Nigeria’s total merchandise trade increased by 39.31 per cent to N32.26 trillion (year on year) in 2018 compared to N23.16 trillion in 2017, according to the National Bureau of Statistics (NBS). NBS noted that the volume of total merchandise trade in 2018 was the highest recorded since 2014, and almost doubled the pre-recession levels.


However, total trade dropped by 5.1 per cent to N8.60 trillion in the fourth quarter of 2018 (Q4 2018) compared to N9.06 trillion recorded in the preceding quarter, the NBS noted.
According to the Foreign Trade Statistics in Goods (Q4 2018), which was released by the statistical agency at the weekend, total export stood at N5.02 trillion in Q4, representing an increase of 3.5 per cent over Q3 and 28.5 per cent over Q4, 2017.

The import component stood at N3.58 trillion in Q4, indicating a decline of N631.6 billion or 15 per cent when compared to Q3 estimates, but showed an increase of 69.6 per cent when compared with the corresponding quarter in 2017.
NBS said the increase in export value and decrease in import value (relative to Q3 2018) resulted in a favourable trade balance of N1441 billion or 125.5 per cent over the preceding quarter.

However, crude oil export, which stood at N4.22 trillion, remained the mainstay of the economy and took the largest share of total exports (84.2 per cent) in Q4. The non-oil products accounted for 4.6 per cent of total exports, while other oil products accounted for 11.2 per cent of total exports in the review period.

According to NBS, the value of total exports in Q4 increased by 3.52 per cent compared to the level recorded in Q3, and was 28.46 per cent higher than Q4 2017 estimates.
Agricultural exports rose by 115.1 per cent in Q4 compared to Q3 2018 and 696.8 per cent compared to Q4 2017.

The statistical agency further stated that the value of raw material goods exports in Q4 was 26.7 per cent higher than the value in Q3 and 7.7 per cent higher than the value recorded in Q4 2017. It stated that the value of solid minerals exports decreased by 20.6 per cent compared to Q3 estimates and 67.7 per cent against the corresponding quarter in 2017.
Exports of energy goods increased in value by 6.1 per cent in Q4 compared to Q3 and by 12.7 per cent when compared with Q4 2017.

Furthermore, the value of manufactured goods exports rose by 14.97 per cent in Q4 when compared with the value recorded in Q3, but decreased 36.6 per cent against the corresponding quarter in 2017.
The value of crude oil exports in Q4 was 1.98 per cent higher than in Q3 2018 and 29.95 per cent higher than in Q4 2017.

Meanwhile, India, Spain, France, South Africa and the Netherlands constituted the country’s major export trading partners in Q4 while China, the United States, Netherlands, India and Belgium were the major import trading partners.

https://www.akelicious.net/2019/03/foreign-trade-hits-n3226tn-in-2018.html

OK o

We no dey shame ? Na import we Sabi and we go call am foriegn trade


Consuming nation.... Crude exports, no value added in the oil , no finished products , agriculture exports , no finished agriculture just crude also ...no value chain and this makes export under valued

I want to see finished goods exports and the type of finished good with sectors that export finished goods

Hit.. not Hits.
That is past tense.

I do wish however, that our economy moves on from progress on paper. Amen

Good news.

IkpuMmadu:
We no dey shame ? Na import we Sabi and we go call am foriegn trade


Consuming nation.... ordinary oil we can't even refine ! We import everything even toothpicks

Read the full details.

IkpuMmadu:
We no dey shame ? Na import we Sabi and we go call am foriegn trade


Consuming nation.... ordinary oil we can't even refine ! We import everything even toothpicks

The best way to hide something from black people is to put in a book.

Maol:


Read the full details.

What I saw was that our imports where higher than exports

Just like d prodigal son buhari should give my own portion to me

Trade deficit is a direct result of poor infrastructure and bad business environment

Those hate-filled dunderheads won't still acknowledge that Buhari is the best thing that has happened to this country.

IkpuMmadu:
We no dey shame ? Na import we Sabi and we go call am foriegn trade


Consuming nation.... ordinary oil we can't even refine ! We import everything even toothpicks

Your inability to read is your biggest undoing.

