Imported Agric Products Rose by 33% in Q3 – NBS

AgribusinessU.K. Wheat Harvest Using New Holland Agriculture Farming Machinery. Matthew Lloyd
  • Imported Agric Products Rose by 33% in Q3

The volume of imported agricultural products rose by 33 percent in the third quarter of the year (Q3 2016), the National Bureau of Statistics (NBS) stated Monday.

It added that raw materials imports grew 60 percent above the level in Q2While imported solid minerals grew 68.5 percent compared to the previous quarter.

The statistical agency further stated in its 3rd Quarter 2016 External Trade News: Trade Intensity Index/Re-Exports Analysis, which was released yesterday that the value of exported agricultural products rose by 5.30 percent relative to Q2., while imported raw materials was 32.05 percent higher in value than the previous quarter.

Essentially, the report serves to complements the quarterly trade reports- particularly the Q3 foreign trade statistics released recently, by providing a clearer analysis of sectoral classification of imports and exports at a more aggregated level, without crude oil and oil products which tend to distort and disguise other trade patterns due to their size.

In the new analysis by the NBS, wood fuels are separated from mineral fuel which was classed in the same category with crude oil and other oil products.

It further enhances the regular trade report by deepening trade analysis by introducing the concept of re-exports and trade intensity, according to the NBS.

Nevertheless, other oil products grew by 43.3 percent in the period under review compared to Q2 estimates while solid minerals exports grew by 220.96 percent.

The NBS said the value of manufactured products exports was also 21.86 percent more than the record in Q2 while crude oil exports rose 30.86 percent in Q3.

Nigeria’s external trade totaled N 4.72 trillion in Q3 and consisted of exports worth N2.30 trillion and imports valued at N2.41 trillion, indicating a slight negative trade balance of N104 billion.

Crude oil exports accounted for N1.94 trillion or 4.2 percent of total trade.

According to the NBS:”The Country’s import intensities were also high with India (2.57, 2.49 and 1.28) and the Netherlands (4.38, 2.57 and 1.04) during the same months. However, the import intensity of Nigeria with United States and Spain were lower, with indices less than one other than for Spain in August. This is possibly a result of the mix of products imported from these countries, which may have been affected more by the CBN import regulations.”

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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