Skip to main content

NIGERIA RECORDS TRADE SURPLUS IN Q3, FOREIGN TRADE UP 6.8%, IMPORTS DROP


alt
Nigeria’s foreign trade in the third quarter of 2019 recorded an impressive growth with exports outpacing imports, a sign the current policies of the present administration may be going in the right direction.

According to data released by the National Bureau of Statistics Friday, total trade grew by 6.8% in Q3, 2019 compared to Q2, 2019 and 1.33% relative to Q3, 2018.
The value of total imports decreased by 2.70% in Q3 2019 compared to Q2, 2019, and 7.47% relative to the corresponding quarter of 2018.
In Q3, 2019, the value of imported agricultural products was 4.01% lower than in Q2, 2019, but 7.21% higher than Q3, 2018.
The value of raw material imports decreased by 4.64% in Q3, 2019 relative to Q2, 2019 but increased 16.81% when compared to Q3 2018.
The value of solid minerals imports was 31.73% lower than the value of in Q2, 2019 but 7.05% higher than the value recorded in Q3 2018.
The value of energy goods imports increased by 243.92% in Q3, 2019 and 286.91% relative to Q3, 2018 due to increased import of other wood charcoal, electrical energy and Charcoal of bamboo.
The value of imported manufactured goods grew by 12.46% in Q3, 2019 against the value recorded in Q2, 2019 but decreased by 3.48% when compared to Q3, 2018.
The value of Other oil products imported decreased by 41.85% in Q3, 2019 against the level recorded in Q2, 2019 and 54.59% when compared to Q3, 2018.
Exports
The value of total exports in Q3, 2019 increased by 15.02% compared to the level recorded in Q2, 2019 and 8.97% when compared with its value in Q3, 2018.
The value of agricultural exports decreased by 42.69% in Q3 2019 relative to Q2, 2019 and 7.30% when compared to Q3, 2018.
The value of raw material goods exports in Q3, 2019 decreased by 5.74% in Q3, 2019 against Q2, 2019 and 8.84% against Q3 2018.
The value of solid minerals exports decreased by 17.08% in Q3, 2019 against Q2, 2019 and 34.97% against the corresponding quarter in 2018.
The exports of energy goods decreased in value by 40.06% in Q3 2019 compared to Q2, 2019 and 45% when compared with Q3, 2018.
The value of manufactured goods exports increased by 839.44% in Q3, 2019 when compared with the value recorded in Q2, and over 1000% compared to Q3 2018. The notable increase recorded was due to the re-exports of high value Cable Sheaths of Iron, as well as submersible drilling platform, Vessels and other floating structures.
The value of crude oil exports in Q3 2019 was 4.79% lower than in Q2 2019 and 9.62% lower than Q3 2018.
The value of other oil products exports rose by 6.14% in Q3 2019 against Q2, 2019 but fell by 15.19% relative to Q3, 2018.


Comments

Post a Comment

Popular posts from this blog

OBOREVWORI: How Not To Glorify A 'One Chance' Governor - By Zik Gbemre

It is appalling how, in desperation to sustain its thieving hegemony over the Delta State Government since 1999, the Delta PDP had the audacity to impose the weakest, most uninformed contender, a local champion, as Governor over a state replete with accomplished men and women of immense capacity. Given this unenviable privilege, one would have expected the fortunate placeholder governor, Sheriff Oborevwori—whose only election campaign manifesto was pledging to improve on the failed leadership of Ifeanyi Okowa, his predecessor—to engage creative minds and individuals of proven integrity to assist him in making a difference. Rather than doing the needful, Oborevwori has worsened matters by electing to engage the same spent leaders, deadwood, and gluttons that have gained prominence in running the state down over successive administrations. The result has been a government of mediocre officeholders competing to run the state for their pockets at the detriment of the populace, under a gove...
Post a Comment
Read more

EDO GUBER ELECTION: Omo-Agege, Faith Majemite, Others Appointed Into APC National Campaign Council

Ahead of the September 21 governorship election in Edo State, the National Working Committee of the All Progressives Congress (APC) unveiled a 197-member council on Wednesday to lead its campaign. According to the list released by APC National Organising Secretary, Sulaiman Argungu, Cross River State Governor Bassey Otu has been appointed as the chairman of the campaign council. Governor Otu will be supported by Katsina State Governor Dikko Radda as co-chairman and former Edo State Governor Adams Oshiomhole as deputy chairman. Other members of the 197-member team include Senator Ovie Omo-Agege, who will serve as Assistant Secretary; Senate President Godswill Akpabio; Speaker of the House of Representatives, Tajudeen Abbas; Minister of Aviation, Festus Keyamo; Ogun State Governor, Dapo Abiodun; Lagos State Governor, Babajide Sanwo-Olu; Hon. Faith Majemite; and other governors elected on the APC platform. The recently reinstated Deputy Governor of Edo, Philip Shaibu, who recently defecte...
Post a Comment
Read more

THE ENDURING LEGACY OF LEADERSHIP: Chief James Ibori Celebrated for His Impact on Delta State

On Friday, May 31st, during the funeral service for the Late Asagba of Asaba, the essence of true leadership was vividly displayed. The service featured the introduction of various dignitaries, including Senator George Akume, Secretary to the Government of the Federation who represented President Bola Tinubu, Governor Sheriff Oborevwori, Governor Godwin Obaseki, and Former Governor Ifeanyi Okowa. As each dignitary was introduced, the church remained silent. However, the atmosphere dramatically changed when the name of Former Governor James Ibori was announced; the congregation erupted in wide jubilation and applause. This reaction was so profound that even Senator George Akume and Governor Obaseki could not hide their astonishment. The enthusiastic reception for Chief James Ibori during this solemn occasion highlighted his enduring legacy among the people of Delta State. Despite having left office seventeen years ago, he continues to be celebrated whenever he attends public functions i...
Post a Comment
Read more