NBS: Foreign Trade in Goods Statistics (Q4 & Full Year 2017)

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Total Imports value at N2,112.3 billion in Q4 2017 was 15.1% less than Q3 2017 Figure (N2,487.8 billion) and 8.5% lower than Q4, 2016 (N2,307.6 billion). Total imports for full year 2017 stood at N9, 562.7 billion which was 8.5% lower than the 2016 trade import value of N8, 817.5 billion.

– Imported Agricultural goods decreased by 1.7 % in Q4 2017 (N227.4 billion) compared to Q3 2017 (N231.4 billion) but increased by 15.9% when compared to Q4, 2016 (N196.2 billion). For full year, 2017, imported agricultural goods increased by 35.09% to N886.7 billion from N656.4 billion in 2016.

– Raw materials imports in Q4 2017 (N279.4 billion) were 2.1 % lower than Q3, 2017 value (N285.3 billion), and 2.7% lower than Q4 2016 (N287.2 billion). For full year 2017, imported raw materials increased by 19.3% to N1,128.3 billion from N945.7 billion in 2016.

– Solid minerals imports grew by 5.19% in Q4 2017 (N15.2 billion) over the Q3, 2017 value (N14.5 billion), and 9.2% over Q4 2016 (N13.9 billion). For full year 2017, imported solid minerals increased by 372.2% to N235.1 billion from N49.7 billion in 2016.

– Energy goods imports grew significantly by 950% in Q4 2017 (N138.1 million), higher than Q3, 2017 value (N13.15 million), and 57176% over Q4 2016 (N0.24 million). For full year 2017, imported energy goods increased to N187.17 million from N8.07 million in 2016.

– Manufactured goods imports declined in Q4 2017 by 0.28% (N1,209.9 billion) in comparison to Q3 2017 (N1,213.3 billion), but grew by 10% in comparison to Q4 2016 (N1,099.5 billion). For full year 2017, imported manufactured products decreased by 0.06% to N4,642.4 billion from N4,645.1 billion in 2016.

– Other oil products imports were 48.86 % lower in value in Q4 2017 than Q3 2017, and 46.5% lower than the value recorded in Q4 2016. For full year 2017, other oil product imports increased by 5.93% over 2016.

Amaka E. Nliam