Upsurge in Imports Tumbles Nigeria’s Trade Balance in Q3 by 67%
Upsurge in imports has tumbled Nigeria’s trade balance by 67 percent, to N681.3 bn in the third quarter of this year, according to a report published by the Nigeria Bureau of Statistics (NBS) .
The report showed that foreign trade rose by 30 percent, while total imports rose by 73 percent as against exports which recorded 7.8 percent in the third quarter.
According to the NBS report: “Nigeria’s external trade totalled N9.025 trillion during the third quarter of 2018.Compared to the value of N6.903 trillion recorded against the second quarter; a rise of N 2.12 trillion or 30.7 percent was indicated.
“The total export component of this trade was recorded N4.9 trillion, representing increase of 7.8 percent over Q2’18 and 35.7 percent over Q3’17.
“The import component stood at N4.2 trillion in Q3’18 showing 73.8 percent higher than Q2’18. This was due to importation of submersible drilling platforms in August which was quite expensive and of course occasional importation. In the same way, there was a rise of 67.7 percent when compared with the import value of the corresponding quarter in 2017.
“The huge increase in import value during the quarter, resulted into a decrease in the country’s trade balance from N2.10 trillion in Q2 to N681.3 billion in Q3 representing a decrease of 67.6 percent. The year to date (ytd) total trade amounted to N23.14 trillion.”
“Value of imported Agriculture products in Q3’18 was 0.1 percent lower than the value recorded in Q2 and 3.10 percent lower than Q3’17. Value of raw material imports was 11.67 percent more than Q2’18 and 2.19 percent higher than the value in Q3’17.
“Solid minerals imports in Q3’18 increased by 0.83 percent compared to Q2’18 and 20.2 percent more than Q3’17 while Energy goods import in Q3’18 was 90.4 percent lower than Q2’18 and compared to Q3’17, a decrease of 28.55 percent was recorded.
“Manufactured goods import value was 122.97 percent in Q3’18 more than in Q2, and 116.08 percent higher than the level recorded in Q3’17.
“Other oil products, import value was 41.03 percent more than Q2’18 and 36.9 percent more than Q3’17″
“ Nigeria’s imports amounted to N4.2 trillion in Q3’18 among which N1.9 trillion imports were machinery and transport equipment (46.5 percent of total import) and N1.02 trillion imports were mineral fuel while chemical and related products accounted for N388.3 billion or 9.3 percent of the total imports during the period under review.
“Other major contributors in this sector were food and live animals which accounted for N336.6 billion and manufactured goods which amounted to N290.1billion during the period under review. In the quarter, most imported products originated from Asia, Europe and America which contributed N2.19 trillion or 52.4 percent, N1.47 trillion or 35.2 percent and N351.6 billion or 8.4 percent of the total imports respectively.
“Nigeria’s imports by country of origin show that the Country imported goods worth N1.21 trillion or 29.1 percent from South Korea. This was an occasional import. As usual Nigeria consumed goods mainly from China, Netherlands, Belgium, and United States which respectively accounted for N591.4 billion or 14.17 percent, N483.2 billion or 11.58 percent, N291.7 billion or 6.99 percent and N224.2 billion or 5.37 percent.”
The NBS report on export showed: : “Agriculture goods export value in Q3’18 was 47.2 percent lower than Q2’18 and 57.18 percent higher than Q3’17 while raw material exports value increase by 1.63 percent in Q3’18 against the level in Q2, and 21.7 percent against Q3’17.
“Solid minerals exports value in Q3’18 decreased by 51.9 percent compared to Q2’18 and 37.1 percent against Q3’17 while energy goods, exports value in Q3’18 was 6.04 percent lower than Q2 and 31.4 percent higher than Q3’17.
“Manufactured goods exports were 5.9 percent lower than Q2’18 but 52.2 percent higher than Q3’17 while crude oil exports in Q3’18 was 10.03 percent more than the value recorded in Q2’18 and 39.5 percent higher than the value recorded in Q3’17. “Other oil products export in Q3’18 was 5.3 percent more in value than Q2’18 and 12.68 percent higher than Q3’17”.
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