By Yemisi Izuora-Lagos
The National Bureau of Statistics (NBS) has disclosed that Nigeria recorded a decline of about 5.4 percent in the total value of trade in the third quarter of 2014 as a result in the fall in the value of import and export.
NBS in the third quarter trade report in Abuja, it said that the total value of merchandise trade in The third quarters of 2014 stood at N6,299.7 billion, adding that this figure indicates a decline of N359.6 billion over the value of N6,659.4 billion recorded in the previous quarter of 2014.
The bureau said that the decrease was a result of fall in the value of exports and imports in the Third Quarter relative to the Second Quarter; adding that while exports declined by N202.7billion or 4.3% to N4,479.5 billion, imports declined by N157.0billion or 7.9% to N1,820.3 billion, leaving the balance of trade standing at N2,659.2 billion.
The report said further that the value of Crude oil exports stood at N2,931.0 billion, constituting 65.4% of the export total, while the non-crude oil export value of N1,548.5billion made up the remaining 34.6%.
It however said that Total trade grew by N641.6billion or 11.3% relative to the N5,658.2 billion recorded in the corresponding quarter of 2013. The year to date total merchandise trade amounted to N18,474.1 billion.
While classifying import by Standard International Trade Classification and Country of Origin, the 15 paged report said “Nigeria’s imports amounted to a value of N1,820.3 billion in third quarter of 2014, representing a decrease of N157.0 billion or 7.9% over the N1,977.2 recorded in the previous quarter.
“In comparison with the N2,0948 billion of imports recorded in Third Quarter of 2013, the 2014 value revealed a decrease of N264.5billion or 12.7%. The year to date total imports amounted to a value of N5,343.0 billion, a marginal increase of N13.2 billion or 0.2% from levels recorded in the corresponding period in 2013.
“Classified by SITC, the quarter-on-quarter decrease in the value of imports was primarily driven by a fall in the value of Mineral fuel imports of N100.1billion or 27.2% from the N368.6 billion recorded in Q2 of 2013 to N268.4 recorded in quarter three.
“However, significant declines were also recorded in Machinery and transport Equipment, declining by N44.2 billion or 6.8% to a value of N606.4 billion in quarter three and Chemicals and Related Products, which declined by N39.5billion or 14.6% to an export value of N231.8 billion in Quarter Three.
“Classified by Section, Boilers, Machinery and Appliances accounted for the largest share of imports with a value of N426.8billion or 23.4% of the quarter three total. Sections of Mineral Products and Vehicles and Aircraft and Parts ranked second and third with N278.4billion or 15.3% of the total and N185.9billion or 10.2% of the quarter three total respectively.
“Analysis at the product level showed that Motor Spirit recorded the greatest value of imports, contributing N227.8billion or 12.5% of the total imports for Q3, 2014.
“Third quarter imports classified by Broad Economic Category showed that Industrial Supplies accounted for the greatest value of imports, at N510.2billion or 28.0% of total imports, followed by Capital goods at N378.9billion or 20.8% of the total, and Food and beverages at N323.8billion or 17.8% of the total”.
The report also revealed that Asian countries contributed the highest import value of N779.9billion or 42.8% of the third quarter import total, followed by Europe with N676.9billion or 37.2% of the total, The Americas with N266.1billion or 14.6% of the total and Africa with N78.9billion or 4.3% of the total while Africa and ECOWAS countries contributed N15.5billion or 19.7% of the continent’s total.
China, United States, Belgium, India and Netherlands took the first five positions in terms of the greatest import values with N429.1billion or 23.6% of the total, N183.3billion or 10.1% of the total, N148.4billion or 8.2% of the total, N106.5billion or5.9% of the total and N94.1billion or 5.2% of the total respectively.
The report also revealed that the value of Nigeria’s export trade within the third quarter of 2014 stood at N4, 479.5billion, a decline of about N202.7 Billion when compared with N4,682.2billion recorded in Q2 of 2014, but an increase an increase of N906.1billion or 25.4% from the recorded value of N3,573.4 billion over the corresponding period in 2013.
It said further that The year to date export trade totaled N13,131.1 billion, a N2,362.7 billion or 21.9% increase relative to last year, with Mineral products contributing the greatest value of N4,340.4 billion or 96.9% of the total.
“At the product level, aside from Crude oil, Liquefied Natural Gas contributed significantly to the total export value in the third quarter of 2014, with N284.7billion or 6.4% of the total export value recorded in the quarter.
“By Region of Destination, Europe recorded the greatest value of exports with N 1,742.1billion or 38.9% of the total. This was followed by Asia, Africa and The Americas with N1,416.3 or 31.6% of the total, N672.1 billion or 15.0% of the total and N474.3 billion or 10.6% of the total respectively. ECOWAS contributed N376.0billion or 55.9% of total exports to the African continent.
“Exports ranked by Country of destination showed that India took the first place with an export value of N685.0billion or 15.3% of the third quarter total. Spain ranked second with N393.3billion or 8.8% of the total, followed by Netherlands with N374.2 billion or 8.4% of the total, Brazil with N238.6billion 5.3% of the total and South Africa N233.7billion or 5.2% of the total for Q3 of 2014.”