Nigeria’s total exports grew year-on-year by 56 percent to N4.7 billion in the first quarter (Q1) of 2018 from N3.0 billion in Q1 2017, according to National Bureau of Statistics (NBS) foreign trade report, released on Wednesday.
It also represented a significant growth of 20 percent to N4.7 billion quarter-on-quarter in Q1 2018 from N3.9 billion in Q4 2017.
Total Imports value was N2.5 billion in Q1, 2018, 19.2 perent higher than Q4, 2017 (N2.1 billion) and 8.0 percent higher than Q1, 2017 (N2.3 billion).
The total value of Nigeria’s external trade in goods amounted to N7.2 billion in Q1 2018 which is a growth of N1.2 billion or 19.7 percent from the N6 billion recorded in the last quarter of 2017.The total trade value in Q1 2018 also shows a 35.1 percent growth compared to the amount of N5.3 billion recorded in the same quarter of last year
The trade balance in Q1 2018 was N2.2 billion which increased by 21 percent from the last quarter in 2017 and 221.1 percent over the same quarter in 2017.
According to the NBS report, the significant increase of trade balance in the reviewing quarter was driven by the stronger growth in exports compared to imports
The export value for Agricultural goods in Q1, 2018 (N73.2 billion) was 63.8 percent higher than the value in Q4, 2017 (N44.7 billion) and 24.01 percent higher than the value recorded in Q1, 2017 (N59 billion)
Raw material exports value decreased by 13.6 percent in Q1, 2018 (N32.7 billion) compared to Q4, 2017 (N37.9 billion) but increased by 47.7 percent compared to Q1, 2017 (N22.1 billion).
Solid Minerals exports value in Q1 2018 (N26.9 billion) recorded a 13 perent quarter on quarter growth (N23.8 billion), and a 58.5 percent year on year growth rate compared to Q1, 2017 (N16.9 billion).
The value of Energy goods exported in Q1, 2018 (N10.4 billion) was 8.8 percent higher than that of Q4, 2017 (N9.56 billion) and 16.5 percent higher than the value in Q1, 2017 (N8.9 billion).
Manufactured goods exports in Q1 2018 (N434.3 billion) saw significant growth by 684.1 percent over the previous quarter (N55.4 billion), and by 576.9 percent when compared to Q1, 2017 (N64.2 billion).
The value of Crude Oil exports recorded in Q1, 2018 (N3.6 billion) was 10 percent higher than the value in Q4, 2017 (N3.3 billion) and 50.7 percent higher than the value in Q1, 2017 (N2.4 billion).
Other oil products exports in Q1, 2018 (N535.8 billion) also grew steadily in the reviewing quarter, with a 10.5 percent growth from Q4, 2017 (N484.7 billion) and a 15.9 percent growth from the value recorded in Q1, 2017 (N462.1 billion).
The value of imported agricultural goods in the first quarter of 2018 (N184.5 billion) declined by 18.9 percent from Q4, 2017 (N227.5 billion) and by 5.9 percent from Q1, 2017 (N196.0 billion).
Raw materials imports in Q1 2018 (N284.8 billion) grew by 1.9 percent compared to Q4, 2017 (N279.4 billion) and by 9.9 percent compared to Q1, 2017 (N259.2 billion).
Solid minerals imports in Q1, 2018 (N12.6 billion) decreased by 17.3 percent on a quarter-to-quarter basis (N15.3 billion), however increased by 3.7 percent on a year-on-year basis (N12.2 billion).
Energy goods imports in Q1, 2018 (N32.4 million) recorded 76.5 percent lower than Q4 2017 (N138.1
million), and 205.3 percent higher than Q1, 2017 (N10.6 million).
The value of manufactured goods imported in Q1 2018 (N1.2 billion) declined by 1.7 percent over the previous quarter (N1.2 billion) but increased by 12.1 percent over the same quarter in 2017 (N1.1 billion).
The value of Other oil products imported in Q1, 2018 (N846.3 billion) was 122.7 percent higher than the value in Q4, 2017 (N380.0 billion) and 5.5 percent higher than Q1, 2017 (N802.1 billion).
