Ndubuisi Francis in Abuja
Nigeriaâ€™s total trade in the first quarter of 2017 stood at N5.30 trillion, the National Bureau of Statistics (NBS) has said.
The nationâ€™s exports in the period under review stood at N3.01 trillion compared to imports of N2.29 trillion, with a trade balance of N719.38 billion.
The NBS stated that imports fell by 0.9 per cent, adding that the country recorded an increase of 6.5 per cent in external trade
According to the NBS, the value of the total trade at the end of 2016 was N17. 35 billion, stressing that the figure was 6.5 per cent higher than the value recorded in 2015.
The report, however, stated that Nigeriaâ€™s external trade in the fourth quarter of 2016 was valued at N5.28 billion.
â€œThe export component stood at N2.98 billion while the import component stood at N2.31 billion leading to a trade surplus of N671 billion.
â€œTrade by sector showed that crude oil exports had the largest share of the total trade, accounting for N2.43 billion or 45.9 per cent trade in fourth quarter.
â€œThe second major contributor to total trade by sector was manufactured goods with N1.17 billion or 22.1 per cent of total trade,â€™â€™ it stated.
The report stated that manufactured goods were followed by the non-crude oil products, which was also a major contributor to total trade in the quarter under review.
â€œThe non-crude oil products stood at N1.15 billion or 21.8 per cent while Agricultural goods accounted for N212.7 billion or 4 per cent.
â€œRaw material goods accounted for N309 billion or 5.9 per cent and Solid mineral goods stood at N13.1billion or 0.3 per cent of total trade in the quarter.â€™â€™
The report stated that Nigeriaâ€™s export intensity in the months of October, November and December 2016 was the highest for South Africa with export intensities of 8.9, 7.3 and 4.1, respectively.
Export intensity in the fourth quarter was also intense with India recording export intensities of 5.8, 5.8 and 1.7 for the last three months of 2016.
â€œ Spain and Netherlands also had high export intensities with export intensities of 4.8, 2.9 and 2.0 for Spain and 2.2, 1.5 and 2.2 for the Netherlands.
â€œAlthough United States was one of Nigeriaâ€™s major trading partners, its export intensity was low with 0.6, 0.6 and 0.2 for the last three months of 2016.â€™â€™
Meanwhile, the report stated that Nigeria imported mainly from China with total imports of N404.1billion or 17.5 per cent of total imports.
It stated that China was followed by Belgium with N356.46 billion or 15 per cent while import trade with Netherlands which was the third highest was valued at N230 billion or 10 per cent.
â€œ The remaining trading partners contributed relatively lower proportion of the total import trade.
â€œUnited States accounted for N205.6 billion or 8.9 per cent while India accounted for N113.9 billion or 4.9 per cent,â€™â€™ the report stated.