Nigeria S Trade Rose By 2 5 Percent To N8 24tn In The First Quarter Of The Year

The National Bureau of Statistics on Friday released the country’ s merchandise trade report with trade rising by 2. 5 percent from N 8. 04tn in the fourth quarter of last year to N 8. 24tn in the first quarter of this year
The NBS said this in the report which was obtained by our correspondent.
Giving a break

down of the N 8. The 24tn figure, the report stated that the country recorded total export of N 4. 53tn while import trade was put at N 3. 7tn.

The development, according to the report, resulted in a positive trade balance of N 831. 6bn during the first quarter.
The report reads in part, “ In the first quarter of 2019, Nigeria ’ s total exports were recorded at N 4. 53tn, which represents a
1. 78 percent rise compared to the fourth quarter of 2018 but a 3. 9 percent fall compared to the first quarter of 2018.
“Similarly, the value of total imports increased to N 3. 7tn representing an increase of 3. 39 percent relative to Q 4 2018 and 29. 84 percent compared with Q 1 2018.
“ The trade balance remained positive at N 831. 6bn in Q 1 2019, boosted by an increase in both exports and imports.
“ The boost also helped total trade increase to N 8, 239. 04 billion.
“ This figure is 2. 50 percent higher compared to Q 4, 2018 and 7. 52 percent higher relative to the corresponding quarter in 2018. ”
The report stated that the country’ s exports trade was dominated by crude oil exports, which contributed N 3. 37tn or 74. 45 percent to the value of total exports in the first quarter.
Further analysis of the report showed that Nigeria exported mainly mineral products which amounted to 87. 1 let cent of the total value of exports.
This was followed by vehicles, aircraft, and parts; prepared foodstuffs, beverages, spirits; and vegetable products which
respectively accounted for N 418bn or 9. 22 percent, N 55. 4bn or 1. 2 percent and N 49. 0bn or 1. 1 percent of the total export.
During the first quarter, the NBS report stated that Nigeria ’ s exports to Europe, Asia, and Africa amounted to N 1. 83tn.
This is about 40. 43 percent of total exports.
Furthermore, the report stated that Nigeria exported goods worth N 405. 8bn or 8. 95 percent to the Americas and N 34. 5bn or 0. 76 percent to Oceania.
Within Africa, it said that Nigeria exported goods valued at N 300bn to ECOWAS member states.
This is about 32. 08 percent of total merchandise exports to Africa.
By country of destination, it added that Nigeria exported goods mainly to India, Spain, Netherlands, South Africa, and France, valued at N 745. 0bn, N 487. 1bn, N 405. 4bn, N 325. 5bn and N 302. 3bn respectively.