IkpuMmadu:


What I saw was that our imports where higher than exports

Yours may not be a case of illiteracy.

Perhaps you are dyslexic.

I'm impressed with this report, I just pray and hope we don't decline. Nigeria is moving forward

IkpuMmadu:

What I saw was that our imports where higher than exports

I can't believe people like you still exist at this 21st century.
Learn to read bro... It's give knowledge.

IkpuMmadu:

What I saw was that our imports where higher than exports

I can't believe people like you still exist at this 21st century.
Learn to read bro... It's give knowledge.

It's a good news.

Government especially CBN and BOI needs to encourage youth to go into manufacturing.

Fg needs to place a high embargo especially on those mini imports from China through aliexpress and alibaba.

Let's learn to buy Nigeria made things

On the other note (84.2 per cent) of Nigerian export is based on oil.

What if another 2014/2015 happens again that's another recession oooo

Well done op... Good info

wamiikechukwu:
It's a good news.

Government especially CBN and BOI needs to encourage youth to go into manufacturing.

Fg needs to place a high embargo especially on those mini imports from China through aliexpress and alibaba.

Let's learn to buy Nigeria made things

On the other note (84.2 per cent) of Nigerian export is based on oil.

What if another 2014/2015 happens again that's another recession oooo

what finished goods do you think we can export and to who?

RealityShot:
what finished goods do you think we can export and to who?

Bro, instead of us complaining online, do research. If it's capital lacking, bank of industry and other outlets are there. This is an administration that is willing to support home grown. Even a cassava farm or oil palm farm can have you cashing out.

Nobody can do this for you. It's only you that can decide what your head can carry.

IkpuMmadu:
We no dey shame ? Na import we Sabi and we go call am foriegn trade


Consuming nation.... ordinary oil we can't even refine ! We import everything even toothpicks

In an ideal setting, governments do little import/export and only concern itself with governance. The onus is on you and I, the private citizens of the country to either choose import over export or vice versa. We are the ones who will invest, produce, package, sell, open markets, reinvest, expand, divest, save, earn dividends, yada yada. This is how open markets work.

Government is only required to provide enabling environment that is peaceful, secure and enable friendship with the global community.

Therefore let's all work hard to grow our export volume. Remember, Rome wasn't built in a day. It took New York a century and a half to be the New York of today. This country will only make it if we believe, work hard, tackle graft and work even harder as Nigerians. The wealth of nations is not easily shored up on the shoulders of the lazy or in the mind of the feeble.

Very promising signs, I like that

I still feel that we do a lot of importation, moreso illegally and those ones obviously aren't captured by NBS when releasing statistics like these. It gives this false positive outlook to the economy. Our borders are still very porous, hence why it is constantly exploited to bring in foreign goods

Anyi3:


Bro, instead of us complaining online, do research. If it's capital lacking, bank of industry and other outlets are there. This is an administration that is willing to support home grown. Even a cassava farm or oil palm farm can have you cashing out.

Nobody can do this for you. It's only you that can decide what your head can carry.

let me not be rude.


have you gone to BOI or any of those channels for loan before?


i asked for export products in demand NOT raw materials or primary goods


Any country can plant cassava or oil palm.


what can Nigerians focus on and produce with their little capitals of less than N200k that will be export worthy?


if research was easy, don't you think everyone will be doing the right thing already?


e.g. I know cement is very good export goods, but can i load a full trailer to Benin or togo? Nope at least N1milion is required

chidima2019:
Nigeria’s total merchandise trade increased by 39.31 per cent to N32.26 trillion (year on year) in 2018 compared to N23.16 trillion in 2017, according to the National Bureau of Statistics (NBS). NBS noted that the volume of total merchandise trade in 2018 was the highest recorded since 2014, and almost doubled the pre-recession levels.


However, total trade dropped by 5.1 per cent to N8.60 trillion in the fourth quarter of 2018 (Q4 2018) compared to N9.06 trillion recorded in the preceding quarter, the NBS noted.

