- 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
- 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
- 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% higher than Q2 2016
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.
Major Export trading partners and % share to Q2, 2017 Export trade
- India 16.75%
- Spain 12.07%
- United States 10.22%
- Netherlands 7.78%
- France 7.25%
Major import trading partners and % share to Q2, 2017 Import trade
- 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
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 ₦ 5,697.5 billion. This shows a slight increase of 7.7% from the value of ₦ 5,292.4 billion recorded in the preceding quarter. Total export for the period under review stood at ₦ 3,102.0 billion, while total import stood at ₦ 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 ₦506.5 billion from ₦ 719.4 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.
Imports Classified by Standard International Trade Classification and Country of Origin.
Nigeria’s import trade stood at ₦ 2,595.5 billion at the end of Q2, 2017, showing an increase of 13.5% from the value (₦ 2,286.5 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 ₦ 785.6 billion or 30.3%. This was followed by “Fuels and lubricants” with the value of ₦ 694.6 billion or 26.8%, and “Food and Beverage” with ₦443.8 billion or 17.1%.
The value of motor spirit imports stood at ₦ 556.1 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₦414.7billion or 16.0%, ₦319.2 billion or 12.3 %, ₦ 250.8 billion or 9.7%, ₦ 193.8 billion or 7.5%, and ₦ 161.5 billion or 6.2%. These five countries accounted for 51.6% of total imports, while all other countries of the world accounted for ₦1,255.4 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 ₦ 1,432.0 billion or 55.2%. The Country also imported goods valued at ₦ 733.3 billion or 28.3% from Asia and ₦ 312.4 billion or 12.0% from America. Import trade from Africa stood at ₦ 79.0 billion or 3.0% while imports from the region of ECOWAS amounted to ₦ 12.1 billion
Exports Classified by Standard International Trade Classification and Country of Destination
The value of the export trade, stood at ₦ 3,102.0 billion in Q2, 2017 showing an increase of ₦ 96.1 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₦ 2,425.2 billion or 78.2% to the value of total exports in Q2 2017 while natural liquefied gas recorded an additional ₦ 412.49 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 ₦ 2,967.5 billion or 95.7% of the total export value. Other products exported by Nigeria includes “Vehicles, aircraft and parts thereof; vessels etc.” at ₦36.0 billion or 1.2% “Prepared foodstuffs; beverages spirits and vinegar; tobacco” at₦29.7billion 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 ₦ 519.7 billion or 16.8 %, ₦ 374.4 billion or 12.1 %, ₦ 317.1 billion or 10.2 %, ₦ 241.3 billion or 7.8 %, and ₦ 224.9 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 ₦ 1,424.6 or 45.9%.
Export by continent, showed that Nigeria mainly exported goods to Europe and Asia, which accounted for 1,214.3 billion or 39.1% and ₦ 884.0 billion or 28.5% respectively, of the total export value during the period under review. Furthermore, Nigeria exported goods valued at ₦ 485.5 billion or 15.7% to the continent of Africa while export to the ECOWAS region totalled ₦ 158.1 billion
Accordingly, Nigeria’s trade pattern reveals considerable concentration and vulnerability by export product and trade destination.
Export/Imports Products classified by Sectors 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.
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.
Solid minerals sector
The total value of solid minerals trade in Q2 2017 stood at N194.6 billion representing 3.42% of total trade in Q2 2017.
Solid Minerals exports in Q2 2017 stood at N3.06 billion representing 0.1% of total exports in Q2 2017. The value of solid minerals exports in Q2 2017 was 27.58% less than the value of N4.24 billion recorded in Q1 2017 and 87.96% less than the value of N5.76 billion in Q2 2016.
In Q2 2017, Nigeria exported cement in bags worth N1.9billion to Niger Republic and N0.44 billion to Chad. Nigeria also exported Zinc ores and concentrates worth N680.7 million to China as well as other Niobium, tantalum, vanadium ores and concentrates worth N69 million and Lead ores and concentrates valued at N47.79 million were also exported to China in Q2 2017.
Other natural sands of all kinds were exported to Ghana (N21.7 million), Cameroon (N3.36 million), Ivory Coast (N3.30 million and Kenya (N2.2 million).
With respect to Imports, solid minerals imports valued at N191.5 billion were imported in Q2 2017 representing 11.52% of total imports in Q2 2017
The value of solid minerals imports in Q2 2017 was 1,527.4% higher than the value of N11.7 million recorded in Q1 2017 and 1,947.5% higher than Q2 2016.
Nigeria imported Granite worth N124.1billion from Italy and worth N54.6billion from Serbia. Crude salt worth N1.99 billion was imported from Brazil and N1.88 billion from Namibia. Plasters of calcined Gypsum worth N1.6billion was imported from Turkey, N607.8 million from Tunisia, N242.0 million from Egypt and N136.02 million from France.
