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Nigeria’s Foreign Trade Value Rises By 33.5% In 2017

The National Bureau of Statistics (NBS) has put Nigeria’s total foreign trade value for last year at N23,160.9 billion, representing an increase of 33.5% when compared to the N17,344.9 billion value of  trade recorded in 2016.

The Bureau, in its just published ‘Foreign Trade Statistics Report – Q4 2017’, disclosed that the trade value comprised total exports of N13,598.2 billion and total imports of N9, 562.7 billion during the year.

It reported further that the total trade recorded for Q4 2017 was N6.022.93 billion which represented a decline of 0.7% over the Q3 2017 and an increase of 13.9% over the same period last year.

On quarter by-quarter comparative basis, the official statistics producing and publishing agency, stated that total value of export at N3,910.6 billion in Q4 2017 grew by 9.35% over Q3 2017, and by 31.27% over Q4 2016. It added that for full year 2017, total exports of N13,598.2 billion was 59.47% higher than in 2016 with a value of N8,527.4 billion

Similarly, the NBS reported that Total Imports value at N2, 112.3 billion in Q4 2017 was 15.1% less than Q3 2017 value of N2,487.8 billion and 8.5% lower than Q4, 2016 value which stood at N2,307.6 billion.  This is even as it also reported that total imports for full year 2017 stood at N9, 562.7 billion which was 8.5% lower than the 2016 trade imports value of N8, 817.5 billion.

A further analysis of the report on external trade trend showed that agricultural goods exports grew in value by 54.9% in Q4 2017, rising to N44.7 billion in comparison to the preceding quarter’s value of N28.8 billion and by 170.9% in comparison to Q4 2016’s value of  N16.5 billion. For full year 2017, agriculture exports grew 180.7%, peaking at N170.4 billion and above the value of N60.7 billion it recorded in 2016

The NBS stated further: “Raw material exports in Q4 2017 (N37.8 billion) were 43.2% more in value than Q3,2017 (N26.4 billion) and 71.7% more than Q4, 2016 (N22.0 billion). For full year 2017, raw material exports grew 154.2% (N112.9 billion) above the N44.4 billion value in 2016.

“Solid minerals exports in Q4 2017 grew by 55.0% in value when compared to Q3 2017, and by 473.5% in value when compared to same period last year Q4 2016. For full year 2017, solid minerals exports grew 565% (N77.2 billion) above the value in 2016 (N11.6 billion).

“Manufactured goods exports in Q4, 2017 (N55.3 billion) were 28.1% more than the value attained in Q3, 2017 (N43.2 billion) but declined by 18.03% in comparison to Q4 2016 (N67.5 billion). For full year 2017, exports of manufactured goods grew 26.8% (N232.05 billion) above the value in 2016 (N182.9 billion).

“Crude Oil exports in Q4 2017 were 9.51% more than the value recorded in Q3 2017 and 34.2% higher than Q4, 2016 For full year 2017, crude oil exports grew 57.6% above the value in 2016.

“Other oil products exports increased by 0.45% over Q3 2017, and by 9.3% over the same period last year (Q4 2016). For full year 2017, exports of other oil products grew 57.75% above the value in 2016”, the NBS added.

On the import trade trend, the Bureau reported that imported agricultural goods for the year under review increased by 35.09% to N886.7 billion from N656.4 billion in 2016.

However, on quarter by quarter basis it decreased by 1.7 % in Q4 2017 at a total value of N227.4 billion compared to Q3 2017’s total value of N231.4 billion but increased by 15.9% when compared to Q4, 2016 which stood at N196.2 billion.

For full year 2017, imported raw materials increased by 19.3% to N1,128.3 billion from 945.7 billion in 2016 while at a value of N279.4 billion, it declined by 2.1% in Q4, 2017 compared to the N285.3 billion reported in Q3 and 2.7% lower than Q4 2016’s value which stood at N287.2 billion.

“Solid minerals imports grew by 5.19% in Q4 2017 (N15.2 billion) over the Q3, 2017 value (N14.5 billion), and 9.2% over Q4 2016 (N13.9 billion). For full year 2017, imported solid minerals increased by 372.2% to N235.1 billion from N49.7 billion in 2016.

“Energy goods imports grew significantly by 950% in Q4 2017 (N138.1 million), higher than Q3, 2017 value (N13.15 million), and 57176% over Q4 2016 (N0.24 million). For full year 2017, imported energy goods increased to N187.17 million from N8.07 million in 2016.

“Manufactured goods imports declined in Q4 2017 by 0.28% (N1,209.9 billion) in comparison to Q3 2017 (N1,213.3 billion), but grew by 10% in comparison to Q4 2016 (N1,099.5 billion). For full year 2017, imported manufactured products decreased by 0.06% to N4,642.4 billion from N4,645.1 billion in 2016.

“Other oil products imports were 48.86 % lower in value in Q4 2017 than Q3 2017, and 46.5% lower than the value recorded in Q4 2016. For full year 2017, other oil product imports increased by 5.93% over 2016”, the NBS added.

According to the agency, Nigeria’s trade balance for full year 2017 stood at N4,035.5 billion compared to a negative trade balance of -N290.1 billion in 2016.

For the quarter under review (Q4, 2017) the trade balance stood at a surplus of N1,798.31 billion compared to the surplus of N1,088.33 billion recorded in the preceding quarter and the surplus of N671.30 billion in the corresponding quarter last year.

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