Nigeria records positive trade balance in Q3. Nigeria’s total imports decline as exported goods saw a push in the third quarter of 2019, the National Bureau of Statistics (NBS) www.nigerianstat.gov.ng has revealed.
According to the Bureau, value of Nigeria’s total trade in the third quarter closed at N9.1 billion, representing a 6.8 % increase.
This is against 4.42% growth rate recorded in the second quarter of the year.
The available data shows that total imports into the country decreased by 2.70%, while exports of other oil products rose by 6.14%.
Specifically, NBS said percentage of imports decreased by 2.70% compared to the second quarter in the year with a total rise by 8.20%.
It explained that the value of imported agricultural products was 4.01% lower than in the second quarter which was 5.79%.
Meanwhile, raw material imports decreased by 4.64% in the third quarter of the year.
The bureau further said that the value of solid minerals imports was 31.73% lower than the value of second quarter but 7.05% higher than the value recorded in the third quarter 2018.
The Bureau, however, disclosed that value of energy goods imports increased by 243.92% in the same period.
It explained that the 286.91% increase in energy goods imports was relative to third quarter 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 the third quarter 2019 as against the value recorded in the second quarter, 2019 but decreased by 3.48% when compared to the third quarter 2018.
“The value of other oil products imported decreased by 41.85% in the third quarter 2019 against the level recorded in second quarter, 2019.’’
Meanwhile, NBS said the value of total exports in the period increased by 15.02% compared to the level recorded in second quarter 2019 which increased by 1.34%.
“The value of other oil products exported rose by 6.14 % in the third quarter 2019 against second quarter, 2019 but fell by 15.19 % relative to the third quarter 2018.’
“The value of manufactured goods exports increased by 839.44% in the third quarter, 2019 when compared to the value recorded in second quarter, and over 1,000% compared to the third quarter 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 report, however, indicated that the value of agricultural exports decreased by 42.69% in the third quarter 2019 compared to second quarter exports which was 14.66%.
NBS noted that the value of raw material goods exports decreased by 5.74% while the value of solid minerals exports also decreased by 17.08 % within the same period.
“The exports of energy goods decreased in value by 40.06 % in the third quarter 2019 compared to second quarter, 2019 and 45 % when compared with the third quarter 2018.
“The value of crude oil exports in the third quarter of 2019 was 4.79% lower than in second quarter 2019 and 9.62 % lower than the third quarter 2018,’’ NBS said.