Nigeria’s external (foreign) or international trade hits N32.26trn. Recorded a better balance of trade and many other positives in international trade.

NAN reports, the National Bureau of Statistics (NBS) has said Nigeria recorded a total trade value of N32.26 trillion year-on-year in 2018, representing a 39.3 percent increase over the corresponding period in 2017.

Nigeria’s volume of external trade for 2017 stood at N23.16 trillion.

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According to NBC, the volume of total merchandise traded externally in 2018 was the highest recorded since 2014, nearly double pre-recession levels.

The bureau said total external merchandise trade in the fourth quarter of 2018 stood at N8.60 trillion compared to its value of N9.06 trillion recorded in the third quarter.

The total export component, according to NBC stood at N5.02 trillion, representing an increase of 3.5 per cent over third quarter, 2018 and 28.5 per cent over fourth quarter, 2017.

The import component according to the bureu is N3.58 trillion in fourth quarters, 2018.

The figure showed a drop of N631.6 billion or 15.0 per cent compared to third quarter, 2018 but an increase of 69.6 per cent when compared with the corresponding quarter in 2017.

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It said, however, the increase in export value and the decrease in import value (relative to the third quarter, 2018) resulted in a favourable balance of trade of N1441 billion, or 125.5 per cent over the preceding quarter.

According to the NBC’s report, crude oil export is still the main stay of the economy as It accounted for the largest share of total exports (84.2 per cent) in the fourth quarter of 2018 at 4.228 billion.

Non-oil exports accounted for 4.6 percent of the total exports while other oil products accounted for 11.2 percent of total exports in the quarter under review.

According to the report said that the value of Crude oil exports in the fourth quarter, 2018 was 1.98 per cent higher than in the third quarter, 2018 and 29.95 per cent higher than in fourth quarter, 2017.

The report said the value of other oil products exports increased by 3.5 percent in the fourth quarter, 2018 when compared with the third quarter, 2018 and 15.99 percent compared to the fourth quarter, 2017.

Also, according to the report the value of manufactured goods exports rose by 14.97 percent in the fourth quarter of 2018 when compared with the third quarter, but decreased by 36.6 percent against the corresponding quarter in 2017.

The report, however, indicated that the exports of energy goods increased in value by 6.1 per cent in fourth quarter, 2018 compared to third quarter, 2018 and by 12.7 per cent when compared with fourth quarter, 2017.

The bureau said the value of total exports in the fourth quarter of 2018 increased by 3.52 percent over the third quarter figure, and 28.46 percent higher than the figure for the fourth quarter of 2017.

According to the report, India, Spain, France, South Africa and the Netherlands were Nigeria’s major export trading partners in the quarter under review while China, US, Netherlands, India and Belgium were the country’s major import trading partners