Nigerian crude oil exports hit N3.37trn in Q1 – NBS

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NBS

Story by Kayode Tokede

The National Bureau of Statistics (NBS) has disclosed that Nigerian crude oil exports hit N3.38 trillion in first quarter of 2019, 74.45 per cent of N4.54 trillion total exports in the period under review.

The bureau in its foreign trade in goods statistics disclosed that total trade in Q1 2019 was N8.24 trillion of which N3.70 trillion and N831.62 billion are imports and trade balance respectively.

According to the NBS report, “Exports trade was dominated by crude oil exports, which contributed N3,376.73 billion or 74.45per cent to the value of total exports in Q1 2019.

“By section, analysis reveals that Nigeria exported mainly mineral products which amounted to N3,950.1 billion or 87.1per cent of the total value of exports.

“This was followed by Vehicles, aircraft and parts; Prepared food stuff, beverages, spirits; and Vegetable products which respectively accounted for N418 billion or 9.22per cent, N55.4 billion or 1.2per cent and N49.0 billion or 1.1per cent of the total export.

“In Q1 2019, Nigeria exported most products to Europe, Asia and Africa equivalent to N1,833.4 billion or 40.43per cent of total exports, N1,324.8billion or 29.2per cent and N936.8billion or 20.67per cent respectively.

“Furthermore, Nigeria exported goods worth N405.8 billion or 8.95 per cent to the Americas and N34.5 billion or 0.76per cent to Oceania .

Within Africa, Nigeria exported goods valued at N300.6billion to ECOWAS member states (representing 32.08 per cent of total merchandise exports to Africa).

“By country of destination, Nigeria exported goods mainly to India, Spain, Netherlands, South Africa and France, valued at N745.0 billion or 16.43per cent, N487.1 billion or 10.74per cent, N405.4billion or 8.9per cent, N325.5 billion or 7.2per cent and N302.3 billion or 6.7per cent respectively.”

NBS on Nigeria import stated that “Nigeria’s imports stood at N3,703.7 billion in Q1 2019 out of which Machinery & transport equipment N1,505.9 billion or 40.66per cent of total imports, Manufactured goods accounted for N841.3 billion or 22.72per cent and Chemical and related products accounted for N403.4 billion or 10.89per cent of total imports during the period under review.

“Other major imports were food and live animals which amounted to N353.0billion or 9.53per cent, and mineral fuel which amounted to N346.2billion or 9.35per cent during the period under review.”

The report explained further that, “During the quarter, imported products originated from Asia (valued at N1,635.0 billion or 44.2per cent of total imports), Europe (N913.4billion or 24.7per cent) and Africa (N644.1billion or 17.4per cent).

“Analysis of regional trade flows further showed that import trade with the Americas accounted for N493 billion or 13.3per cent, while Oceania accounted for N18.2 billion or 0.5per cent.

“Within the African continent, trade with the ECOWAS subregion amounted to N27.7 billion of total import trade. Imports by country of origin shows that Nigeria imported goods worth N979.30 billion or 26.44per cent from China.

“Notably, goods worth N528.89 billion or 14.28per cent of total imports was imported from Swaziland during the quarter. This significant volume of import was a result of the importation of a laboratory, hygienic or pharmaceutical glassware for humanitarian purposes, leading to Swaziland appearing for the first time among Nigeria’s top five trading partners in terms of imports.

“Other major trading partners during the quarter were the United States, India and the Netherlands which accounted for N525.30 billion or 8.78per cent, N242.71 billion or 6.55per cent and N 150.72 billion or4.07 per cent respectively.”

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