The amount spent on the importation of those materials notwithstanding, the country recorded a favourable balance of trade, with export volume exceeding import volume, as the total value of external merchandise trade amounted to N5,341.1 billion in the second quarter 2013, an increase of N242.3 billion or 4.8 per cent from N5,098.9 billion recorded in the previous quarter.
A document on Q2 trade statistics released by the National Bureau of Statistics (NBS) in Abuja, at the weekend, showed that the change resulted from an increase in the value of exports from N3,452.1 billion in the first quarter of 2013 to N3,742.9 billion in the second quarter (an increase of 90.8 billion or 8.4 per cent) and a 2.9 per cent decline in the value of imports from N1,646.7 billion in the first quarter of 2013 to N1,598.2 billion in the second quarter.
Furthermore, NBS said the increase in exports and decrease in imports resulted in a favourable trade balance of N2,144.7 billion in the second quarter, an increase of1 N339.3 billion or 18.8 per cent from levels recorded in the first quarter of 2013.
Further analysis indicated that the value of the nation’s total merchandise trade decreased by N1,742.8 billion or 24.6 per cent, while trade balance also declined by 49.7 per cent.
According to the analysis, imports increased by 13.5 per cent, while exports decreased by 34.1 per cent year on year.
The crude oil component of the total trade stood at N2,709.4 billion, a decrease of N321.2 billion or 10.6 per cent when compared with the previous quarter, while for year-on-year, the crude oil component recorded a 23.6 per cent decline.
The value of total trade for the first half of 2013 was N10,440.0 billion, a decrease of N3,266.0 billion or 23.8 per cent when compared with N13,706.0 billion recorded in the same period in 2012.
The value of Nigeria’s imports stood at N1,598.2 billion in the second quarter of 2013, a decrease of N48.5 billion or 2.9 per cent from N1,646.7 billion recorded in the first quarter.
In the second quarter of 2013, the value of imports increased by 13.5 per cent year-on-year. For the first half of the year, the total value of imports stood at N325.0 billion, a 6.0 per cent increase from N3,060.7 billion recorded in the corresponding part of the previous year.
The decline of imports in the second quarter 2013 relative to the first quarter of the year resulted from the decline of some products classified according to SITC, such as crude inedible materials, which accounted for N12.2 billion or 0.8 per cent of total imports; oil and fats at N1.2 billion or 0.1 per cent; mineral fuels at N14.2 billion or 0.9 per cent and beverages and tobacco with N6.7 billion or 0.4 per cent of total imports.
Details of imports classified by sections showed that footwear, headgear and umbrellas accounted for N4.7 billion or 0.3 per cent of total imports; miscellaneous manufactured articles accounted for N7.0 billion or 0.4 per cent; mineral products were recorded at N254.7 billion or 15.9 per cent and vehicles, aircraft and parts at N89.4 billion or 5.6 per cent.
The Nigerian imports, according to Broad Economic Category, revealed that consumer goods accounted for N55.7 billion or 3 per cent of total imports; transport equipment and associated parts, N57.8 billion or four per cent, while food and beverages were recorded at N147.5 billion or nine per cent.
A summary of Nigeria’s imports by region showed that Asia ranked highest with N672.8 billion or 42.1 per cent of total imports, Europe recorded N584.6 billion or 36.6 per cent, America at N211.5 billion or 13.2 per cent, while Africa stood at N119.4 billion or 7.5 per cent.
Out of the total imports from Africa, Economic Community of West African States (ECOWAS) countries contributed N59.7 billion or 50 per cent.
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