This
is according to data obtained from the National
Bureau of Statistics, Crude oil
export. The NBS, in its Foreign Trade Statistics for the Third Quarter of
2017, stated that crude oil export accounted for 80.3 per cent of the country’s
total export in the period under review.
In
particular, the report noted that in the first, second and third quarters,
crude oil export stood at N2.377
trillion, N2.425 trillion and N2.972 trillion respectively, compared to N1.128
trillion, N1.485 trillion and N1.958 trillion in the first, second and third
quarters of 2016 respectively.
Specifically,
the NBS noted that the country’s total exports in the third quarter of 2017
stood at N3.573 trillion, representing a 15.19 per cent growth compared to the
second quarter of the same year and a 53.85 per cent growth compared to the
third quarter in 2016.
It
also noted that total imports in the reviewing quarter, in contrast, decreased
to N2.349 trillion, representing a decline of 9.41 per cent quarter on quarter
and 4.47 per cent on a year on year basis.
It
said, “Trade balance of Nigeria in third quarter 2017
amounted N1.225 trillion, due to a continued value increase in exports and a
decline in imports. This figure in the third quarter more than doubled the
value in the previous quarter and it is the first time that trade balance
exceeds N1 trillion since the last quarter of 2014.”
The
report noted that exports in the third quarter was still oil dependent, as
crude oil exports were recorded N2.972 trillion in the third quarter and it
remained the majority of total exports, accounting for 83.17 per cent.
Apart
from crude oil export, the NBS report noted that Nigeria earned N396.028
billion from the export of Liquefied Natural Gas, LNG; N30.83 billion from
other petroleum gases and N19.113 billion from liquefied propane.
The
country also exported naphthalene, liquefied butanes and liquefied petroleum
gas (cooking gas) valued at N14.7 billion, N13.71 billion and N7.2 billion
respectively. (SWEET CRUDE)
Have
you heard this? Many Nigerian exporters have been defrauded of huge amount of
money in the process of exporting commodities to foreign countries. Do you know
why? They were not trained on export operations, management, documentations and
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cannot continue to lose money to foreigners in the course of export business.
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export trade from processing and packaging of commodities to receipt of payment
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documentations and methods of payment in export trade? It is a contemporary
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