Nigeria’s im­ports rose by 30% in Q3 – Re­port

Daily Trust - - FRONT PAGE - By Olayemi R. Ibrahim

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.”

Min­is­ter of Trade & In­vest­ment, Oluse­gun Aganga

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