Here're the top 10 items Nigeria imported and exported in Q1 2019 |

The latest trade data recently released by the National Bureau of Statistics (NBS), contains some interesting information about the products that were imported and exported by Nigeria during the first quarter of 2019.

The report contains the list of the top traded items between Nigeria and her major trade partners around the world. Let us now take a look at the top ten items Nigeria imported and exported in Q1 2019.

    Q1 2019 TOP 10 EXPORTS         Q1 2019 TOP 10 IMPORTS      
Products Value (₦) % Share of Total Exports Products Value (₦) % Share of Total Imports
1st Petroleum oils and oils obtained from bituminous minerals, crude 3376729986791.3 74.453870959208 1st Laboratory, hygienic or pharmaceutical glass ware 517091984377 13.961453390487
2nd Natural gas, liquefied 522416666338.69 11.51881945393 2nd Motor spirit, ordinary 190777057011.74 5.1509694018032
3rd Vessels and other floating structures for breaking up 312239009916 6.8845904302841 3rd Used Vehicles, with diesel or semidiesel engine, of cylinder capacity >2500cc 117465373457 3.1715582257418
4th Refrigerated vessels, other than those of subheading 8901.20, of a capacity > 500 tonnes 69590793770 1.5344146554708 4th Imported motorcycles and cycles, imported CKD by established manufacturers >50cc<=250cc 95346481622 2.5743494374918
5th Sesamum seeds, whether or not broken 39627525347.044 0.87375143116644 5th Gas Oil 62216445410.47 1.6798403939032
6th Urea, whether or not in aqueous solution 21088343877 0.46497908920859 6th Machines 4 the reception,conversion & transmission or regeneration of voice,images or… 56718841654 1.5314054134271
7th Other Light vessels, fire-floats, floating cranes, etc, nes 20719280724 0.45684157733268 7th Durum wheat (Not in seeds) 56283952720 1.5196634375978
8th GOOD FERMENTED NIGERIAN COCOA BEANS – MAIN CROP 2015/2016 20106656004.48 0.44333375112449 8th Durum wheat, Seed 43833021378 1.1834890182459
9th Other petroleum gases etc in gaseous state 10268531960 0.22641193002726 9th Cane sugar specified in Subheading Note 2 to Chapter 17, Meant for sugar refinery 34537837081 0.93251958487727
10th Electrical energy (optional heading) 10243574482.5 0.22586164000806 10th Lubricating oils to be mixed 31605645429 0.85335058145384

source: National Bureau of Statistics (Q1 2019).

Total trade during the first quarter rose by 2.5% to N8.24 trillion from the initial figure of N8.03 trillion obtained during the last quarter (Q4 2018). Similarly, the total trade value grew by 7.52% relative to the corresponding quarter of 2018.  This shows that the value of total imports rose by 3.39% during the quarter under review.

In the same vein, the value of exports in Q1, 2019 increased by 1.78% against the level obtained in the last quarter of 2018. It, however, fell by 3.90% against the value recorded in Q1, 2018.

2016 Q1 1691201.3972231 1437868.0000894
2017 Q1 2330910.1418214 3008332.5200194
2018 Q1 2943283.1402 4719358.711
2019 Q1 3703711.7119149 4535331.6668268

The standard international trade classification reveals that Nigeria’s exports were majorly dominated by raw materials (specifically crude oil exports), which contributed N3.38 billion to the total value of exports which is about 74.45%. On the other hand, the imports were dominated by the laboratory, hygienic or pharmaceutical glassware, with a 13.96% contribution to total imports during the period.

What this means: A critical analysis of the data shows that the country is still very much import-dependent. This is seen from the above table which shows that the value of imports has been on the rise over the last four years.

In the first quarter of 2016, the country’s import value was documented at N1.7 trillion, which increased in the following year (2017) and same quarter, where the value climbed to N2.3 trillion. Q1 2018 was no difference, as the imports value jumped to another high of N2.9 trillion naira. The first quarter of 2019 witnessed imports value soaring to N3.7 trillion.

Meanwhile, exports within the four years period under review in this section is witnessing a steady rise in the value of exports year on year. This shows a N1.43 trillion in Q1 2016, N3.0 trillion in 2017, N4.72 trillion in 2018, while the year 2019, Q1 witnessed a slight fall of about 4% to N4.5 trillion from the N4.7 trillion obtained in 2018.

Coronation Research

The baseline from this analysis indicates that with the surge in the exports value of Nigeria during the period under review, more revenue flowed towards investors within the oil sector. This can be attributed to the movement of Brent crude price in the global oil market.

Also, a positive trade balance (trade surplus) indicates a favourable balance of payments in the capital account.

Source: Here’re the top 10 items Nigeria imported and exported in Q1 2019 |

By Charles Abuede

Techylawyer and its authors do not claim to have written this article, we acknowledge the works of the original author

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