed by industrial supplies with the value of N421.2billion or 20.4 per cent and transport equipment and parts standing at N356.1billion or 17.2 per cent.

“The value of motor spirit stood at N296.1 billion. Nigeria’s import trade by direction showed that the country imported goods mostly from China, Netherlands, United States, India and the United Kingdom, which respectively accounted for N493.5 billion or 23.9 per cent, N285.7 billion or 13.8 per cent, N199.0 billion or 9.6 per cent, N124.9 billion or six per cent, and N119.3 billion or 5.8 per cent of the total value of goods imported during the quarter,” it added.

Further analysis of Nigeria’s imports by continent revealed that the country consumed goods largely from Asia with import value of N886.1 billion or 42.8 per cent. The country also imported goods valued at N813.9 billion or 39.3 per cent from Europe and N255.3 billion or 12.3 per cent from America. Import trade from Africa stood at N89.1 billion or 4.3 per cent, while imports from the region of ECOWAS amounted to N20.8 billion.



http://www.thisdaylive.com/index.php/2016/09/07/nigerias-exports-grow-by-63-to-n1-873trn-in-q2/

4 Likes 1 Share

Re: Nigeria’s Exports Grow By 63% To N1.873trn In Q2 - NBS by agwom(m): 6:43am On Sep 07, 2016
cry
Re: Nigeria’s Exports Grow By 63% To N1.873trn In Q2 - NBS by tysontim(m): 6:53am On Sep 07, 2016
Tufiakwa why won't we suffer? since almost all the money we make from exporting we spend it in importing from same countries we export to

7 Likes

Re: Nigeria’s Exports Grow By 63% To N1.873trn In Q2 - NBS by Kyase(m): 6:54am On Sep 07, 2016
Gradually we're becoming an exporting country.

19 Likes 1 Share

Re: Nigeria’s Exports Grow By 63% To N1.873trn In Q2 - NBS by Kyase(m): 6:55am On Sep 07, 2016
tysontim:
Tufiakwa why won't we suffer? since almost all the money we make from exporting we spend it in importing from same countries we export to

What are you importing that has not been ban by the FG.

18 Likes 4 Shares

Re: Nigeria’s Exports Grow By 63% To N1.873trn In Q2 - NBS by Aufbauh(m): 7:00am On Sep 07, 2016
I am optimistic that before the end of Buhari's administration, all the naysayers and the irredeemable pessimists will chew their own statement like Metuh.

A change is not change until there is a change. The pain of change we are experiencing today is a result of our fear to change in yesteryear. Thus,the present pain can not be compare to the future glory ahead of this country.

101 Likes 15 Shares

Re: Nigeria’s Exports Grow By 63% To N1.873trn In Q2 - NBS by kahal29: 7:17am On Sep 07, 2016
Aufbauh:
I am optimistic that before the end of Buhari's administration, all the naysayers and the irredeemable pessimists will chew their own statement like Metuh.

A change is not change until there is a change. The pain of change we are experiencing today is a result of our fear to change in yesteryear. Thus,the present pain can not be compare to the future glory ahead of this country.


I believe so too.. ... So I concur

56 Likes 1 Share

Re: Nigeria’s Exports Grow By 63% To N1.873trn In Q2 - NBS by Progressive01(m): 7:34am On Sep 07, 2016
Refreshing news. I didn't read the story though but I believe the exports must have been raw materials. I'm looking forward to that time when we start exporting finished products on a grand scale.

Regardless, this is progress.

31 Likes 1 Share

Re: Nigeria’s Exports Grow By 63% To N1.873trn In Q2 - NBS by Progressive01(m): 7:35am On Sep 07, 2016
Aufbauh:
I am optimistic that before the end of Buhari's administration, all the naysayers and the irredeemable pessimists will chew their own statement like Metuh.

A change is not change until there is a change. The pain of change we are experiencing today is a result of our fear to change in yesteryear. Thus,the present pain can not be compare to the future glory ahead of this country.

Concur 100%.

36 Likes

Re: Nigeria’s Exports Grow By 63% To N1.873trn In Q2 - NBS by Goyim: 7:44am On Sep 07, 2016
Kyase:
Gradually we're becoming an exporting country.

kahal29:

It, however, pointed out that the structure of the export trade is still dominated by crude oil exports, which contributed N1.493 trillion or 79.7 per cent to the value of total domestic export trade in 2016.

What the hell are you talking about
We're still exporting only crude oil

7 Likes

Re: Nigeria’s Exports Grow By 63% To N1.873trn In Q2 - NBS by wristbangle(m): 8:14am On Sep 07, 2016
Aufbauh:
I am optimistic that before the end of Buhari's administration, all the naysayers and the irredeemable pessimists will chew their own statement like Metuh.

A change is not change until there is a change. The pain of change we are experiencing today is a result of our fear to change in yesteryear. Thus,the present pain can not be compare to the future glory ahead of this country.


Hoping so bro becos the hardship is really intense.

Sir oluwachukwu Lalasticlala, come see this hopeful news

2 Likes

Re: Nigeria’s Exports Grow By 63% To N1.873trn In Q2 - NBS by herzern(m): 10:43am On Sep 07, 2016
At least.....

One qood news to hold on!....

