Nigeria’s total exports for the first three months of 2017 stood at N3,005.9 billion, while total imports stood at N2,286.5 billion.
This takes total value of the country’s merchandise trade at the end of first quarter to N5,292.4 billion, according to figures on Foreign Trade Statistics released by National Bureau of Statistics (NBS).
NBS said the increase of 0.1% relative to the value of N5,286.6 billion recorded in the preceding quarter due to export, coupled with a slight decrease in imports brought the country’s trade balance to N719.4 billion during the period, up from N671.3 billion.
On a sectorial/product basis, crude oil accounted for the largest share of total trade with 44.91 percent, followed by other oil products at 23.37 per cent, manufactured products at 21.93 per cent, raw materials at 5.12%, and agricultural products at 4.35 per cent.
Nigeria’s import trade stood at N2,286.5 billion at the end of Q1, 2017, showing a decrease of 0.9% from the value N2,307.6 billion recorded in the preceding quarter.
Mineral products dominated the import trade section, accounting for 33.6 percent of the total value of import trade during the quarter.
Export trade value represented an increase of N26.95 billion or 0.9%, over the value recorded in the preceding quarter.
Exports by section revealed that Nigeria exported mainly mineral products, which accounted for N2,860.4 billion or 95.2 percent of the total export value.
Other products exported by Nigeria include “Prepared foodstuffs; beverages spirits and vinegar; tobacco” at N46.5 billion or 1.5%, and “Vehicles, aircraft and parts thereof; vessels etc.” at N25.1 billion or 0.8%.
With respect to exports by direction the country in Q1 2017 exported goods mainly to India, the United States, Spain, Netherlands, France, whose values stood at N668.6 billion or 22.2%, N416.5 billion or 13.9%, N324.9 billion or 10.8%, N250.2 billion or 8.3%, and N195.7 billion or 6.5% respectively.
The natural liquefied gas recorded N372.4 billion of the total export value during the period under review.
The export figure above consisted of Domestic produced exports valued at N2973.8 billion or 98.9% and Re-exports worth N32.14 billion or 1.07%.
During the quarter, other oil products grew at a higher value compared to Q4 2016 of N1236.8 billion or 23.37%.
This was followed by manufactured goods with N1160.8billion or 21.93%, raw materials with N271.2 billion or 5.12% and Agricultural goods with N230.1billion or 4.35%.
During the quarter, Agricultural export increased by 82% over the level attained in Q4, 2016. The export earnings from Agricultural goods stood at N30.0billion.
With respect to agricultural imports however, Nigeria imported Durum wheat worth N26.8billion from United States, N14.4 billion from Russia and N11.9 billion from Australia.
The country also imported maize worth N8.3 billion from United States, and maize worth N1.1 billion from Cyprus.
With respect to agricultural imports however, Nigeria imported Durum wheat worth N26.8billion from United States, N14.4 billion from Russia and N11.9 billion from Australia.
Nigeria also imported Maize worth N8.3 billion from United States, and maize worth N1.1 billion from Cyprus.
The country exported cement to Ghana and Niger worth N3 billion.
For manufacturing, exports were valued at N98.2 billion and dominated by refrigerated vessels exported to Spain with a value of N20.6billion; fermented cocoa beans worth N12.5 billion was also exported to Netherlands.
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