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Nigeria’s total trade hits N8.6 trn in Q2, 2019

Nigeria continues to record positive balance as total trade hit N8.6 trillion in second quarter 2019, according to data from the National Bureau of statistics on Thursday.

The N8.6 trillion total trade shows a 4.4 percent increase compared to N8.2 trillion recorded in previous quarter. At N588.8 billion, trade balance showed a surplus.

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The total value comprised of 46.6 percent  imports (N4.0 trillion) and 53.4 percent exports (N4.6 trillion), the NBS said.

The value of total exports in Q2 2019 increased by 1.34 percent against the level recorded in Q1, 2019 and 2.06 percent when compared with its value in Q2, 2018. 

But the value of exports for the first half of 2019 fell by 1 percent compared to the first half of 2018.  

A study of the report shows that the the value of imported Agricultural products, raw materials, and solid minerals grew by 5.79 percent, 4.97 percent and 63.46 percent respectively, while the value of Energy goods, manufactured goods imports declined by 74.65 percent and 10.86 percent.

The value of Other oil products imported rose by 162.59 percent compared to Q1 2019 and 21.87 percent when compared to Q2 2018.

Similarly, the value of manufactured exports, Solid minerals exports, energy goods,  declined by 77.05 percent,15.53 percent, and 12.31 percent respectively when compared to the previous quarter. While the value of Crude oil exports in Q2 2019 was 16.52 percent higher than in Q1 2019.

Crude oil  remained the major export as it accounted for 85.6 percent (N3.93trillion) of total exports while non-crude oil  exports contributed 14.37 percent (N661.6 billion) in the period.

The value of Agricultural exports was 14.66 percent lower than in Q1 2019 while the value of raw material exports was 14.52 percent lower than the value in Q1 2019.

“This performance was largely as a result of  stronger growth in the value of imports far outpacing growth in the value of exports which rose only marginally”. 

 

Cynthia Egboboh, Abuja.

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