According to a report by the , Nigeria recorded positive trade balance of N719.4 billion in the first quarter of 2017, due to rising exports and falling imports.
NBS reported in its Foreign Trade in Goods Statistics (Q1 2017) that during the period total exports stood at N3.01 trillion, while total imports stood at N 2.3 trillion. “The total value of Nigeria’s merchandise trade at the end of Q1, 2017 was N 5.3 trillion. This represented a slight increase of 0.1 percent relative to the value of N5.31 trillion recorded in the preceding quarter.
“The marginal rise in exports, coupled with a slight decrease in imports brought the country’s trade balance to N719.4 billion during the period, up from N671.3 billion. This represents the second consecutive positive trade balance after four quarters of negative trade balance. The value of exports increased by 0.9 per cent compared to the previous quarter while imports also fell by 0.9 percent relative to the value recorded in the preceding quarter,” the report stated.
On a sectoral/product basis, NBS noted that crude oil accounted for the largest share of total trade with 44.91 percent, followed by Other oil products (23.37 percent), Manufactured products (21.93 percent), Raw materials (5.12 percent) and Agricultural products (4.35 percent).
The NBS further reported: “Imported agricultural goods increased by 1.96 percent in Q1 2017 compared to Q4 2016; Raw materials imports were 11.3 percent lower in Q42016; Solid minerals imports reduced by 15.7 percent in Q1 2017 relative to Q4 2016; Manufactured goods imports were 3.3 percent lower in Q1 2017 than the level attained in Q4 2016; Other oil products imports were 6.6 percent higher in value in Q1 2017 than Q4 2016.”
Total value of export grew by 0.9 percent compared to Q4 2016, while Domestic exports reduced by 0.17 percent in Q1 against the level in Q4, 2016, the report stated, adding that Total trade was 0.11 percent higher in Q1 2017 than the value recorded for Q4, 2016.
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