Modupe Gbadeyanka
By Modupe Gbadeyanka
The total value of goods imported into Nigeria in the third quarter of 2017 stood at N2.35 trillion, representing 10.51 percent declined when compared with the figures in the second quarter of 2017 and 4.68 percent lower than Q3 2016, data released on Monday by the National Bureau of Statistics (NBS) has revealed.
However, the value of exports stood at N3.57 trillion in Q3 2017, representing an increase of 13.19 percent over Q2 2017 and 35 percent over Q3 2016.
According to the stats office, the value of imported agricultural goods was 0.05 percent higher than the value recorded in Q2 2017 and 16.91 percent higher than Q3 2016.
Also, the value of raw material imports was 4.77 percent lower than Q2 2017 and 2.80 percent lower than the value in Q3 2016, while solid minerals imports in Q3 2017 decreased by 1,220.48 percent compared to Q2 2017 but was 8.69 percent higher than Q3 2016.
Similarly, energy goods imports in Q3 2017 were 92.17 percent lower than Q2 2017 and compared to Q3 2016 when no energy goods imports were recorded, while manufactured goods imports value was 4.08 percent higher in Q3 2017 than the level in Q2 2017 and 2.79 percent lower than Q3 2016, and other oil products imports value was 17.54 percent lower than in Q2 2017 and 28.81 percent higher than Q3 2016.
For the exports, agricultural goods export value in Q3 2017 was 38.43 percent lower than Q2 2017 but 25.29 percent higher than Q3 2016, while raw material exports value increased by 16.88 percent in Q3 2017 against the level in Q2 2017 but 70.42 percent higher than Q3 2016.
Furthermore, solid minerals exports value in Q3 2017 increased by 85.3 percent compared to Q2 2017 and was 78.72 percent higher than Q3 2016.
In addition, energy goods exports value in Q3 2017 was 80.58 percent higher than Q2 2017 but 99.13 percent higher than the value in Q3 2016, while manufactured goods exports were 62.68 percent lower than the value in Q2 2017 but 22.98 percent higher than Q3 2016.
Also, crude oil exports in Q3 2017 was 18.40 percent more than the value recorded in Q2 2017 but 34.13 percent higher than Q3 2016, while other oil products exports in Q3 2017 was 13.53 percent less in value than in Q2 2017 but 37.22 percent higher than Q3 2016.
Business Post observed that exports in the third quarter were still oil dependent with crude oil exports recording N2.97 trillion in the third quarter and it remained the majority of total exports (83.17 percent).
Crude oil exports grew faster than non-crude oil exports as crude oil exports accounted for 78.18 percent in the second quarter of 2017. Non-oil products only contributed to 3.54 percent of total exports in the quarter.
Trade balance of Nigeria in 2017 Q3 amounted to N1.23 trillion, due to a continued value increase in exports and a decline in imports.
