Nigeria’s Trade Balance Hits N1.2tn as Imports Decrease by 10.51%

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Nigeria’s trade balance peaked at N1.23 trillion in the third quarter of 2017, indicating the highest figure posted since 2014, the National Bureau of Statistics (NBS) has said.

In its “Foreign Trade Statistics for the Third Quarter 2017,’’ the NBS also disclosed that  total imports value of N2.234 trillion posted in the third quarter of 2017 represented a 10.51 per cent decline over the second quarter, and 4.68 per cent lower than the third quarter 2016. 

According to the NBS, the positive trade balance was attributable to a persistent increase in exports and a decline in imports.

The report noted that the N1.23 trillion trade balance exceeded the N506.5 billion recorded in the previous quarter.

The NBS stated that Nigeria’s total exports in the third quarter of 2017 stood at N3.57 trillion, marking a 13.19 per cent increase over the  figure recorded in the second quarter.
It added that the N3.57 trillion in the third quarter of 2017 represented a 35 per cent increase over the amount posted in the corresponding period of 2016. 

Raw material exports value, the report added, increased by 16.88 per cent in the third quarter of 2017 compared to the level in the second quarter of 2017 and 70.42 per cent higher than the third quarter of 2016.
The NBS' report stressed that the value of solid minerals exports increased by 85.3 per cent in the period under review compared to the second quarter of 2017 and was 78.72 per cent higher than the third quarter of 2016.
It also showed that the value of Nigeria’s total imports in goods decreased by 10.51 per cent in the third quarter of 2017 from the N2.6 trillion recorded in the second quarter of 2017 to N2.3 trillion.
The total imports (goods) was 4.68 per cent lower than the N2.4 trillion recorded in the third quarter of 2016.
The aggregate trade for the third quarter  stood at N5.93 trillion, showing a 3.94 per cent and 23.86 per cent rise over the value posted in the second quarter of 2017 and the third quarter of 2016 respectively.
Also, the value of imported agricultural goods stood at N232.2 billion, 0.05 per cent increase above the N232.1 recorded in the second quarter of 2017 and 16.91 per cent higher than the value recorded in Q3 2016.
The value of exported agricultural goods stood at N21.47 billion, indicating a 38.43 per decrease over the N29.71 billion recorded in the second quarter of 2017.


It is however 25.29 per cent higher than the value for the third quarter of 2016.
Manufactured goods exports, valued at N50.13 billion, was 62.68 per cent lower than the N1.24 trillion recorded in Q2, 2017, but 22.98 per cent higher than the value recorded in Q3 2016.

Manufactured goods imports in the third quarter of 2017, valued at N1.2 trillion was 4.08 per cent higher than the N1.1 trillion recorded in Quarter two and 2.79 per cent lower than the value documented for the third quarter of 2016.

Other oil products exports valued at N474.9billion in quarter three was 13.53 per cent lower than the N539 billion recorded in the second quarter of 2017 and 37.22 per cent higher than the value recorded in the third quarter of 2016.

Crude Oil exports in Q3 2017 stood at N2.9 trillion, making it 18.40 per cent and 34.13 per cent higher than the N2.43 trillion recorded in Q2 2017 and the value recorded in Q3 2016 respectively.
“Exports in the third quarter were still oil dependent. Crude oil exports were recorded N2,971.94 billion in the third quarter and it remained the majority of total exports constituting 83.17 per cent," the report stated.

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