Nigeria’s Foreign Trade Up by 7.7 Percent for Q2 2017 – NBS

The National Bureau of Statistics, NBS, has released the figures for Nigeria’s foreign trade for the second quarter of 2017, ending in June.

Total trade for the quarter went up by 7.7 percent at 5.69 trillion Naira Q on Q, up from 5.30 trillion Naira in Q1.

Nigeria’s imports contributed 45.6 percent to total trade, while exports contributed the remaining 54.4 percent.

While imports increased by 13.5 percent for Q2, exports increased by 3.2 percent.

Crude oil had the highest share of total trade, contributing 42.97 percent, manufactured good contributed 21.86 percent, other oil products contributed 21.91 percent, raw material goods contributed 5.36 percent, while agriculture contributed 4.60 percent.

As far as Nigeria’s imports go, agriculture rose by 16.01 percent for Q2, with raw material products rising by 17.4 percent, and energy goods rising by 177.77 percent. Manufactured goods saw a decline by 9.5 percent. NewsWire NGR had reported earlier that the Statistician General of the Federation had mentioned that the sector had contracted, when the NBS released Gross Domestic Product, GDP figures for Q2.

For exports, agriculture goods contracted by -1.03 percent for Q2, raw material goods increased by 31.8 percent, solid mineral products also contracted by -27.58 percent. Energy goods increased by 117.84 percent, manufactured goods exports dropped by 17 percent, while crude oil exports increased by 2 percent.

Products that contributed to imports were mineral products by 34.7 percent, prepared foodstuffs, beverages, vinegar, spirits and tobacco 19.8 percent, boilers, machinery, appliances, 15.8 percent, chemicals and allied industries, 9.1 percent, vegetable products 6.1 percent, base metals and articles of base metals, 5.2 percent.

For exports, mineral products contributed 95.7 percent, vehicles, aircraft and parts, vessels contributed 1.2 percent, prepared foodstuffs, beverages, vinegar, spirits, and tobacco, 1.0 percent, vegetable products, 0.8 percent, chemicals and allied industries, 0.4 percent, base metals and articles of base metals, 0.2 percent.

Africa led the pack of top destinations for Nigerian exports of solid minerals, raw materials and manufactured goods with 72.09, 27.85, and 50.17 percents respectively.

Asia led the pack for agricultural goods, 66.38 percent, while Europe was the top destination for Nigerian energy goods, crude oil, and other oil products, with 62.47, 39.82 and 41.06 percents respectively.