By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Nigeria’s total value of merchandise trade in third quarter (Q3) 2014 decline 5.4 percent to N6,299.7 billion from N6,659.4 billion recorded in the previous quarter of 2014, according to the latest report from the National Bureau of Statistics (NBS).
According to the NBS, the decrease was a result of both a fall in the value of exports and imports in the Q3 relative to the last quarter. ‘’Exports declined by N202.7 billion or 4.3 percent to N4, 479.5 billion, whilst imports declined by N157.0 billion or 7.9 percent to N1,820.3 billion. The balance of trade therefore remained favourable at N2,659.2 billion,’’ the NBS said
Nigeria’s statistics bureau affirmed that the value of crude oil exports stood at N2,931.0 billion, constituting 65.4 percent of the export total, while the non-crude oil export value of N1,548.5 billion made up the remaining 34.6 percent.The report further affirmed that total trade grew by N641.6 billion or 11.3 percent relative to the N5. 658.2 billion recorded in the corresponding quarter of 2013. ‘’The year to date total merchandise trade amounted to N18.474 billion,’’ the NBS added.
A review of classified import by Standard International Trade Classification (SITC) and country of origin shows that Nigeria’s imports amounted to a value of N1.820.3 billion in Q3 of 2014.
The figure indicates a decline of N157.0 billion or 7.9 percent over the N1. 977 billion recorded in the previous quarter. ‘’In comparison with the N2. 0948 billion of imports recorded in third quarter of 2013, the 2014 value revealed a decrease of N264.5 billion or 12.7 percent. The year to date total imports amounted to a value of N5.343.0 billion, a marginal increase of N13.2 billion or 0.2 percent from levels recorded in the corresponding period in 2013,’’ Nigeria’s statistics bureau affirmed.
In terms of export by SITC, the NBS says the value of Nigeria’s export trade stood at N4. 479 billion in the Q3 of 2014.
The NBS reported in comparison with N4. 682 billion recorded in Q2 of 2014, exports declined by N202.7billion or 4.3 percent. Further comparison with Q3 of 2013 showed an increase of N906.1billion or 25.4 percent from the recorded value of N3.573 billion.
The report said the year to date export trade totalled N13.131 billion, a N2 362 billion or 21.9 percent increase relative to last year.
