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Merchandise Trade Rises by N662bn to N4.72tn



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  • Merchandise Trade Rises by N662bn to N4.72tn

The National Bureau of Statistics on Thursday said the country’s total value of merchandise trade in the third quarter rose by N661.5bn or 16.3 per cent to N4.72tn.

In the trade report made available to our correspondent, the NBS attributed the rise to improvement in both import and export trades.

For instance, it said exports rose by N520.8bn or 29.1 per cent to N2.3tn in the third quarter, while imports rose by N140.7bn or 6.2 per cent to N2.41tn.

The report stated that despite the improvement in trade, the rise in exports in the third quarter only helped to reduce the existing trade deficit balance from a deficit of N484.23bn in the second quarter to a deficit of N104.14bn.

The NBS said the structure of the country’s export trade was still dominated by crude oil exports, which accounted for N1.94tn or 84.2 per cent of the total domestic export trade.

It said the highest export products for the country so far this year were mineral products, which accounted for 2.24tn or 97.3 per cent.

The report read in part, “Nigeria’s import trade by direction showed that the country imported goods mostly from China, with an import value of 478.7bn or 19.8 per cent of total imports.

“This was followed by Belgium at 331.3bn or 13.7 per cent; Netherlands, with 299.7bn or 12.4 per cent; the United States, with 165.5bn or 6.9 per cent; and India, with 121.3bn or five per cent of total imports.”

It stated that imports by economic region revealed that the country consumed goods largely from Europe, with import value of 1.15tn or 48 per cent.

India, according to the report, remained Nigeria’s major trade partner in the quarter under review, accounting for 25.4 per cent of total exports, while the United States and France contributed 17.9 per cent and 10.7 per cent, respectively.

China is the country’s largest import destination, representing 27.2 per cent of total imports for the period.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.