The value of Nigeria’s total trade in the second quarter of 2019 stood at N8,603.4 billion comprising 46.6% imports (N4,007.4billion) and 53.4% exports (N4,596.2billion). This is 4.4% higher when compared to Q1 2019, but 24.2% higher when compared with Q2, 2018.
The trade balance remained favourable, valued at N588.8billion. Combined with the Q1 2019 performance, however, the trade balance declined by 63.14% relative to the same period in 2018, while the value of total trade was 15.43% higher at half year 2019 than for the same period in 2018. This performance was largely as a result of stronger growth in the value of imports far outpacing growth in the value of exports which rose only marginally. The value of total exports has remained relatively stable since 2018, but the value of imports has maintained its steady rise, hence the decline in trade balance since mid-2018.
READ ALSO: Mr Bigg’s scales up for bigger experience
According to the Nigerian Bureau of Statistics, the slower growth in exports could be attributed to a combination of slower growth in the value of crude oil exports occurring at the same time as a decline in the value of non-crude oil exports. In Q2, 2019 crude oil remained the major export as it accounted for 85.6% (N3,934.6 billion) of total exports while non-crude oil exports contributed 14.37% (N661.6billion). On a year on year basis, the value of crude oil exports was 4.4% higher in Q2 2019 than in Q2 2018, and 16.52% higher than in Q1 2019.
At half year 2019, the value of crude oil exports declined only slightly by -0.5% relative to half year 2018. On the other hand, the value of non-crude oil exports declined by almost 3% as at half year 2019, by 10% relative to Q2 2018 and by 43% relative to Q1 2019. Nevertheless, excluding all oil-related commodity exports, the value of non-oil exports rose by 4.1% in Q2 2019 relative to Q2 2018, and by almost 5% at half year 2019 relative to the same period in 2018.
READ ALSO: Zenith, GTB in talks with NLNG for $10bn expansion loan
Nigeria’s imports stood at N4,007.4 billion in Q2, 2019 representing an increase of 8.20% over the value in Q1, 2019. This also represented 65.21% over the corresponding quarter of 2018. The major product imported during the quarter was Machinery and transport equipment valued at N1, 674.4 billion, or 41.78% of total imports. Other major imports during the quarter were mineral fuels (N909.7 billion or 22.79% of total imports) and Chemical & related products (N428.2 billion or 10.7%).
During the quarter, Nigeria imported goods mainly from Asia, valued at N1,777.8 billion or 44.36% of total imports. Other imports originated from Europe (valued at N1,422.9 billion or 35.51%), Americas (N544.3billion or 13.58%), Africa (N241.7 billion or 6.03%) and Oceania (N20.7billion or 0.52%). Within Africa, import trade with ECOWAS was valued at N146.1 billion, or 60% of total imports from Africa.
By country of origin, Nigeria imported goods worth N1,020.6 billion (or 25.47% of total imports) from China, and N422.1 billion worth of goods (or 10.53%) from the United States. Other major trading partners were the Netherlands, India and Belgium which respectively accounted for imports valued at N374.1 billion (or 9.33%), N299.8 billion (or 7.48%) and N248.9 billion (or 6.21%).
