Nigeria’s total external merchandise trade amounted to N5,658.2 billion during the Third Quarter of 2013.
This represents an increase of 5.9% from N5, 341.1 billion recorded in the Second Quarter of 2013.
Data released by the National Bureau of Statistics stated that the increase was driven by a 30.4% rise in the value of imports from N1,598.2 billion in the Second Quarter of 2013, to N2,084.8 billion in the Third Quarter of 2013.
Rising imports coupled with a 4.5% decline in exports from N3,742.9 billion in the Second Quarter 2013, to N3,573.4 billion in the Third Quarter, resulted in a trade balance of N1,488.6 billion, 30.6% lower than that recorded for the Second Quarter.
In comparison to the corresponding quarter of 2012, total merchandise trade in the Third Quarter of 2013 declined by 21.2% from N7,179.4 billion recorded in the previous year.
This is largely attributable to a 39.5% lower value of exports year-on-year. Imports on the other hand, were 64.0% higher compared to the corresponding period. Consequently, the trade balance was 67.9% lower in the Third Quarter of 2013 relative to the corresponding period in 2012. Year to date, total merchandise trade
stood at N16, 098.2 billion, down by 22.9% from the N20,885.4 billion cumulative total recorded through the third quarter of 2012.
The crude oil component of exports in the Third Quarter of 2013 stood at N3,087.0 billion, an increase of N377.5 billion, or 13.9% when compared with the Second Quarter of 2013. In contrast, the non-crude oil component of exports exhibited a sharp decline of 52.9%, from N 1,033.5 billion recorded in the Second Quarter to N486.4 billion in Third. Year-on-year, crude oil and non-crude oil exports were down by 25.9% and 72.1% respectively.
The total value of Nigeria’s imports amounted to N2,084.8 billion in the Third quarter of 2013.
This was N486.5 billion or 30.4% higher than N 1,598.2 billion recorded in the previous quarter of 2013, and 64.0% or N813.5 billion greater than the value of imports recorded in the Third Quarter of 2012.
The increase from the previous quarter can be largely attributed to a rise in the import value of the following Sections1; Beverages and Tobacco, which increased by N208.9 billion or 3138.7%, Machinery and Transport Equipment, which increased by N145.2billion or 54.4%, and Food and Live Animals, which increased by N51.5billion or 35.7%.
The year to date, the value imports stood at N 5, 329.8 billion, 23.0% greater than the N4,332.0 billion cumulative total through the first three quarters of 2012
Analysis of import composition by Broad Economic Categories (BEC) revealed that in the Third quarter of 2013, the largest contributor to the value of imports were Industrial Supplies at N494.2 billion or 23.7% of total imports, Goods Not Elsewhere Specified at N474.0 billion or 22.3 % and Capital Goods, which totalled N299.0 billion or 14.3%.
Analysis by HS Section revealed that the largest share of imports was contributed by Boilers, Machinery and Appliances with N422.6 billion or 20.3% of total imports in the third quarter of 2013.
Other significant sections contributing to the import bill during the period included; Prepared Foodstuffs, Beverages, Spirits and Vinegar at N355.6 billion or 17.1% of total imports, Mineral Products at N325.0 billion or 15.6% of total imports and Vehicles, Aircraft and Associated Parts with N238.8 billion or 11.5% of total imports.
Analysis of the Nigeria’s imports by the direction of trade shows that the greatest source of imports into Nigeria was from China, with an import value of N378.3 billion entering Nigeria in the Third Quarter of 2013. The second greatest source of imports was the United States, followed by the United Kingdom, Belgium and Netherlands, with N188.6 billion, N120.8 billion, N104.2 billion and N101.0 billion respectively, imported to Nigeria from each country within the third quarter.
Analysis of imports by continent of origin (See Table 4, Appendix) revealed that Europe ranked highest, with N694.6 billion or 33.3% of Nigeria’s imports coming fro m the region in the Third Quarter of 2013.
This was followed by Asia with N678.8 billion, Africa with N392.3 billion and The Americas with N307.0 billion, representing 32.6%, 18.8% and 14.7% of total imports respectively. Third quarter imports from ECOWAS countries stood at a lesser N8.7 billion or 2.2% of total imports from the African continent.
The total value of Nigeria’s exports stood at N3,573.4 billion in the Third Quarter of 2013. This compared with N3,742.9 billion recorded in the Second Quarter of 2013, indicates a decline by N169.5 billion or 4.5%.
Comparing the Third Quarter 2013 export values with those of the same quarter in 2012, also indicates a decrease in exports by N2, 334.8 billion or 39.5%.
Through the Third Quarter of 2013, the total year to date value of exports amounted to N10, 768.4 billion, 34.9% less than the cumulative total through the third quarter of 2012 valued at N16,553.4 billion.
Analysis by HS section indicates that Mineral Products dominate Nigerian exports, with a contribution of N3, 170.5 billion or 88.7% of total exports in the Third Quarter of 2013. This is followed by Vegetable Products with N96.8
billion or 2.7%, Prepared Foodstuff, Beverages, Spirits and Vinegar with N79.9 billion or 2.2% and Vehicles, Aircraft and Parts Thereof, with N56.2 or 1.6%
Classifying Nigeria’s exports by the country of destination shows that in the Third Quarter of 2013, Netherlands consumed the highest volume of Nigeria ’s exports with N512.4.3 billion imported, followed by the India with N495.3 billion, United States with N278.5 billion, Brazil with N273.1 billion and Spain with N262.1 billion.
Exports classified by continent showed that Europe consumed the highest volume of Nigerian exports in the third quarter of 2013, with N1,594.5 or 44.6% of total exports, followed by Asia with N686.4 billion or 19.2% of total exports, The Americas with N680.6 billion or 19.0% of total exports and Africa with N545.0 billion or 15.3% of total exports. Within the African region, exports to ECOWAS countries contributed N192.3 billion or 35.3% of total exports to the region.
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