Dr. Yemi Kale, CEO of the National Bureau of Statistics
Lagos, Nigeria – Nigeria recorded a 4.8% increase in external merchandise trade in the second quarter of this year, representing 242.3 billion naira, according to the country’s National Bureau of Statistics (NBS).
NBS said in its trade statistics report, quoted by the local Punch newspaper Monday, that the trade figures rose from 5.09 trillion naira in the first quarter to 5.34 trillion in the second quarter (US$1=160 naira).
It said an increase of 290.8 billion naira or 8.4 per cent in the value of exports, from 3.45 trillion naira in the first quarter to 3.74 trillion naira in the second quarter, was responsible for the rise.
“The total value of Nigeria’s external merchandise trade amounted to 5.341 trillion naira in the second quarter 2013, an increase of 242.3 billion naira or 4.8 per cent from 5.098 trillion naira recorded in the previous quarter.
“This change resulted from an increase in the value of exports from 3.452 trillion naira in the first quarter of 2013 to 3.742 trillion naira in the second quarter (an increase of 290.8 billion naira or 8.4 per cent), and a 2.9 per cent decline in the value of imports from 1.646 trillion naira in the first quarter of 2013 to 1.598 trillion naira in the second quarter.
“Furthermore, the increase in exports and decrease in imports resulted in a favourable trade balance of 2.144 trillion naira in the second quarter, an increase of 339.3 billion naira or 18.8 per cent from levels recorded in the first quarter of 2013,” NBS said.
It put the crude oil component of the total trade at 2.709 trillion naira, indicating a decrease of 321.2 billion naira or 10.6 per cent when compared with the previous quarter. The crude oil component also recorded a 23.6 per cent decline in the year-on-year analysis.
Giving reasons for the decline in imports, NBS said: “The decline of imports in the second quarter of 2013, relative to the first quarter of the year, resulted from the decline of some products such as crude inedible materials, which accounted for 12.2 billion naira or 0.8 per cent, of total imports, oil and fats at 1.2 billion naira or 0.1 per cent, mineral fuels at 14.2 billion naira or 0.9 per cent; and beverages and tobacco with 6.7 billion naira or 0.4 per cent of total imports.”
Concerning exports, the Bureau revealed that mineral products contributed 3.122 trillion naira or 83.4 per cent of the total. This was followed by plastic, rubber and parts, with 196.5 billion naira or 5.2 per cent; and prepared foodstuff, beverages, spirit vinegar and tobacco were recorded at 98.2 billion naira or 2.6 per cent.
According to NBS, exports to various continents indicated that Europe ranked first with 1.410 trillion naira or 37.7 per cent of total exports, followed by the Americas with 971 billion naira or 25.9 per cent, and Asia with 734.6 billion naira or 19.6 per cent.
Africa accounted for 503.8 billion naira or 13.5 per cent of total exports, while the ECOWAS region contributed 218.5 billion naira or 43.4 per cent of exports to the region.