Nigeria Records Trade Surplus In Third Quarter, Foreign Trade Up 6.8%, Imports Drop
LAGOS DECEMBER 14TH (NEWSRANGERS)– Nigeria’s foreign trade in the third quarter of 2019 recorded an impressive growth with exports outpacing imports, a sign the current policies of the present administration maybe going in the right direction.
According to data released by the National Bureau of Statistics Friday, total trade grew by 6.8% in Q3, 2019 compared to Q2, 2019 and 1.33% relative to Q3, 2018.
The value of total imports decreased 2.70% in Q3 2019 compared to Q2, 2019, and 7.47% relative to the corresponding quarter of 2018.
In Q3, 2019, the value of imported agricultural products was 4.01% lower than in Q2, 2019, but 7.21% higher than Q3, 2018.
The value of raw material imports decreased 4.64% in Q3, 2019 relative to Q2, 2019 but increased 16.81% when compared to Q3 2018.
The value of solid minerals imports was 31.73% lower than the value of in Q2, 2019 but 7.05% higher than the value recorded in Q3 2018.
The value of energy goods imports increased by 243.92% in Q3, 2019 and 286.91% relative to Q3, 2018 due to increased import of other wood charcoal, electrical energy and Charcoal of bamboo.
The value of imported manufactured goods grew by 12.46% in Q3, 2019 against the value recorded in Q2, 2019 but decreased by 3.48% when compared to Q3, 2018.
The value of Other oil products imported decreased by 41.85% in Q3, 2019 against the level recorded in Q2, 2019 and 54.59% when compared to Q3, 2018.
Exports
The value of total exports in Q3, 2019 increased by 15.02% compared to the level recorded in Q2, 2019 and 8.97% when compared with its value in Q3, 2018.
The value of agricultural exports decreased by 42.69% in Q3 2019 relative to Q2, 2019 and 7.30% when compared to Q3, 2018.
The value of raw material goods exports in Q3, 2019 decreased by 5.74% in Q3, 2019 against Q2, 2019 and 8.84% against Q3 2018.
The value of solid minerals exports decreased by 17.08% in Q3, 2019 against Q2, 2019 and 34.97% against the corresponding quarter in 2018.
The exports of energy goods decreased in value by 40.06% in Q3 2019 compared to Q2, 2019 and 45% when compared with Q3, 2018.
The value of manufactured goods exports increased by 839.44% in Q3, 2019 when compared with the value recorded in Q2, and over 1000% compared to Q3 2018. The notable increase recorded was due to the re-exports of high value Cable Sheaths of Iron, as well as submersible drilling platform, Vessels and other floating structures.
The value of crude oil exports in Q3 2019 was 4.79% lower than in Q2 2019 and 9.62% lower than Q3 2018.
The value of other oil products exports rose by 6.14% in Q3 2019 against Q2, 2019 but fell by 15.19% relative to Q3, 2018.
Thewill
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Posted by News Rangers
on Dec 14 2019. Filed under Business, National.
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