The Nigerian Bureau of Statistics released its foreign trade statistics Q3 2015 report. The report showed that the total value of Nigeria’s merchandise trade at the end of Q3, 2015 was N4 trillion. This was 7.8% less than the value of N4.3 trillion recorded in the preceding quarter.
The value of Nigeria’s imports stood at N1.6 trillion, at the end of Q3, 2015, a decrease of 1% from the value recorded in the preceding quarter.
The structure of Nigeria’s imports by section was dominated by the imports of “Boilers, machinery and appliances; which accounted for 24% of the total value of imports.
Other commodities which contributed noticeably to the value of imports in the review period were “Mineral products” (15.3%), vehicles, air crafts and parts thereof, vessels (8.8%), Products of the chemical and allied products (8.6%)and base metals” (8.4%).
The value of the nation’s merchandise exports totaled N2.3 trillion in Q3, 2015, a decrease of N320.6 billion over the value recorded in the preceding quarter. This decline was attributed to a fall in crude oil exports by N372.8 billion over the preceding quarter.
Nigeria exported goods mainly to India, Netherlands, Spain, United Kingdom and Brazil in the quarter of review, whose values stood at N408.2 billion (India), N245 billion (Netherlands), N211.3 billion (Spain), N192.2 billion (United Kingdom), and N169.4 billion (Brazil).