Nigeria recorded steep decline in exports which brought the country’s trade balance down to – ₦184.1 billion, or ₦548.7bilIion less than in the preceding quarter with crude oil trade declining by ₦716.7 billion or 46.6% against the level recorded in Q4,2015 according to a new data released by Nigerian Bureau of Statistics.
Import trade stood at ₦1,454.0 billion, at the end of Q1, 2016, representing a 7.8% decrease in from quarter 4, 2015 of ₦1,576.4 billion while the value of the export trade, totaled ₦1,269.9 billion in Q1, 2016 showing a decrease of ₦671.1 billion or 34.6%.
The value of the export trade, totaled ₦1,269.9 billion in Q1, 2016 showing a decrease of ₦671.1 billion or 34.6%, over the value recorded in the preceding quarter. Year-on-Year analysis shows that the country’s exports dropped by ₦1,395.2 billion or 52.3% against the export value recorded in the corresponding quarter of 2015.
The structure of Nigeria’s export trade is still dominated by crude oil exports, with the contribution of crude oil to the value of total domestic export trade amounting to ₦821.9 billion or 64.7% (estimate figures).
The total value of Nigeria’s merchandise trade at the end of Q1, 2016 stood at ₦2,723.9 billion. From the preceding quarter value of ₦3,517.4 billion, this was ₦793.5billion or 22.6% less. This development arose due to a sharp decline in both imports and exports.
Exports saw a decline of ₦671.1 billion or 34.6%, while imports declined by ₦122.4 billion or 7.8%.
Mineral resources, petroleum oils and oils obtained from bituminous minerals, accounted for 64.72 percent of exports at N821bn while Premium Motor Spirit (PMS) accounted for 26 percent of imports accounting for N226.2bn.
