Nigeria imported goods from China worth N1,020.6 Trillion representing 25.47% of total imports in the second quarter of 2019. This is as contained in the report on Foreign Trade in Goods posted on the website of Nigerian Bureau of Statistics. Import from the Asia continent valued at N1,777.8 billion or 44.36% of total imports. China’s import was followed by import from the United States of America which is valued at N422.1 billion worth of goods (or 10.53%). Other major trading partners were the Netherlands, India and Belgium which accounted for imports valued at N374.1 billion (or 9.33%), N299.8 billion (or 7.48%) and N248.9 billion (or 6.21%) respectively.
On the Export side, Indian came top of the list of Nigeria export destination countries. The country bought goods valued at N793.9 billion (or 17.27%) in Q2 2019. Spain, Netherlands, United States and France followed with goods valued at N550.1 billion (or 11.97%), N478.32billion (or 10.41%), N353.17 billion (or 7.68%) and N279.9 billion (or 6.09%) respectively
The value of Nigeria’s total trade stood at N8,603.4 billion in Q2 2019 comprising 46.6% imports (N4,007.4billion) and 53.4% exports (N4,596.2billion). This value shows an increase of 4.4% when compared to Q1 2019 (N8.2 billion) and 24.2% higher when compared with Q2, 2018 (N6,569.98 billion).
With the trade balance remained value at N588.8billion, NBS says it is favorable. However, the total trade performance for the H1 2019 shows a declined by 63.14% in trade balance relative to the same period in 2018, while the value of total trade was 15.43% higher at half year 2019 than for the same period in 2018.
The report by NBS states that the performance was largely as a result of stronger growth in the value of imports far outpacing growth in the value of exports which rose only marginally. The value of total exports has remained relatively stable since 2018, but the value of imports has maintained its steady rise, hence the decline in trade balance since mid-2018.
Export have consistently weaken dew to impact of slow growth in crude oil export which accounts for the lion share of total export. In the same vein, non-oil export have also consistently decline within the same period.
According to the report, crude oil accounted for 85.6% (N3,934.6 billion) of total exports while non-crude oil exports contributed 14.37% (N661.6billion). On YoY basis, the value of crude oil exports rose by 4.4% in Q2 2019 when compared to Q2 2018, and 16.52% higher than in Q1 2019.
On the other hand, the value of non-crude oil exports declined by almost 3% as at half year 2019, by 10% relative to Q2 2018 and by 43% relative to Q1 2019. Nevertheless, excluding all oil-related commodity exports, the value of non-oil exports rose by 4.1% in Q2 2019 relative to Q2 2018, and by almost 5% at half year 2019 relative to the same period in 2018.
Imports have shown no sign of decline as it rose by 8.20% compared to Q1 2019, and by 65.21% over the corresponding quarter of 2018. The value of imports for the first half of 2019 rose by 43.63% over the corresponding period in 2018.
The encouraging news is that the major product imported during the quarter was Machinery and transport equipment valued at N1, 674.4 billion, or 41.78% of total imports as against food items which dominated imports previously. Other major imports during the quarter were mineral fuels (N909.7 billion or 22.79% of total imports) and Chemical & related products (N428.2 billion or 10.7%). This is a pointer to the need to aggressively invest in technology development to drive local production and free the country from the burden of import deficit
