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Nigeria’s merchandise trade stands at N5.2trn

15 May 2014, 14:19

Abuja - The National Bureau of Statistics (NBS), on Wednesday, said the total value of Nigeria’s external merchandise trade stood at N5.2 trillion in the fourth quarter of 2013.

The figure is contained in a statement issued in Abuja by Dr Yemi Kale, the Statistician-General of the Federation.

The statement quoted Kale as saying the figure was N495.3 billion lower than the N5.6 trillion recorded in the previous quarter, representing an 8.8 percent decline.

He noted that the observed change was as a result of decline in the value of imports and exports by 19.1 percent and 2.7 percent respectively from the previous quarter.

The NBS boss said that total trade stood at N21.3 trillion in 2013, 24.3 percent or N6.8 trillion lower than the N28.1 trillion recorded in 2012, as a result of decline in exports by 36.5 percent.

He said the crude oil component of total exports stood at N2.9 trillion for the fourth quarter, while non-crude oil accounted for N495.2 billion.

Year on year, the value of imports were N393.2 billion or 30.4 percent greater than the value recorded in the corresponding quarter of 2012.

“The decline in imports can be attributed to the fall in the value of imports of beverages and tobacco by N202.1 billion or 93.8 percent, a N25.0 billion or 56.7 percent decline in the value of crude inedible materials.

"Classified sections like boilers, machinery and appliances accounted for the largest share of imports, with N355.9 billion or 21.1 percent of total imports.

"Other significant imports to Nigeria during the period include vehicles, aircraft and parts with N293.6 billion or 17.4 percent and `mineral products’ with N230.3 billion or 13.7 percent of the total import bill.''

Kale said the value of Nigeria’s exports stood at N3.5 trillion in the fourth quarter of 2013, a moderate decline of N96.5 billion or 2.7 percent from N3.5 trillion recorded in the previous quarter.

Analysis of exports by section reveals that ‘Mineral Products’ dominate Nigerian exports, contributing N3.2 trillion or 91.1% of the total.

This is followed by prepared foodstuffs, beverages, spirit and vinegar, tobacco” with N100.9 billion or 2.9 per cent and “vegetable products” with N51.6 trillion or 1.5 per cent of total exports of the quarter,’’ he said.

In the Fourth Quarter of 2013, the continent that consumed the largest share of Nigerian exports was Europe, receiving N1.4 trillion or 40.8 percent of the total exports.

Europe was followed by Asia with N881.7 billion or 25.4 percent of exports, while Africa consumed N439.8 billion or 12.7 percent, and America had N435.5 billion or 12.5 percent of Nigeria's exports.

-  NAN

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