- Total imports value at N2,112.3 billion in Q4 2017.
- Total imports for full-year 2017 stood at N9,562.7 billion
- Total value of export at N3,910.6 billion in Q4 2017.
- For full-year 2017, total exports of N13,598.2 billion
- For full-year 2017, total trade was N23,160.9 billion.
- Trade balance stood at a surplus of N1,798.31 billion in Q4 2017.
- For full-year 2017, trade balance stood at N4,035.5 billion.
Nigeria’s export value has continue to rise relatively to her import in recent years.
According to the Nigerian Bureau of Statistics (NBS) report, Nigeria still maintained a positive balance of trade with her trading partners at the end of 2017 with a value of N4,035.5 billion. This was achieved after recording a negative trade balance of -N290.1 billion in year 2016.
Total export in Q4, 2017 stood at N3,910.6 billion representing a 9.35% growth compared to Q3, 2017 and a 31.28% growth compared to the corresponding quarter of 2016. In contrast, total imports decreased to N2,112.3 billion, representing a decline of 15.1% from the last quarter (Q3 2017) and an 8.5% decline compared with the same period last year.
NBS recently reported that
“Exports in the Fourth quarter were still oil dependent. Crude oil exports recorded N3,254.6 billion in the fourth quarter and it remained the highest proportion of total exports (83.2%). Crude oil exports grew by 9.51% over the last quarter (Q3, 2017), and by 34.2% when compared to the same quarter last year (Q4 2016). Non-crude oil exports at N656.0 billion in Q4 2017 also grew by 8.6% over the last quarter, although not as rapidly as crude oil exports. Non crude oil exports accounted for 16.8% of total exports. The non-oils component in Q4 2017 represented 4.38% of total export.”
What this means
Trade balance is the difference between the value of a country’s exports and imports for a particular period of time. Trade balance is the largest component of a country’s balance of payments. It is also referred to as the balance of trade.