Nigeria’s imports rose by 30% in Q3 – Report
Nigeria’s total external merchandise trade amounted to N5, 658.2 billion in the third quarter of 2013, representing an increase of 5.9% from N5, 341.1 billion recorded in the second quarter of 2013, said a report from the National Bureau of Statistics (NBS).
The report signed by the Statistician General Dr Yemi Kale stated that the increase was driven by a 30.4% rise in the value of imports from N1,598.2 billion in the second quarter of 2013, to N2,084.8 billion in the third quarter of 2013.
“The increase was driven by a 30.4 percent rise in the value of imports from N1, 598.2 billion in the second quarter of 2013, to N2, 084.8 billion in the third quarter of 2013. Rising imports coupled with a 4.5 percent decline in exports from N3, 742.9 billion in the second quarter 2013, to N3, 573.4 billion in the third quarter, resulted in a trade balance of N1, 488.6 billion, 30.6 percent lower than that recorded for the second quarter,” it said.
In comparison to the corresponding quarter of 2012, the total merchandise traded in the third quarter of 2013 declined by 21.2 percent from N7, 179.4 billion recorded in the previous year. This is largely attributable to a 39.5 percent lower value of exports year-on-year.
Imports were stated to be 64.0 percent higher compared to the corresponding period, while the trade balance was 67.9 percent lower in the third quarter of 2013, relative to the corresponding period in 2012.
“The crude oil component of exports in the third quarter of 2013 stood at N3, 087.0 billion, an increase of N377.5 billion, or 13.9 percent when compared with the second quarter of 2013.
The report revealed that exports exhibited a sharp decline of 52.9 percent, from N 1,033.5 billion recorded in the second quarter to N486.4 billion in third quarters.
“Year-on-year, crude oil and non-crude oil exports were down by 25.9 percent and 72.1 percent respectively. The total value of Nigeria’s imports amounted to N2, 084.8 billion in the third quarter of 2013. This was N486.5 billion or 30.4 percent higher than N 1,598.2 billion recorded in the previous quarter of 2013, and 64.0 percent or N813.5 billion greater than the value of imports recorded in the third quarter of 2012.”