From Isaac Anumihe, Abuja
Nigerian Bureau of Statistics (NBS) yesterday said that the nation’s total value of trade declined from N4.36 trillion to N4,021.4 billion in the third quarter of this year. This, it said, is 7.8 per cent less than the value recorded in the preceding quarter.
This development, according to NBS, arose from a decrease of N320.6 billion or 12.1 per cent in the value of exports combined with a marginal decline of N17.4 billion or 1 per cent in the value of imports against the levels recorded in the preceding quarter.
“In comparison with the corresponding quarter of 2014, the value of the total merchandise trade decreased by N2.5 trillion or 38.3 per cent. This was as a result of a N132.4 billion or 7.3 per cent and N2.37 trillion or 50.3 per cent decline in imports and exports respectively relative to the corresponding quarter in 2014. Quarter-on -quarter, the sharp decline in exports and slight decrease in imports contributed to continued fall in the country’s trade balance by 32.0 per cent or N303.1 billion during the quarter,” NBS said. On the imports classified by Standard International Trade Classification and Country of Origin, the bureau said the value of Nigeria’s imports stood at N1.69 trillion at the end of Q3, 2015, a decrease of 1 per cent from the value (N1.71 trillion) recorded in the preceding quarter.
“Meanwhile, year-on-year analysis showed that the country’s imports decreased by N132.4 billion or 7.3 per cent. The structure of Nigeria’s imports by section was dominated by the imports of “boilers, machinery and appliances; parts thereof” which accounted for 24 per cent of the total value of imports in Q3, 2015.
Other commodities which contributed noticeably to the value of imports in the review period were “Mineral products” (15.3 per cent), “Vehicles, aircraft and parts thereof; vessels etc.” (8.8 per cent ), “Products of the chemical and allied industries” (8.6per cent ), and “Base metals and articles of base metals” (8.4per cent).
Imports classified by Broad Economic Category, revealed that “Industrial Supplies ”, ranked first with ₦470.3billion or 27.9 per cent of total imports. This was followed by “Capital Goods and parts” with the value of ₦398.7 billion or 23.6 per cent, and “Food and Beverage” with ₦322.8 billion or 19.1per cent. The value of Motor Spirit stood at ₦220.6 billion.
Nigeria’s imports by direction, showed that the Country imported goods mostly from China, United States, Belgium, Netherlands and India which respectively accounted for ₦459.4 billion or 27.2 per cent, ₦160.6 billion or 9.5 per cent, ₦128.3 billion or 7.6 per cent, ₦101.8 billion or 6.0 per cent and ₦ 97.4 billion or 5.8 per cent of the total value of goods imported during the quarter.
Source : SunOnline