Nigeria’s Merchandise Trade Hit N317bn in First Quarter of 2014

  According to figures released by the National Bureau of Statistics, Nigeria recorded an increase of N317bn in total external merchandise trade from N5.341tn in the second quarter of 2013 to N5.658tn in the third quarter. In the trade report released recently by the Statistician-General of the Federation and Chief Executive Officer, NBS, Dr. Yemi Kale, the bureau said the N317bn represented an increase of 5.9 per cent over what was recorded in the second quarter. The report stated that the increase was driven by a 30.4 per cent rise in the value of imports from N1.598tn in the second quarter of 2013, to N2.084tn in the third quarter. It said rising imports coupled with a 4.5 per cent decline in exports from N3.742tn in the second quarter of 2013 to N3.573tn in the third quarter, resulted in a trade balance of N1.488tn. The report said the crude oil component of the exports in the third quarter stood at N3.087tn, indicating an increase of N377.5bn, or 13.9 per cent, when compared with the second quarter of 2013. The report stated, “The total value of Nigeria’s imports amounted to N2.084tn in the third quarter of 2013. This was N486.5bn or 30.4 per cent higher than the N1.598tn recorded in the previous quarter of 2013, and 64.0 per cent or N813.5bn greater than the value of imports recorded in the third quarter of 2012. “The increase from the previous quarter can be largely attributed to a rise in the import value of beverages and tobacco, which increased by N208.9bn; machinery and transport equipment, which increased by N145.2bn or 54.4 per cent; and food and live animals, which increased by N51.5bn or 35.7 per cent.” The report stated that the second biggest source of imports was the United States, followed by the United Kingdom, Belgium and Netherlands, with N188.6bn, N120.8bn, N104.2bn and N101bn, respectively, in the third quarter. The report also showed that the Netherlands consumed the highest volume of Nigeria’s exports with N512.4.3bn; followed by India with N495.3bn; the United States with N278.5bn; Brazil with N273.1bn; and Spain with N262.1bn.