Imports down by 6.2%, India remains major trade partner

James Emejo

Nigeria’s total merchandise trade increased by 6.8 per cent to about N5.51 trillion in the first quarter of the year (Q1 2014) compared to about N5.16 trillion recorded in the fourth quarter of 2013, according to the National Bureau of Statistics (NBS).

When compared to the corresponding quarter of 2013 (Q1 2013), the value of the total merchandise trade also increased by N406 billion or 8.2 per cent, it added.

The NBS, in its Foreign Trade Statistics, Q1 2014, which was released Monday said there had been rising exports and declining imports which resulted into greater trade surplus for the country.

It said trade surplus increased by 34.3 per cent or N618.6 billion in Q1 2014 following a decline in imports by 6.2 per cent while exports increased by 15 per cent when compared to the Q1 2013 figures.
The report stated that total trade was dominated by crude oil exports which accounted for about N3.23 trillion, representing 81.5 percent of total exports while the non-crude oil accounted for N735.9 billion or 18.5 per cent of total exports.

Conversely, total imports in Q1 2014 was valued at about N1.54 trillion, representing a 8.3 per cent decline compared to about N1.68 trillion recorded in the preceding quarter.

When compared to the corresponding quarter of 2013, the value of imports dipped by N101.3billion or 6.2 percent, according to the NBS.

Source.
http://www.thisdaylive.com/articles/nigerias-foreign-trade-increases-to-n5-51tn-in-first-quarter/186053/?utm_medium=twitter

Im waiting for the time when Nigeria will start exporting only refined petroleum products. When all our refineries will become 100 % functional.

Still dominated by crude oil.