Nigeria recorded N4.035 trillion positive trade balance in 2017 —NBS

INCREASING exports and decreasing exports trend, which began in 2016 continued in 2017 resulting positive trade surplus of N4.035 trillion for the 2017 according to figures from National Bureau of Statistics (NBS).

“Trade balance, accordingly, stood at a surplus of N1,798.31 billion in Q4 2017 compared to the surplus of N1,088.33 billion recorded in the preceding quarter and the surplus of N671.30 billion in the corresponding quarter last year.

“For the full year 2017, trade balance stood at N4,035.5 billion compared to a negative trade balance of -N290.1 billion in 2016.”

In the Foreign Trade Statistics for fourth quarter of 2017 released on Saturday, NBS disclosed that total export trade in Q4, 2017 stood at N3,910.6 billion representing a 9.35 percent growth compared to Q3, 2017 and a 31.28 percent growth compared to the corresponding quarter of 2016.

Total trade recorded for Q4 2017 was N6.022.93 billion which represented a decline of 0.7 percent over the Q3 2017, and an increase of 13.9 percent over the same period last year Q4 2016.

For full year 2017, total trade was N23,160.9 billion which is 33.5 percent higher when compared to the value in 2016 of N17,344.9 billion. Crude oil exports grew by 9.51 percent over Q3, 2017, and by 34.2 percent when compared to Q4 2016.

For 2017, crude exports stood at N11, 026.6 billion or 81.1 percent of total exports in 2017 compared to N6,996.5 billion representing 82.0 percent of total exports in 2016, indicating a marginal decline in the share of crude exports in total exports between 2016 and 2017.

Non-crude oil exports at N656.0 billion in Q4 2017, also grew by 8.6 percent over the last quarter, and 18.5% over the same period last year; although not as rapidly as crude oil exports. Non crude oil exports accounted for16.8 percent of total exports.

The non-oils component on the other was valued at N171.3billion in Q4 2017 representing 4.38% of total export, slightly higher than it was last quarter at 3.4 percent of total export.

Imported Agricultural goods decreased by 1.7 percent in Q4 2017 (N227.4 billion) compared to Q3 2017 (N231.4 billion) but increased by 15.9 percent when compared to Q4, 2016 (N196.2 billion).

For full year, 2017, imported agricultural goods increased by 35.09 percent to N886.7 billion from N656.4 billion in 2016.

Raw materials import in Q4 2017 (N279.4 billion) were 2.1 percent lower than Q3, 2017 value (N285.3 billion), and 2.7 percent lower than Q4 2016 at N287.2 billion.

For full year 2017, imported raw materials increased by 19.3% to N1,128.3 billion from 945.7 billion in 2016.