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

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

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 report for the third quarter of 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 of 2016.

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

Providing further data, the statistical agency said that the N1.23 trillion trade balance exceeded the N506.5 billion recorded in the previous quarter.

The NBS said in the report that the country’s 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 also represented a 35 per cent increase over the amount posted in the corresponding period in 2016.

Raw materials export value, the report added, increased by 16.88 per cent in the third quarter of 2017 compared to raw materials exports in the second quarter of 2017 and 70.42 per cent higher than the third quarter of 2016.

In addition, the NBS report stated 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.

Total imports (goods) were 4.68 per cent lower than the N2.4 trillion recorded in the third quarter of 2016.

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, a 0.05 per cent increase over the N232.1 billion 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 was however 25.29 per cent higher than agriculture exports in the third quarter of 2016.

Manufactured goods exports, valued at N50.13 billion, were 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, were 4.08 per cent higher than the N1.1 trillion recorded in the second quarter of 2017 and 2.79 per cent lower than the value documented for the third quarter of 2016.

Other oil products exports valued at N474.9 billion in the third quarter were 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, representing an 18.40 per cent increase and 34.13 per cent hike over the N2.43 trillion recorded in Q2 2017 and the value posted in Q3 2016, respectively.

“Exports in the third quarter were still dominated by crude oil, with the commodity accounting for 83.17 per cent of total exports,” the report stated.

NBS in another report on banking sector data also revealed yesterday that the deposit money banks in the country extended a total of N15.83 trillion in credit to the private sector in the third quarter of 2017.

The NBS said in a report on select banking sector data for Q3 2017 that 213,693,964 transactions valued at N19.33 trillion were recorded in Q3 2017 on electronic payment channels in the Nigerian banking sector.

NIBSS Instant Payment (NIP) transactions dominated the volume of transactions recorded.

The report showed that 97,530,856 NIP transactions valued at N13.96 billion were recorded in the quarter under review.

In terms of credit to the private sector, of the N15.83 trillion extended by the banks, the oil and gas and manufacturing sectors got N3.54 trillion and N2.27 trillion, respectively during the third quarter, the report stated, while the total number of bank staff increased by 9.16 per cent from 75,607 in the second quarter of 2017 to 82,531 in the third quarter of 2017.