Nigeria’s manufactured goods export showed strong performance in the first quarter of 2019, recording a 511.19 percent increase in total value, the National Bureau of Statistics reported on Friday in its latest trade report.
The significant raise in the exports during the quarter was due to the re-export of Vessels and other floating structures during the quarter, amongst other high value re-exports, according to the NBS.
But the value of total exports in Q1, 2019 stood at N4.535 trillion, representing a 1.78 percent increase compared to the value recorded in Q4, 2018 but decreased by 3.90 percent when compared to the value recorded in Q1, 2018.
A breakdown of components of Q1 2019 export shows that the value of agricultural exports was 11.89 percent lower than in Q4, 2018 but 17.5percent higher than Q1 2018, while the value of raw material exports in Q1, 2019 was 10.67 percent lower than the value in Q4, 2018 but 11.57 percent higher than in Q1 2018.
Also, the value of Solid minerals exports increased by 16.88 percent
relative to Q4 2018 but decreased by 66.6 percent compared to the
corresponding quarter in 2018, while the exports of Energy goods
decreased in value by 1.3 percent compared to Q4, 2018, but increased
by 2.17percent when compared with Q1 2018.
“The value of Crude oil exports in Q1 2019 was 7.78% lower than in Q4 2018 and 5.67% lower than in Q1 2018. The value of other oil products exports decreased by 1.42% compared to Q4 2018, and 1.44% compared to Q1 2018”.
Similarly, the value of total imports increased to N3,703.7 billion, Out of which Machinery & transport equipment amounted to N1,505.9 billion (40.66 percent) of total imports, Manufactured goods accounted for N841.3 billion (22.72 percent) and Chemical and related products accounted for N403.4 billion (10.89 percent) of total imports during the period under review.
Other major imports were food and live animals which amounted to N353.0billion or 9.53%, and mineral fuel which amounted to N346.2billion or 9.35% during the period under review.
A breakdown of the import trade during the period shows that the value
of Raw material imports grew by 6.62 percent more than the value
recorded in Q4, 2018 and 20.76 percent more than the value recorded in
Q1 2018. While the value of Solid minerals imports was 1.26percent
more than the value of imports in Q4, 2018 and 35.90 percent higher
than the value recorded in Q1 2018.
The value of Energy goods imported was 20.28 percent lower than in Q4,
2018 and 0.94 percent lower compared with the corresponding quarter of
2018. The value of imported manufactured goods increased by 25.81
percent in Q1, 2019 against the value recorded in Q4, 2018 and rose by
130.7 percent against its value in Q1, 2018.
“The increase in value of imported manufactured goods was partly as a
result of the importation of hygienic/ pharmaceutical product for
humanitarian purposes during the quarter. The value of other oil
products imported was 58.4 percent lower than in Q4, 2018 and 72.71
percent lower than the corresponding quarter of 2018.
A study of the report shows that the trade balance remains positive at N831.6 billion in Q1 2019, boosted by increase in both exports and imports adding that the boost also helped total trade increase to N8,239.04 billion representing a 2.50 percent increase compared to Q4,2018 and 7.52 percent higher relative to the corresponding quarter in 2018.
According to the report, the major traded agricultural product for the period include; Sesame seeds (whether or not broken), fermented Nigerian cocoa beans, Superior quality raw cocoa beans, Cashew nuts (in shell), Frozen shrimps and prawns and Quality raw cocoa beans.
The major export trading partners identified in Q1 include; India, Spain, Netherland, South Africa, and France. While the import trading partners for the period include China, Swaziland, Unite States, India and Netherland.