Nigeria’s exports grow 43% to N4.46trn in Q2 2018
Nigeria’s export value increased by 43.8 percent to N4.46 trillion in the second quarter (Q2) of 2018 from its comparative period value of N3.10 trillion in 2017 as stated in the second quarter 2018 foreign trade statistics released on Thursday by National Bureau of Statistics (NBS).
Total export had a contraction of -4.9 percent from N4.69 trillion in the first quarter of 2018. Year-to-date, Nigeria’s export value recorded N9.16 trillion.
Also, Agricultural goods recorded an increase by 127.3 percent to N85.9 billion from N37.79 billion recorded in Q2 2017. Raw material exports value increased by 19.7 percent to N31.72 billion compared N26.50 billion in Q2, 2017
Solid Minerals exports value recorded a -19.7 percent decline year on year to N19.93 billion in Q2 2018 compared to N21.02 billion in Q2, 2017.The value of Energy goods exported was 0.6 percent higher to N10.99 billion than the value of N10.93 billion in Q2, 2017.
Manufactured goods exports recorded a marginal increase by 0.9 percent to N69.86 billion when compared to N69.26 billion in the corresponding period in 2017.
Nigeria exports on Crude oil recorded a growth of 53.7 percent to N3.73 trillion in four consecutive quarters from N2.43 trillion in second quarter 2017. Other oil products exports grew slightly by 0.8 percent to N516.32 billion from N512.41 recorded in the second quarter of 2017.
Nigeria exported most products to Europe, Asia and Africa which accounted for N1.85 trillion or 41.4 percent, N1.28 trillion or 28.8 percent and N639.34 million or 14.3 percent respectively. However, within Africa, Nigeria exported goods valued at N265.1 million to ECOWAS member states representing 41.5 percent of the total export trade to Africa.
Exports by country of destination showed that Nigeria exported goods in Q2 2018 mainly to India, Netherlands, Spain, South Africa and United States valued at N722.6 billion or 16.2 percent, N457.6 billion or 10.3 percent, N426.1 billion or 9.6 percent, N359.8 billion or 8.1 percent and N306.5 billion or 6.9 percent respectively. These five countries accounted for 50.9 percent of the total exports in Q2, 2018.
South Africa registered a high export intensity index of 11.1, 13.8 and 5.1 in all the months of quarter 2, 2018 whereas, the United States registered low export intensities of 0.57, 0.67 and 0.20. A higher number denotes a stronger relationship.
Year-to-date (YTD), the country had a total trade value of 9.16 trillion broken down into Domestic Export (N8.74 trillion) and Re-Export (N417.13 billion). The major traded agricultural goods was cashew nut (in shell), Seamus seeds (whether or not broken), superior quality raw coca beans, good fermented Nigerian cocoa beans, other frozen shrimps and prawns, and other quality raw cocoa beans.
Nigeria’s major mode of transporting its goods for international trade in Q2 was by water. Transport of goods by water accounted for N4.43 trillion or 99.2 percent of total exports. Goods exported by road was N15 billiion, air (N11 billion), other means (N10.5 billion).
The leading port of operation was Apapa port which accounted for N4.3 trillion or 96.3 percent of total export. Apapa port was followed by Tin-can through which goods worth N73 billion were shipped to other countries.
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