Key Highlights
- Total trade value was ₦7,211.61 billion
- Total trade value grew by 19.74% from Q4 2017 and 35.07% year on year.
- Total import value stood at ₦2,518.26 billion.
- Import grew by 19.22% from Q4 2017 and 8.04% year on year.
- Total exports stood at ₦4,693.34 billion.
- Exports grew by 20.02% from last quarter and by 56.01% year on year.
The National Bureau of Statistics (NBS) has released the Foreign Trade in Goods Statistics for the first quarter of 2018. The report reveals Nigeria’s total foreign trade was ₦7,211.61 billion for the first quarter of 2018 compared to ₦6,022.93 billion for the last quarter of the year 2017.
Total Imports
Total trade imports for the first quarter of 2018 was ₦2,518.26 billion, compare to ₦2,112.31 billion for Q4 2017 and ₦2,330.91 billion in the first quarter of 2017.
The value of imported agricultural goods in the Q1 2018 (₦184.49 billion) declined by 18.90% from Q4 2017 (₦227.49 billion) and by 5.87% from Q1 2017 (₦196.0 billion), while that of raw materials in Q1 2018 (₦284.81 billion) grew by 1.93% compared to Q4 2017 (₦279.41 billion) and by 9.89% compared to Q1 2017 (₦259.17.billion).
Meanwhile, solid minerals imports (₦12.62 billion) decreased by 17.27% on a quarter-to-quarter basis (₦15.26 billion) but increased by 3.67% on a year-to-year basis (₦12.17 billion).
Total Exports
Total trade exports for Q1 2018 was 4,693.34 billion, compares to ₦3,910.62 billion for the last quarter of the 2017 and ₦3,008.33 billion in Q1 2017.
However, the export value for Agricultural goods in Q1 2018 (₦73.24 billion) was 63.84% higher than the value in Q4 2017 (₦44.70 billion) and 24.01% higher than the value recorded in Q1 2017 (₦59.06 billion) while raw material exports value decreased by 13.62% in Q1 2018 (₦32.70 billion) compared to Q4 2017 (₦37.85 billion) but increased by 47.71% compared to Q1 2017 (₦22.13 billion).
Solid Minerals exports value in Q1 2018 (₦26.92 billion) recorded a 12.96% quarter on quarter growth (₦23.83 billion) and a 58.50% year on year growth rate compared to Q1 2017 (₦16.98billion).
Also, the value of Crude Oil exports recorded during the period under review (₦3,580.01 billion) was 10% higher than the value in Q4 2017 (₦3,251.61 billion) and 50.74% higher than the value in Q1 2017 (₦2,374.94 billion).
Other oil products exports in Q1 2018 (N535.8 billion) also grew steadily in the reviewing quarter, with a 10.53% growth from Q4 2017 (N484.65 billion) and a 15.92% growth from the value recorded in Q1 2017 (N462.10 billion).
The Netherlands takes over
The Netherlands surprisingly became Nigeria’s leading trading partner in the first quarter of 2018 with 20.5% of her total export trade, followed by India with 18.2% and Spain with 8.3%. The United States could only share 8.2% of Nigeria’s trade in the quarter under review.
China maintains import lead
Meanwhile, China retained her position as Nigeria’s leading import partner with a share of 21.2% of her total imports in Q1 2018. Netherlands, Belgium, United States and India followed with 12.1%, 10.6%, 6.5% and 6.3% respectively.
Implications
- The increase in exports means more foreign exchange revenue for Nigeria.
- Since Sesame seeds have become Nigeria’s biggest non-oil export product, it will translate to more income for Nigerian farmers who grow the cash crop.
- More revenue for Nigerian dealers and suppliers of Sesame seeds like Olab Limited, Greenweb Resources etc.
- Solid Minerals exports grew by 58.50% year on year, this will also translate to more revenue for petroleum distillation companies who obtain Naphthalene from their distillation.
- Increase agricultural exports and others will lead to increase in tariff generation for appropriate government agencies.
- Since oil and gas exports, which contributed over 86% of the total exports grew in Q1 2018, it will lead to increase in foreign exchange earnings for Nigeria and more income for oil and gas companies.