Gypsum worth N1.8billion was imported from Spain, while N591.0 million worth of Quartz was imported in Q2 2017.
Manufactured goods Sector
The total value trade in manufactured goods stood at N1.24 trillion representing 21.86% of total trade in Q2 2017.
Manufactured goods exports stood at N81.5 billion representing 2.63% of total exports in Q2 2017.
Exports of manufactured goods in Q2 2017 was 16.98% less than the value in Q1 2017 and 156.16% higher than the level in Q2 2016.
In Q2, 2017, exports of manufactured goods were dominated by Vessels and other floating structures for breaking up with an export value of N20.5 billion, which were principally exported to Angola. Cigarettes containing tobacco worth N2.8billion was exported to Ivory Coast, N2.2billion to Niger and N1.4 billion to Ghana. Other fermented Cocoa beans worth N2.0billion were exported to Netherlands, N1.7billion to Malaysia and N1.5billion to Indonesia.
Nigeria also exported cocoa butter, fat an oil worth N708.79 million, N672.57million, N657.43 million and N481.2 million to Germany, Estonia, Netherland and France respectively in Q2 2017 amongst other. Similarly, Nigeria exported oil cake and other solid residues resulting from the extraction of soya bean oil to Netherlands (N1.41 billion), Morocco (N612.56 million and Puerto Rico (N320.47 million)
Analysis of imports of manufactured goods showed that Nigeria imports representing 44.84% of total imports and valued at N1.1trillion were imported in Q2 2017. This value was 9.53% higher to the value recorded in Q1 2017 and 25.4% lower than the value in Q2 2016.
Manufactured goods imports in Q2 2017 was dominated by imports of other Pasta worth N40.6billion from France and N22.6 billion from Germany. Also Iron and steel worth N31.6billion was imported from Germany.
Used Vehicles with diesel or semi diesel engines worth N21.02 billion was imported from United States, N2.15 billion from Germany, N1.45 billion from Belgium and N1.32 billion from Japan amongst others, while Milk and cream in powder specially made for infants worth N13.6billion was imported in Q2 2017 from Chatham Island, N6.7 billion from GermanyN2.20 billion from Denmark an N2.16 billion from Netherlands. Herbicides worth N22.9billion were also imported from China, N845.82 million from India and N140.43 million from Thailand in Q2 2017.
Raw material goods sector.
The total value of trade in raw materials in Q2 2017 stood at N320.6 billion representing 5.63% of total trade.
Raw material goods exports stood at N21.76 billion representing 0.70% of total exports in Q2 2017.
Exports of raw materials in Q2 2017 was 31.76% more than the value in Q1 2017 and 277.73% higher than the level in Q2 2016.
During the quarter, Nigeria exported raw material products like Urea worth N3.5billion to Brazil, N1.9 billion to Ivory coast and N1.8 billion to Canada. Leather worth N1.7billion was also exported to Italy, N837.68 million to Spain and N536.51 to India
Other raw materials exported in Q2 2017 included untreated wood products China valued at N1.15 billion and tanned or crust hides and skins to Italy valued at N673 million.
With respect to imports, Nigeria imported Cane sugar meant for sugar refinery worth N60.6billion from Brazil. Mineral or Chemical fertilizers worth N7.7billion from Morocco, and N406 million from Netherlands.
Other raw materials like Tobacco, partly or wholly stemmed/stripped were imported from countries like Germany (N2.84 billion), India (N2.33 billion) and Brazil (N1.90 billion),
Trade Intensity in Q1 2017
Export Intensity Index with five Major Trading Partners
The export intensity index compares the share of exports to each country in Nigeria’s total exports, with the share of world exports going to that country, and therefore gives a measure of the importance of that country to Nigeria as an export destination. A higher number denotes a stronger relationship, and an index of one indicates that exports to that country are what would be expected given global trade patterns.
The export intensities of Nigeria in Q 2 2017 showed Nigeria had a strong export relationship with India, with export intensities of 5.57, 2.34 and 1.58 for April, May and June respectively. Similarly, an index greater than 1 was recorded for Spain in all he months with export intensities of 5.57, 2.4 and 1.70. The bilateral trade flow between Nigeria and France was high in April and May which were reflected by the export intensities of 1.12, 1.23.
However, there was a downswing in June with an index of 0.50. A higher index of 2.06 was recorded for Netherlands in April but there was another downswing for the rest of the months with lower export intensities. Similarly, during the months of the quarter United States registered low export intensities of 0.32, 0.43 and 0.20. This can be traceable to the mix of products exported to these countries during the period under review.