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Nigerian NBS highlights foreign trade numbers

National Bureau of Statistics of Nigeria published a report about its foreign trade in Goods Statistics. Nigerian imports’ value fell almost 15% in Q4 2018 compared to Q3 2018. On the other hand, the exports’ value increased by almost 3.5%  in the same period.
Nigerian NBS highlights the most important statistics: 
Imports
– The value of total imports fell 14.99% in Q4 2018 compared to Q3 2018, but rose 69.6% over the corresponding quarter of 2017. – Imported Agricultural products was valued at N5.0 billion, or 2.23% less than in Q3 2018, and N8.7 billion or 3.8% lower than Q4, 2017.
– The value of Raw material imports grew 9.5% more than the value recorded in Q3, 2018 and 10.8% more than the value recorded in Q4 2017.
– The value of Solid minerals imports was 5.26% lower than the value of imports in Q3, 2018 but 15.25% higher than the value recorded in Q4 2017.
– The value of Energy goods imports was N40million, or 456.76% higher than in Q3,2018 due to the increased importation of non-coniferous energy goods ( ie fuel wood in logs) during the quarter under review. Compared with the corresponding quarter of 2017, it represented a decrease of 70.8%.
– The value of imported Manufactured goods decreased by 23.5% against the value recorded in Q3, 2018 but rose by 82.2% against its value in Q4, 2017.
– The value of Other oil products imported was N832.2 billion, or 28.6% lower than in Q3, 2018 but 118.98% higher than the corresponding quarter of 2017.
Exports
– The value of total exports in Q4, 2018 increased by 3.52% against the level recorded in Q3, 2018 and 28.46% higher than its value in Q4, 2017.
– The value of Agricultural exports rose by 115.1% in Q4 2018 compared to Q3,2018, and 696.8% compared to Q4 2017.
– The value of Raw material goods exports in Q4,2018 was 26.7% higher than the value in Q3 and 7.7% higher than the value recorded in Q4 2017.
– The value of Solid minerals exports decreased by 20.6% against Q3 2018 and 67.7% against the corresponding quarter in 2017.
– The exports of Energy goods increased in value by 6.1% in Q4 2018 compared to Q3 2018 and by 12.7% when compared with Q4 2017.
– The value of Manufactured goods exports rose by 14.97% in Q4 2018 when compared with the value recorded in Q3 2018 but decreased 36.6% against the corresponding quarter in 2017.
– The value of Crude oil exports in Q4 2018 was 1.98% higher than in Q3 2018 and 29.95% higher than in Q4 2017.
– The value of Other oil products exports increased by 3.5% in Q4 2018 when compared with Q3 2018, and 15.99% compared to Q4 2017.
Source: National Bureau of Statistics of Nigeria

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