The total value of Nigeria’s merchandise trade at the end of third quarter of 2015 was N4.1 trillion, representing a N7.8 per drop from the N4.4 trillion recorded in the preceding quarter.
This development arose from a decrease of 320.6 billion or N12.1 per cent, in the value of exports, combined with a marginal decline of N17.4 billion or one per cent, in the value of imports against the levels recorded in the preceding quarter.
Also, the value of the nation’s merchandise exports was N2.4 trillion in the third quarter of 2015, representing a decrease of N320.6 billion or N12.1 per cent, over the value N2.6 trillion, recorded in the preceding quarter.
This decline was attributed to a fall in crude oil exports by N372.8 billion or 18.8 per cent over the preceding quarter.
According National Bureau of Statistics (NBS) in its latest foreign trade statistics, released recently, the structure of Nigeria’s exports remains dominated by crude oil, which contributed N1.5 trillion or 69.1 per cent to the value of total domestic exports in 2015.
According to the agency, natural liquefied gas recorded N265.2 billion of the total export value during the period under review.
The report revealed that Nigeria exported mainly “mineral products”, which accounted for N2 trillion or 86.8 per cent of the total exports.
Exports by direction showed that the country exported goods mainly to India, Netherlands, Spain, United Kingdom and Brazil, whose values stood at N408.2 billion or 17.5 per cent, N245.1 billion or 10.5 per cent, N211.4 billion or 9.1 per cent, N192.2 billion or 8.2 per cent and N169.4 billion or 7.3 per cent respectively.
By continent, Nigeria mainly exported goods to Europe and Asia, which accounted for N925.0 billion or 39.6 per cent and N682.5 billion or 29.2 per cent respectively, of total exports during the period under review.
The report added that Nigeria exported goods valued at N287.9 billion or 12.3 per cent of total exports to other African countries, while exports to the ECOWAS region totalled N140.4 billion.
The value of Nigeria’s imports stood at N1.688 trillion, a decrease of one per cent from the value N1.705 trillion, recorded in the preceding quarter.
