Nigeria’s Q1 Trade Value Hits N7.21trn
The total value of Nigeria’s merchandise trade was N7,211.61 billion in the first quarter(Q1) of 2018, which was a 19.74% growth from the figure recorded in Q4, 2017 (N6,022.93 billion) and a 35.07% growth from Q1, 2017 (N5,339.24 billion).
The development is contained in the report just released by the National Bureau of Statistics(NBS) and made available to Economic Confidential in Abuja.
The strong growth of total trade in the reviewing quarter was mainly driven by the strong increase in export.
The trade balance in Q1, 2018 was a surplus of N2,175.08 billion, which is a 20.95% increase from figure in Q4, 2017 (N1,798.30) and a 221.08% increase from the figure in Q1, 2017 (N677.42 billion).
The quarter under review is the first quarter in two years that the trade balance exceeded N2,000 billion.
The report notes that total Imports value was N2, 518.26 billion in Q1, 2018, 19.22% higher than Q4, 2017 (N2,112.31 billion) and 8.04% higher than Q1, 2017 (N2,330.91 billion).
The value of imported agricultural goods in the first quarter of 2018 (N184.49 billion) declined by 18.90% from Q4, 2017 (N227.49 billion) and by 5.87% from Q1, 2017 (N196.0 billion).
Raw materials imports in Q1 2018 (N284.81 billion) grew by 1.93% compared to Q4, 2017 (N279.41 billion) and by 9.89% compared to Q1, 2017 (N259.17 billion).
Solid minerals imports in Q1, 2018 (N12.62 billion) decreased by 17.27% on a quarter-to-quarter basis (N15.26 billion), however increased by 3.67% on a year-to-year basis (N12.17 billion).
Energy goods imports in Q1, 2018 (N32.4 million) recorded 76.51% lower than Q4 2017 (N138.1 million), and 205.28% higher than Q1, 2017 (N10.6 million).
The value of manufactured goods imported in Q1 2018 (N1,189.97 billion) declined by 1.65% over the previous quarter (N1,209.96 billion) but increased by 12.11% over the same quarter in 2017 (N1,061.42 billion).
The value of Other oil products imported in Q1,2018 (N846.31 billion) was 122.70% higher than then value in Q4, 2017 (N380.03 billion) and 5.51% higher than Q1, 2017 (N802.11 billion)
Total export value amounted to ₦ 4,693.34 billion in Q1, 2018, representing a significant growth of 20.02% over Q4, 2017 (N3,910.62 billion) and 56.01% over Q1, 2017 (N3,008.33 billion).
Also the export value for Agricultural goods in Q1, 2018 (N73.24 billion) was 63.84% higher than the value in Q4, 2017 (N44.70 billion) and 24.01% higher than the value recorded in Q1, 2017 (N59.06 billion).
Raw material exports value decreased by 13.62% in Q1, 2018 (N32.70 billion) compared to Q4, 2017 (N37.85 billion) but increased by 47.71% compared to Q1, 2017 (N22.13 billion).
Solid Minerals exports value in Q1 2018 (N26.92 billion) recorded a 12.96% quarter on quarter growth (N23.83 billion), and a 58.50% year on year growth rate compared to Q1, 2017 (N16.98 billion).
The value of Energy goods exported in Q1, 2018 (N10.39 billion) was 8.8% higher than that of Q4, 2017 (N9.55 billion) and 16.5% higher than the value in Q1, 2017 (N8.92 billion).
Manufactured goods exports in Q1 2018 (N434.37 billion) saw significant growth by 684.11% over the previous quarter (N55.39 billion), and by 576.90% when compared to Q1, 2017 (N64.17 billion).
The value of Crude Oil exports recorded in Q1, 2018 (N3,580.01 billion) was 10% higher than the value in Q4, 2017 (N3,251.61 billion) and 50.74% higher than the value in Q1, 2017 (N2,374.94 billion).
Other oil products exports in Q1, 2018 (N535.8 billion) also grew steadily in the reviewing quarter, with a 10.53% growth from Q4, 2017 (N484.65 billion) and a 15.92% growth from the value recorded in Q1, 2017 (N462.10 billion).