April 16, 2012

The value of Nigeria’s merchandise trade in the fourth quarter of 2011 stood at N8, 529.3 billion, compared to N7, 315.5 billion in the third quarter 2011. This represents an increase of N1, 213.8 billion or 16.6% over the previous quarter. Further analysis revealed that on a year on year basis, the value of total trade grew strongly by N2, 610.2 billion or 44.1% in the fourth quarter.
 

This continual increase in the value of total trade resulted from the increase in the value of both crude and non-crude oil exports by 48% and 42.4% respectively over figures reported for 2010.
 

The balance of trade valued at N5, 735.1 billion in the fourth quarter of 2011, recorded an increase of N2, 826.1 billion or 97.1% over the third quarter. On a year-on-year basis, the balance of trade grew by an increase of N3, 360.8 billion or 141.6% in the fourth quarter of 2011. By the end of 2011, the balance grew favourably by N2, 641.4 billion or 41.5% over 2010 totals. Again, this can be attributed to the increase in both the crude oil and non-crude oil export values during the period under review. 

Import Classified by Standard International trade Classification and Country of Origin

The total value of imports stood at N1, 397.1 billion in the fourth quarter indicating a decrease of N806.2 billion or 36.6% over the third quarter. The year on year comparison revealed a decrease of N3, 384.7 billion or 50.9% of values reported in 2010.
 

The import classified by sections revealed that Boilers, Machinery and Appliances contributed N403.7 billion or 28.9% of the total imports during the fourth quarter of 2011. Other major imports into Nigeria during the period under review included Vehicles, Air craft and parts with N173.2 billion or 12.4%, Vegetable products with N145.6 billion or 10.4%, Base metals and Articles of base Metals with N143.1 billion or 10.2%, and Products of chemical and Allied industries with N143.1 billion or 7.4%.
 

With respect to imports by destination in the fourth quarter, China, United States, India, Brazil, and United Kingdom in that order were Nigeria’s greatest trading partners in terms of imports with N285.0 billion, N143.5 billion, N110.5 billion, N104.4 billion and N71.0 billion respectively.
 

The import by region revealed that Asia ranked first with N3, 237.7 billion or 32.3% of the total imports at the end of 2011. This was followed by The Americas with N2,706.1 billion or 27.0% and Europe with N2,550.0 billion or 25.4% respectively. Total imports from African countries stood at N820.0 billion or 8.2%, while ECOWAS countries contributed N132.8 billion of the total imports from Africa.

Exports Classified by Standard International trade Classification and Country of Destination

The total export in the fourth quarter were valued at N7,132.2 billion showing an increase of N2,019.9 billion or 39.5% over the value reported in the previous quarter. Year-on-year comparison showed an increase of N2985.5 billion or 72.0% over the value of the fourth quarter of 2010. The value of non-crude oil exports grew by N2312.9 billion or 176.6% relative to the corresponding period in 2010 as reported by the Nigerian Customs Service to the national Bureau of Statistics. This significant increase in non-crude oil exports was due to a surge in other hydrocarbons and their refined products. Export by sections revealed that Mineral products contributed N5910.3billion indicating 82.9% of the total exports. This was followed by plastic rubber and Articles with N907.0 billion or 12.7%, Prepared foodstuff, beverages, spirits and vinegar, tobacco with N96.6billion or 1.4%, Vegetable products with N55.8billion or 0.8% and vehicles, Aircraft, Vessels etc. with N47.7 billion or 0.7%. The value of crude oil exports in the fourth quarter stood at N3, 509.9 billion or 41.2% of the total trade.
 

With respect to export by Country of Destination in the fourth quarter, United States, United Kingdom, India, Spain and Brazil in that order were Nigeria’s leading trading partners with N1574.6billion, N900.2billion, N633.0billion, N586.0billion and N472.4billion respectively.
 

At the end of 2011, total export by region, stood at N19, 036.0 billion with The Americas leading with N7874.9billion or 41.3%, Europe followed with N5678.2 or 29.8% and Asia with N59.9billion or 16.2%. Export to African Countries stood at N2, 027.5 billion at the end of 2011 with ECOWAS contributing N553.2billion.
 

 
Source: NBS