NBS releases country’s foreign trade in goods data (Q1 2018)

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A Nigerian port

The National Bureau of Statistics (NBS) has released data showing the country’s foreign trade in goods for the first quarter of 2018.

According to the report obtained from its website, total imports value was N2,518.26 billion in Q1, 2018, 19.22% higher than Q4, 2017 (N2,112.31 billion) and 8.04% higher than Q1, 2017 (N2,330.91 billion).

The value of imported agricultural goods in the first quarter of 2018 (N184.49 billion) declined by 18.90% from Q4, 2017 (N227.49 billion) and by 5.87% from Q1, 2017 (N196.0 billion).

Raw materials imports in Q1 2018 (N284.81 billion) grew by 1.93% compared to Q4, 2017 (N279.41 billion) and by 9.89% compared to Q1, 2017 (N259.17 billion).

Solid minerals imports in Q1, 2018 (N12.62 billion) decreased by 17.27% on a quarter-to-quarter basis (N15.26 billion), however, increased by 3.67% on a year-to-year basis (N12.17 billion).

Energy goods imports in Q1, 2018 (N32.4 million) recorded 76.51% lower than Q4 2017 (N138.1million), and 205.28% higher than Q1, 2017 (N10.6 million).

The value of manufactured goods imported in Q1 2018 (N1,189.97 billion) declined by 1.65% over the previous quarter (N1,209.96 billion) but increased by 12.11% over the same quarter in 2017 (N1,061.42 billion).

The value of Other oil products imported in Q1, 2018 (N846.31 billion) was 122.70% higher than the value in Q4, 2017 (N380.03 billion) and 5.51% higher than Q1, 2017 (N802.11 billion).

Total export value amounted to 4,693.34 billion in Q1, 2018, representing a significant growth of 20.02% over Q4, 2017 (N3,910.62 billion) and 56.01% over Q1, 2017 (N3,008.33 billion).

The export value for Agricultural goods in Q1, 2018 (N73.24 billion) was 63.84% higher than the value in Q4, 2017 (N44.70 billion) and 24.01% higher than the value recorded in Q1, 2017 (N59.06 billion).

Raw material exports value decreased by 13.62% in Q1, 2018 (N32.70 billion) compared to Q4, 2017 (N37.85 billion) but increased by 47.71% compared to Q1, 2017 (N22.13 billion).

Solid Minerals exports value in Q1 2018 (N26.92 billion) recorded a 12.96% quarter-on-quarter growth (N23.83 billion), and a 58.50% year-on-year growth rate compared to Q1, 2017 (N16.98 billion).

The value of Energy goods exported in Q1, 2018 (N10.39 billion) was 8.8% higher than that of Q4, 2017 (N9.55 billion) and 16.5% higher than the value in Q1, 2017 (N8.92 billion).

Manufactured goods exports in Q1 2018 (N434.37 billion) saw significant growth by 684.11% over the previous quarter (N55.39 billion), and by 576.90% when compared to Q1, 2017 (N64.17 billion).

The value of Crude Oil exports recorded in Q1, 2018 (N3,580.01 billion) was 10% higher than the value in Q4, 2017 (N3,251.61 billion) and 50.74% higher than the value in Q1, 2017 (N2,374.94 billion).

Other oil products exports in Q1, 2018 (N535.8 billion) also grew steadily in the reviewing quarter, with a 10.53% growth from Q4, 2017 (N484.65 billion) and a 15.92% growth from the value recorded in Q1, 2017 (N462.10 billion).

Amaka E. Nliam