1 Like 1 Share

Re: Nigeria’s Exports Grow By 63% To N1.873trn In Q2 - NBS by Kelvinfejiro20: 10:44am On Sep 07, 2016
We still suffering tho, shaking my head for naija
Re: Nigeria’s Exports Grow By 63% To N1.873trn In Q2 - NBS by ucsparks: 10:44am On Sep 07, 2016
lmao ,,, we're exporting hunger....
lies everywhere
Re: Nigeria’s Exports Grow By 63% To N1.873trn In Q2 - NBS by olafum1(m): 10:45am On Sep 07, 2016
kahal29:

It, however, pointed out that the structure of the export trade is still dominated by crude oil exports, which contributed N1.493 trillion or 79.7 per cent to the value of total domestic export trade in 2016.
sad

Exactly, the purpose of the war looming in the south south. By fire by force, oil must continue flowing: Buhari.

Hypocrites like Sanusi will still say Nigeria needs Lagos more than the south south right? Shame.

2 Likes

Re: Nigeria’s Exports Grow By 63% To N1.873trn In Q2 - NBS by agwom(m): 10:46am On Sep 07, 2016
hmm
Re: Nigeria’s Exports Grow By 63% To N1.873trn In Q2 - NBS by salabscholar01(m): 10:46am On Sep 07, 2016
ucsparks:
lmao ,,, we're exporting hunger....
lies everywhere


Did you really read this at all? Look, I will be diplomatic here and will explain somethings to you in the simplest of ways as possible. It takes greater effort to drive in hatred than you need to drive goodwill... I know you are technically defeated this moment, since the news does not discuss recession. If I may ask, What type of youth are you, biko?

Why are we so glued to our phones, developing bird's eyes view to read news that has to do with hardship only? To you, or to other people who are just like you, you need your phones been taken away until you are disciplined enough to contribute meaningfully to the Nation's challenges.

I know you will quote me, but you can do that without crying because I will not answer you. Mind you, I don't support any party. I criticize too, but I look deep before jumping to the floors to stand my view...The youths are the problems of this country! No Nigerian youth has good wisdom to rule us, following the information we read and believe on social networks, the youths are easily influenced! That is an error!

32 Likes 7 Shares

Re: Nigeria’s Exports Grow By 63% To N1.873trn In Q2 - NBS by kaen1317: 10:46am On Sep 07, 2016
encouraging statistics on paper while people are hungry, committing suicide and dying on ground
Re: Nigeria’s Exports Grow By 63% To N1.873trn In Q2 - NBS by kaen1317: 10:48am On Sep 07, 2016
exports are growing when the effect is not being felt. the feeling is that things are getting worse not better
Re: Nigeria’s Exports Grow By 63% To N1.873trn In Q2 - NBS by tuniski: 10:48am On Sep 07, 2016
Progressive01:
Refreshing news. I didn't read the story though but I believe the exports must have been raw materials. I'm looking forward to that time when we start exporting finished products on a grand scale.

Regardless, this is progress.
There is nothing in there bro just crude export and floating naira! Nothing has changed nothing has improved!

6 Likes

Re: Nigeria’s Exports Grow By 63% To N1.873trn In Q2 - NBS by eph12(m): 10:50am On Sep 07, 2016
Thank you the governor of Anambra state, His excellency Obiano
Re: Nigeria’s Exports Grow By 63% To N1.873trn In Q2 - NBS by sammyj: 10:50am On Sep 07, 2016
Good news for the Zombies and bad news for the Wailing Wailers cheesy shocked grin grin grin

1 Like

Re: Nigeria’s Exports Grow By 63% To N1.873trn In Q2 - NBS by Nobody: 10:50am On Sep 07, 2016
Why the sudden good news from NBS?
Re: Nigeria’s Exports Grow By 63% To N1.873trn In Q2 - NBS by damola311: 10:51am On Sep 07, 2016
Lol.... keep lying o.... You keep mentioning trillions, yet the masses are suffering

1 Like

Re: Nigeria’s Exports Grow By 63% To N1.873trn In Q2 - NBS by Saintp(m): 10:51am On Sep 07, 2016
we need reality on the ground to change for better.
Re: Nigeria’s Exports Grow By 63% To N1.873trn In Q2 - NBS by tuniski: 10:52am On Sep 07, 2016
kaen1317:
exports are growing when the effect is not being felt. the feeling is that things are getting worse not better
The export remains crude 80% + and a devalued naira nothing significantly has changed just language semantics!!!! Just like the voodoo TSA abi recovered loots!!!
Recession is real and given the legendary cluelessness of this govt, it will prolong due to daftness and go slow!

5 Likes

Re: Nigeria’s Exports Grow By 63% To N1.873trn In Q2 - NBS by AntiWailer: 10:52am On Sep 07, 2016
Wailers will challenge the statistics.

As long as it does not paint Doom and tragedy for the country.

They will soon be here.

1 Like

Re: Nigeria’s Exports Grow By 63% To N1.873trn In Q2 - NBS by eph12(m): 10:53am On Sep 07, 2016
Was it not this same nbs the fg was doubting their statistics the other day?

1 Like

Re: Nigeria’s Exports Grow By 63% To N1.873trn In Q2 - NBS by Zico5(m): 10:53am On Sep 07, 2016
Food business is the best, continue to wail while some are already making headway in export business.

1 Like

Re: Nigeria’s Exports Grow By 63% To N1.873trn In Q2 - NBS by Ikigia: 10:53am On Sep 07, 2016
We gonna get there in eventually.....

1 Like

Re: Nigeria’s Exports Grow By 63% To N1.873trn In Q2 - NBS by idris4r83(m): 10:54am On Sep 07, 2016
Hmmm

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