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Nigeria’s goods exports rise by 20% to N4.69tn in Q1— NBS

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The total value of goods exports from Nigeria to foreign countries rose in the first quarter of 2018 to N4.69 trillion, causing a strong growth in the total value of commodities traded, the latest report by the National Bureau of Statistics (NBS) has shown.

The report titled “Foreign Trade in Goods Statistics”, released on Wednesday on the Bureau website, indicated that the value of goods exports rose by 20.02% in Q4, 2017 and 56.01% in the same period in 2017.

Manufacturing goods exports increased significantly by 684.11% from N55.38 billion recorded in previous quarter to N434.37 billion, while agricultural goods was N73.24 billion in Q1, 2018 up from N44.70 billion recorded in the preceding quarter.

Crude Oil exports rose by 10%, while raw materials exports value decreased by 13.62% in the review period

Total imports value was N2.52 trillion in Q1, 2018, rising by 19.22% over N2.11 trillion recorded in Q4 2017 and 8.04% higher than N2.33 trillion worth of imported goods in Q1 2017.

Value of imported agricultural, solid minerals, energy and manufactured goods dropped in Q1, 2018 by 18.90%, 17.27%, 76.51% and 1.65% from Q4, 2017, while raw materials and other oil products imported grew by 1.93% and 122.70% in the review period from previous quarter.

Meanwhile, the total value of commodities traded between Nigeria and other countries was N7.21 trillion in the first quarter of 2018, which was a 19.74% growth from N6.02 trillion recorded in Q4 2017 and a 35.07% when compared to N5.34 trillion in the same period in 2017.

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According to the statistics bureau, the strong growth of 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 trillion, 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 report read.

The NBS stated that the review quarter was the first quarter in two years that the trade balance exceeded N2 trillion.

Netherlands was Nigeria’s major export trading partner in the review quarter with 20.5% share of the quarter export trade, while India, Spain, The United States, France followed with 18.2%, 8.3%, 8.2%, 6.3%, respectively.

On the other hand, China, Netherlands, Belgium, The United States and India were the five major import trading partners with share to Q1, 2018 import trade of 21.1%, 12.1%, 10.6%, 6.5%, 6.3% respectively.

 

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