The import component stood at N3.58 trillion in Q4, indicating a decline of N631.6 billion or 15 per cent when compared to Q3 estimates, but showed an increase of 69.6 per cent when compared with the corresponding quarter in 2017.
NBS said the increase in export value and decrease in import value (relative to Q3 2018) resulted in a favourable trade balance of N1441 billion or 125.5 per cent over the preceding quarter.

However, crude oil export, which stood at N4.22 trillion, remained the mainstay of the economy and took the largest share of total exports (84.2 per cent) in Q4. The non-oil products accounted for 4.6 per cent of total exports, while other oil products accounted for 11.2 per cent of total exports in the review period.

According to NBS, the value of total exports in Q4 increased by 3.52 per cent compared to the level recorded in Q3, and was 28.46 per cent higher than Q4 2017 estimates.
Agricultural exports rose by 115.1 per cent in Q4 compared to Q3 2018 and 696.8 per cent compared to Q4 2017

Furthermore, the value of manufactured goods exports rose by 14.97 per cent in Q4 when compared with the value recorded in Q3, but decreased 36.6 per cent against the corresponding quarter in 2017.
The value of crude oil exports in Q4 was 1.98 per cent higher than in Q3 2018 and 29.95 per cent higher than in Q4 2017.

Meanwhile, India, Spain, France, South Africa and the Netherlands constituted the country’s major export trading partners in Q4 while China, the United States, Netherlands, India and Belgium were the major import trading partners.

https://www.akelicious.net/2019/03/foreign-trade-hits-n3226tn-in-2018.html

This is good news. I hope we get to keep this trend, especially the increase in our exports which culminated in a positive trade balance.
Also, our non-oil exports must continue to rise so as to insulate us from sudden fluctuations in oil prices.

wamiikechukwu:



I can't believe people like you still exist at this 21st century.

Learn to read bro... It's give knowledge.

we are one in a million


Atụrụ

chidima2019:


Agricultural exports rose by 115.1 per cent in Q4 compared to Q3 2018 and 696.8 per cent compared to Q4 2017.


The statistical agency further stated that the value of raw material goods exports in Q4 was 26.7 per cent higher than the value in Q3 and 7.7 per cent higher than the value recorded in Q4 2017.

Furthermore, the value of manufactured goods exports rose by 14.97 per cent in Q4 when compared with the value recorded in Q3, but decreased 36.6 per cent against the corresponding quarter in 2017.

Good.....increase in agriculture export........No good....increase in raw material export and decrease in ma manufactured export.

Well we thank God for the development. We should also try to improve the manufacturing sector bc its dying day by day.

RealityShot:
let me not be rude.


have you gone to BOI or any of those channels for loan before?


i asked for export products in demand NOT raw materials or primary goods


Any country can plant cassava or oil palm.


what can Nigerians focus on and produce with their little capitals of less than N200k that will be export worthy?


if research was easy, don't you think everyone will be doing the right thing already?


e.g. I know cement is very good export goods, but can i load a full trailer to Benin or togo? Nope at least N1milion is required

That's the problem, research isn't easy. I know someone who makes baby beds using funds from GEJ's program. Other people have used from Tony Elumelu foundation. People have gotten from BOI. People have sold their father's property. People have used nairabet. People have used pant ritual money.Personally I have funded someone 250k for a business. Trust me, for many people, sourcing 1 million isn't the problem. Perfecting the idea and business plan is the issue. I saw a quote in a movie "Ideas are capital, the rest is just money"

. Issue is you can start small and begin to export.

Then again, research isn't easy. But then again, nothing worthwhile is.

We can choose to stop whining and start doing.

IkpuMmadu:
We no dey shame ? Na import we Sabi and we go call am foriegn trade


Consuming nation.... Crude exports, no value added in the oil , no finished products , agriculture exports , no finished agriculture just crude also ...no value chain and this makes export under valued

I want to see finished goods exports and the type of finished good with sectors that export finished goods

Blame ipob for the high import bill on merchandise goods.

Trading and trading. If only numbers can be made better.