Foreign
Trade Statistics for the fourth quarter of 2017 released by the National Bureau of Statistics (NBS)
showed that total imports of the country had declined to N2.11 trillion as
against N2.487 trillion import of the third quarter and 8.5 per cent lower than
Q4, 2016 N2.307 trillion. Total imports for full year 2017 stood at N9.562
trillion which was 8.5 per cent lower than the 2016 trade import value of
N8.817 trillion.
Total
value of export grew by 9.35 and 31.27 per cents over the Q3 2017 and Q4 2016
figures to N3.91 trillion in Q4 2017. For full year 2017, total exports rose to
N13.598 trillion 59.47 per cent higher than for 2016 with a value of N8.527
trillion. Agricultural goods exports grew in value by 54.9 per cent in Q4 2017
N44.7 billion in comparison to N28.8 billion recorded in Q3 2017 and by 170.9 per
cent in comparison to N16.5 billion recorded in Q4 2016.
For
full year 2017, agriculture exports grew 180.7 per cent to N170.4 billion above
the N60.7 billion value in 2016. A total of N15.79 billion had been made from
export of sesame seeds, while cocoa beans fetched the country an export income
of N14.53 billion. Frozen shrimps exports amounted to N4.5 billion while flour
and meals of soya beans fetched N3.55 billion.
Export
of cashew nuts also amounted to N2.12 billion. Nigeria’s exports went mainly to
India which accounted for 15.7 per cent of total exports followed by United
States which took up 12.8 per cent of exports.
Other
countries where Nigeria’s exports went to in the last quarter of last year are
Netherlands which accounted for 10.6 per cent, France which accounted for 10 or
cent and Spain which accounted for 7.6 per cent of exports. China remained the
major import country as 22 per cent of Nigeria’s imports came from the Asian
giant. It was followed by Belgium with nine per cent, USA with 8.9 per cent,
India with 6.4 per cent and Netherlands with 5.9 per cent.
Crude
oil dominated external trade taking up 54.04 per cent of the total trade
followed by manufactured goods with 21.01 per cent. Other petroleum products
accounted for 14.36 per cent while raw materials took 5.27 per cent of the
share of total trade. Agricultural produce also accounted for 4.52 per cent of
the total trade.
The
NBS data showed that imported Agricultural goods decreased by 1.7 per cent in
Q4 2017 to N227.4 billion compared to Q3 2017 figure of N231.4 billion but
increased by 15.9 per cent when compared to Q4, 2016 figure of N196.2 billion.
For full year, 2017, imported agricultural goods increased by 35.09 per cent to
N886.7 billion from N656.4 billion in 2016.
Raw
materials imports in Q4 2017 of N279.4
billion were 2.1 per cent lower than Q3,
2017 value of N285.3 billion and 2.7 per cent lower than Q4 2016 figure of
N287.2 billion. For full year 2017, imported raw materials increased by 19.3
per cent to N1.128.3 trillion from N945.7 billion in 2016.
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 the best methods of payment in export trade.
This is terrible!!! Nigerians cannot continue to lose money to foreigners in
the course of export business. Exporters, why don’t you get a practical manual
that teaches the stages of export trade from processing and packaging of commodities
to receipt of payment by the foreign buyers. It teaches export operations,
export management, export documentations and methods of payment in export
trade? It is a contemporary step-by-step guide to export trade. It tells all
the contemporary dynamics in export trade. To get it, click on the link below:
Hmmm!!! Folks, have
you ever imagined how the financial status of your firm will be when more than
20,000 CEOs and other key decision makers of blue-chip corporations pay for
your products and services or even give you very juicy deals. The link below will
tell you more: http://www.tectono-business.com/2015/07/tectono-business-review-in-conjunction_21.html
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