Specifically, the United
States imports from Nigeria also dropped from $3.8 billion to $1.7 billion
while export also decreased to $3.2 billion from $5.9 billion. This decrease
has been attributed to the reduction in the U.S crude oil importation from Nigeria
due to its shale exploration.
According to Nigeria Export Promotion Council (NEPC),
Nigeria-US trade is dominated by energy and energy related products (oil and
gas) while other sectors contribution remained insignificant.
It noted that agricultural
product exports to the US continued to increase over the years.
Data from the United States
Energy Information Administration (EIA) showed that Nigeria was the least of
the top 15 crude oil exporters to the world’s number one economy as at October
2015. Monthly data on the origins of crude oil imports in October 2015 from the
EIA showed that Canada exported more than one million barrels per day to the
United States.
Top five exporting
countries accounted for 81 per cent of United States crude oil imports in
October while the top 10 sources accounted for approximately 94 per cent of all
U.S. crude oil imports.
The top five sources of
U.S. crude oil imports for October were Canada (2.9 million barrels per day),
Saudi Arabia (983,000 barrels per day), Venezuela (748, 000 barrels per day),
Mexico (686,000 barrels per day), and Iraq (375,000 barrels per day).
The remaining top 10
sources, in order, were Ecuador (230,000 barrels per day), Colombia (200, 000
barrels per day), Brazil (181, 000 barrels per day), Angola (181,000 barrels
per day), and Kuwait (170,000 barrels per day).
Total crude oil imports
averaged 7,121 thousand barrels per day in October, which was a decrease of 101
thousand barrels per day from imports during September 2015. Canada remained the
largest exporter of total petroleum to the United States in October; exporting
3,401 thousand barrels per day. The second largest exporter of total petroleum
was Saudi Arabia with 983 thousand barrels per day The EIA’s U.S import
document showed that Nigeria export only 37,000 of crude to the U.S in October
last year; September, 57,000.
According to the United
States Trade Representative, Nigeria is currently U.S 35th largest goods
trading partner with $18.2 billion in total (two way) goods trade during 2013.
Exports totaled $6.5 billion and imports were $11.7 billion. The U.S. trade
deficit with Nigeria was $5.2 billion in 2013.
U.S. imports from Nigeria
totaled $11.7 billion in 2013, a 38.3 per cent decrease ($7.3 billion) from
2012. Nearly all of U.S. imports from Nigeria was oil.
The five largest import
categories in 2013 were: mineral fuel (oil) ($11.6 billion), cocoa ($29
million), Special Other (returns) ($21 million), food waste ($9 million), and
art and antiques ($5 million). U.S. imports of agricultural products from
Nigeria totaled $52 million in 2013. Leading produce was: cocoa beans ($21
million). (Source: Guardian)
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