Nigeria: Foreign Trade in Goods Statistics - 2Q 2017

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1. Report Date : September 2017
2. Nigeria 's Merchandise trade - Q2 2017 Highlights of 2nd Quarter External Trade in Goods 1 Positive Trade Balance Due to Rising Exports and Falling Imports 2 Imports Classified by Standard International Trade Classification and Country of Origin. 9 Exports Classified by Standard International Trade Classification and Country of Destination 10 Export/Imports Products classified by Sectors Q2 2017 13 Trade Intensity in Q2 2017 20 Trade by Mode of Transport 20 Trade by Custom Ports and Post. 20 Methodology 25 Appendix 26 Acknowledgements/Contacts 41
3. Total Imports value of N2 ,595.5 billion in Q2 2017 was 13.51% higher than Q1 2017 and 9.97% higher than Q2 2016. - Value of Imported Agricultural goods were 16.01 % higher than the value recorded in Q1,2017 but 61.02% higher than Q 2 2016. - Value of Raw material imports were 17.4 % more than Q1,2017 but 63.20% higher than the value in Q2 2016. - Solid Minerals imports in Q2 2017, increased by 1,527.44% compared to Q1 2017 but was 1,947.52% higher than Q2 2016. - Energy goods imports in Q2 2017 were 177.77 higher than Q1 2017 and compared to Q2 2016 when no energy goods imports were recorded. - Manufactured goods imports value was 9.5% higher in Q2 2017 than the level in Q1 2017 but 18.33% lower than Q1 2016. - Other oil products imports value was 6.4% lower than in Q1 2017 and 18.48% higher than Q2 2017. Exports Total export value stood at ? 3,102.0 billion in Q2, 2017 representing an increase of 3.2% over Q1 2017 and 73.48% over Q1 2016. - Agricultural goods export value in Q2 2017 was -1.03% lower than Q1 2017 but 94.05% higher than Q2 2016. 1 Foreign Trade Statistics – Q2 2017
4. - Raw material exports value increased by 31 .8% in Q2 2017 against the level in Q1 2017 but 206.4% higher than Q2 2016. - Solid Minerals exports value in Q2 2017, decreased by -27.58% compared to Q1 2017 but was 122.01% higher than Q2 2016. - Energy goods exports value in Q2 2017 was 117.84% higher than Q1 2017 but 606.01% higher than the value in Q2 2016. - Manufactured goods exports were 17% lower than the value in Q1 2017 but 157.16% higher than Q2 2016. - Crude Oil exports in Q2 2017 were 2% more than the value recorded in Q1 2017 but 63.25%% higher than Q2 2016. - Other oil products exports in Q2 2017 were 12.5% more in value than in Q1 2017 but 117.33% than Q2 2016. higher Total Trade and Trade Balance in Q2 2017 - Total trade at ? 5,697.5 billion in Q2 2017 was 7.7% higher than the value recorded for Q1 2017 and 37.3% higher than the value of trade in Q2 2016. - Trade balance, accordingly, stood at a surplus of ? 506.5 billion in Q2 2017 compared to a surplus of ? 719.4 billion recorded in the preceding quarter and a trade deficit of ? 572.12 billion in the corresponding quarter last year. - India Major Export trading partners and % share to Q2, 2017 Export trade 16.75% 2 Foreign Trade Statistics – Q2 2017
5. - Spain 12 .07% - United States Netherlands 10.22% 7.78% - France 7.25% Major import trading partners in Q2 2017 - China 15.98% - Belgium 12.30% - Netherlands 9.66% - United States 7.47% - Italy 6.22% Major traded Agricultural products - Cashew nuts - Sesamum seeds - Frozen shrimps and Prawn - Flour and meals of Soya beans - Ginger 3 Foreign Trade Statistics – Q2 2017
6. 4 Foreign Trade Statistics – Q2 2017
7. 5 Foreign Trade Statistics – Q2 2017
8. 6 Foreign Trade Statistics – Q2 2017
9. Positive Trade Balance due to rising exports and falling imports The total value of Nigeria 's merchandise trade at the end of Q2, 2017 was N5,697.5 billion. This shows a slight increase of 7.7% from the value of N 5,292.4 billion recorded in the preceding quarter. Total export for the period under review stood at N3,102.0 billion, while total import stood at N 2,595.5 billion. Imports in the review period showed an increase of 13.5% more than the value recorded in the preceding quarter, while exports grew at 3.2% when compared to the previous quarter. The marginal rise in exports as well as increased imports brought the Country's trade balance in Q2, 2017 to N506.5 billion from N719.4 billion recorded in the preceding quarter. This trade surplus of N506.5billion recorded during the period under review was therefore 29.6% lower than the figure recorded in Q1, 2017. The structure of export trade