The National Bureau of Statistics (NBS) has released Nigeria’s trade volume, scoring the country with a leap of 6.8 percent in the third quarter of the year over that of the second quarter of 4.42 percent.
The Bureau said in Abuja on Friday that Nigeria’s total trade stood at US$9.1 billion during the period and explained that the value of total imports decreased by 2.70 percent compared to that of second quarter, which increased by 8.20 percent.
It stated that in the third quarter of 2019, the value of imported agricultural products was 4.01 percent lower than in the second quarter which was 5.79
percent.
The value of raw material imported also decreased by 4.64 percent in the third quarter 2019 while the value of solid minerals imports was 31.73 percent lower than the value of second quarter 2019 but 7.05 percent higher than the value recorded in the third quarter 2018.
“The value of energy goods imports increased by 243.92 percent in the third quarter 2019 and 286.91 percent relative to third quarter 2018 due to increased import of other wood charcoal, electrical energy and charcoal of bamboo.
“The value of imported manufactured goods grew by 12.46 percent in the third quarter 2019 as against the value recorded in the second quarter, 2019 but decreased by 3.48 percent when compared to the third quarter 2018.
“The value of other oil products imported decreased by 41.85 percent in the third quarter 2019 against the level recorded in second quarter, 2019.
NBS said the value of total exports in the third quarter increased by 15.02 percent compared to the level recorded in second quarter 2019 which increased by 1.34 percent.
The report indicated that the value of agricultural exports decreased by 42.69 percent in the third quarter 2019 compared to second quarter exports which was 14.66 percent.
It noted that the value of raw material goods exports in the third quarter, 2019 decreased by 5.74 percent in the third quarter 2019.
The value of solid minerals exported also decreased by 17.08 percent in the third quarter 2019 while exported energy goods decreased by 40.06 percent compared to that of second quarter.
“The value of manufactured goods exports increased by 839.44 percent in the third quarter, 2019 when compared to the value recorded in second quarter, and over 1000 percent compared to the third quarter 2018.
“The notable increase recorded was due to the re-exports of high value Cable Sheaths of Iron, as well as submersible drilling platform, vessels and other floating structures.
“The value of crude oil exports in the third quarter of 2019 was 4.79 percent lower than in second quarter 2019 and 9.62 percent lower than the third quarter 2018.
“The value of other oil products exports rose by 6.14 percent in the third quarter 2019 against second quarter, 2019 but fell by 15.19 percent relative to the third quarter 2018”.
MM/GIK/APA