Nigeria’s Export Volume Surges By 63% to N1.873trillion in Q2

This represents an increase of N725.6 billion or 63.3 per cent, over the value recorded in the preceding quarter. The National Bureau of Statistics, NBS, disclosed this in its foreign trade statistics for Q2 2016 that was released on Tuesday, September 6.

According to the NBS, the improvement in export value was largely due to the depreciation in the value of the naira. It, however, pointed out that the structure of the export trade is still dominated by crude oil exports, which contributed N1.493 trillion or 79.7 per cent to the value of total domestic export trade in 2016.

Some experts have revealed that Nigeria exported mainly mineral products, which accounted for N1.735 trillion or 92.7 per cent of the total export value. Other products exported by the country included “animal and vegetable fats and oils and other cleavage products” at N55.7 billion or three per cent.

“Base metals and articles of base metals” at N28.4 billion or 1.5 per cent, and “prepared foodstuffs; beverages, spirits and vinegar; and tobacco” was at N16.2 billion or 0.9 per cent.

The export by direction showed that the country exported goods mainly to India, United States, Spain, Netherlands and South Africa whose values stood at N402.7 billion or 21.5 per cent, N235 billion or 12.5 per cent, N215.2 billion or 11.5 per cent, N133.3 billion or 7.1 per cent, and N119.9 billion or 6.4 per cent respectively.

In addition, the natural liquefied gas recorded N198.0 billion of the total export value during the period under review.
Export by continent showed that Nigeria mainly exported goods to Europe and Asia, which accounted for N611.7 billion or 32.7 per cent and N606.4 billion or 32.4 per cent respectively of the total export value during the period under review.

Furthermore, Nigeria exported goods valued at N265.9 billion or 14.2 per cent to other countries in Africa, while export to the ECOWAS region totalled N86.9 billion.

Meanwhile, the total value of Nigeria’s merchandise trade in Q2, 2016 was N3.942 trillion. This was 49 per cent more than the N2.645 trillion recorded in the preceding quarter.

This development came from a rise of N725.6 billion or 63.3 per cent in the value of exports (largely due to exchange rate gains) combined with a rise of N570.8 billion or 38.1 per cent in the value of imports against the levels recorded in the preceding quarter.

The current trade position brought the country’s negative trade balance to N196.5 billion during the period under review. This showed a N154.8 billion reduction in the country’s trade deficit over the previous quarter.