showed that domestic exports accounted for N3,066.2billion or 98.8% of total exports while Re-export accounted for N35.8billion or 1.2% of total export during the period under review. A further review of total trade by product/sector in Q2 2017 showed that crude oil trade of N2.42 trillion accounted for 42.57% of total trade during the period under review. This was followed by the other oil sector category of N1.24 trillion which accounted for 21.9% of total trade. During the same period, manufactured goods trade of N1.24 trillion accounted for 21.86%, while raw materials goods trade of N0.32 trillion accounted for 5.63% of total trade. Agricultural goods trade of N0.26 trillion accounted for 4.60% of total trade while solid mineral goods trade of N0.19 trillion accounted for 3.42% of total trade with trade in Energy goods of N1.55 billion accounting for 0.03% of total trade in Q2 2017. 7 Foreign Trade Statistics – Q2 2017
10. Fig 1 : Sectorial breakdown of total trade Q2, 2017 (%) 8 Foreign Trade Statistics – Q2 2017
11. 9 Foreign Trade Statistics – Q2 2017
12. Q2 2017 TOTAL TRADE HAD A FIFTH CONSECUTIVE RISE Imports Classified by Standard International Trade Classification and Country of Origin . Foreign Trade Statistics – Q2 2017 1 0
13. Nigeria 's import trade stood at N2,595.5 billion at the end of Q2, 2017, showing an increase of 13.5% from the value (N2,286.5 billion) recorded in the preceding quarter. The structure of Nigeria's import trade by section was dominated by the imports of “Mineral products” which accounted for 34.7% of the total value of import trade in Q2, 2017. Other commodities which contributed noticeably to the value of import trade during the review period were “Boilers, machinery and appliances; parts thereof” (15.8%), “Products of the chemical and allied industries” (9.1%), “Prepared foodstuffs; beverages, spirits and vinegar; tobacco” (8.0%) and “Vegetable products.” (6.0%). The import trade classified by broad economic category, revealed that “Industrial Supplies”, ranked first with N785.6 billion or 30.3%. This was followed by “Fuels and lubricants” with the value of N694.6 billion or 26.8%, and “Food and Beverage” with N443.8 billion or 17.1%. The value of motor spirit imports stood at N556.1 billion. Nigeria's import trade by direction showed that the Country imported goods mostly from China, Belgium, Netherlands, the United States and Italy, which respectively accounted for N414.7billion or 16.0%, N319.2 billion or 12.3 %, N250.8 billion or 9.7%, N193.8 billion or 7.5%, and N161.5 billion or 6.2%. These five countries accounted for 51.6% of total imports, while all other countries of the world accounted for N1,255.4 billion or 48.4% of the total value of goods imported during the quarter. Further analysis of Nigeria's imports by Continent revealed that the country consumed goods largely from Europe with import value of N1,432.0 billion or 55.2%. The Country also imported goods valued at N733.3 billion or 28.3% from Asia and N312.4 billion or 12.0% from America. Import trade from Africa stood at N79.0 billion or 3.0% while imports from the region of ECOWAS amounted to N12.1 billion. Foreign Trade Statistics – Q2 2017 1 1
14. Fig 2 : Five Major Import trading partners Q2, 2017 Share Exports Classified by Standard International Trade Classification and Country of Destination The value of the export trade, stood at N3,102.0 billion in Q2, 2017 showing an increase of N96.1 billion or 3.2%, over the value recorded in the preceding quarter. The structure of the export trade is still dominated by crude oil exports, which contributed N2,425.2 billion or 78.2% to the value of total exports in Q2 2017 while natural liquefied gas recorded an additional N412.49 billion or 13.29% of total export value during the period under review. Exports by section revealed that Nigeria exported mainly mineral products, which accounted for N2,967.5 billion or 95.7% of the total export value. Other products exported by Nigeria includes “Vehicles, aircraft and parts thereof; vessels etc.” at N36.0 billion or 1.2% “Prepared foodstuffs; beverages spirits and vinegar; tobacco” at N29.7billion or 1.0%. Examining export by direction, showed that the country exported goods mainly to India, Spain, the United States, Netherlands, and France, whose values stood at N519.7 billion or 16.8 %, N374.4 billion or 12.1 %, N317.1 billion or 10.2 %, N241.3 billion or 7.8 %, and N224.9 billion or 7.2% respectively. These five countries accordingly accounted for 54.1% of total exports in Q2 2017, while exports to all other countries of the world in the period under review amounted to N1,424.6 or 45.9%. Export by continent, showed that Nigeria mainly exported goods to Europe and Asia, which accounted for N1,214.3 billion or 39.1% and N884.0 billion or 28.5% respectively, of the total export value during the period under review. Furthermore, Nigeria exported goods valued at N485.5 billion or 15.7% to the continent of Africa while export to the ECOWAS region totalled N158.1 billion. Accordingly, Foreign Trade Statistics – Q2 2017 1 2
15. Nigeria 's trade pattern reveals considerable concentration and vulnerability by export product and trade destination. Fig 3: Five Major Export trading partners Q2, 2017 Share Foreign Trade Statistics – Q2 2017 1 3
16. Foreign Trade Statistics – Q2 2017 1 4
17. Foreign Trade Statistics – Q2 2017 1 5
18. Export /Imports Products classified by Sectors/Products Q2 2017 Agricultural goods sector The total value of trade in agricultural goods in Q2 2017 stood at N261.92 billion representing 4.60% of total trade in Q2 2017 Agriculture exports accounted for 0.96% of total exports in Q2 2017 Exports of Agricultural goods in Q2 2017 was valued at N29.71 billion compared to N30.02 billion in Q1 2017 and N15.31 billion. Agriculture goods exports in Q2 2017 were therefore -1.04% lower than the value in Q1 2017 but 94.0% higher than the export value in the corresponding period in 2016. With respect to continent, agriculture exports in Q2 2017 were exported to Asia (66.38%) and Europe (24.98%), with 4.37%, 3.88% and 0.39% exported to the Americas, Africa and the Oceanic respectively. With respect to type of agricultural product, agriculture exports in Q2 2016 were driven by the export of Cashew nuts which accounted for N13.5billion or 45.4% of the total agriculture exports and 1.37% of total exports. During the quarter under review, cashew nuts worth N12.16 billion was exported to Vietnam and the balance of N1.4billion to India and N6.34 million to Kazakhstan. Cashew nuts exports were followed by Sesamum seed exports valued at N7.0 billion or 23.6% of total agriculture exports. Sesamum seeds were exported in Q2 2017 principally to Japan (N1.3 billion), India (N0.9 billion), Turkey (N0.9 billion), South Korea (N0.8billion), China (N0.6 billion). Other major agricultural products include frozen shrimps and prawns' worth N1.6billion or 9.6% of total agriculture exports were exported to Netherlands (N1.5 billion), Belgium (N0.67 billion), United States (N0.22 billion), France (N0.17 billion), Spain (N87 million). Exports of flour and meals of soya bean worth N2.3 billion, or 7.8% of agricultural exports were also exported in Q2 2017 to Spain (N2.1 billion), Ghana (N116.6 million, Senegal (N72.9 million), Mauritania (N18.1million) and Germany (N2.0million). Other agriculture exports in Q2 2017, included Ginger (N663.7 million), flowers (N568.5 million), Peanuts kernels and other groundnuts (N481.3 million), Milk and cream powder (N282.4 million) amongst others. Foreign Trade Statistics – Q2 2017 1 6
19. With respect to imports , agricultural imports valued at N232.1billion were imported in Q2 2017 compared to N200.0 billion in Q1 2017 and N144.1 billion in Q2 2016. This represents a 16.05% increase over Q1 2017 and a 61.02% increase over Q2 2016. Nigerian imports in Q2 2017 accounted for 8.85% of total imports in the quarter under review. Major imported agriculture imports in Q2 2017 included Durum wheat seed worth N40.7 billion from United States, N18.2billion from Canada and N17.5billion from Russia, N8.1 billion from Australia amongst others as well as Blue whiting's frozen meat, valued at N5.5 billion from Netherlands, N2.9billion from Faroe Islands and N2.1 billion from Russia. Nigeria also imported other Agricultural goods including maize seed valued at N3.8billion from Ukraine, N2.4billion from United States and N1.1 billion from Argentina in Q2 2017. Crude palm oil valued at N5.2billion was also imported from Indonesia, N1.3billion from Malaysia and N282.0 million from Ivory Coast and N112.1 million from Ghana. Fig 3: Main Agricultural exports in Q2, 2017 (N'million) Foreign Trade Statistics – Q2 2017 1 7
20. Fig 3 : Main Agricultural exports in Q2, 2017 (N'million) Foreign Trade Statistics – Q2 2017 1 8