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
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
"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,’’
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
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.
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