The value of Nigeria's external merchandise trade stood at N5, 162.9 billion in the fourth quarter of 2013, it was learnt yesterday.
This was N495.3billion lower than the N5, 658.2 billion recorded in the previous quarter, representing about 8.8 per cent decline.
A statement by the National Bureau of Statistics (NBS) on the quarterly trade statistics report, explained that the observed change was as a result of decline in the value of imports and exports by 19.1 per cent and 2.7 per cent respectively from the previous quarter.
The report revealed that the value of imports declined from 2,084.8 billion in the Third Quarter of 2013 to N1, 686.1 billion in the Fourth Quarter of 2013, while the value of exports declined from N3, 573.2 billion to N3, 476.8 billion over the same period.
It reads in part: "The resulting trade balance of N1,790.8 billion presented an increase of N302.2 billion, or 20.3 per cent from the preceding quarter. Comparison with the fourth quarter of the previous year revealed that the value of the nation's total merchandise trade declined by 28.2 per cent, or N2, 022.9 billion. Total trade stood at N21, 261.1billion for the 2013 calendar year, 24.3 per cent, or N6, 810.1billion lower than N28, 071.2 billion recorded for 2012, as a result of a decline in exports by 36.5 per cent.
"The crude oil component of total exports stood at N2, 981.7 billion for the Fourth Quarter, while the non-crude oil accounted for N495.2billion. The value of Nigeria’s imports amounted to N1, 686.1billion in the Fourth Quarter of 2013. This represents a decline of N398.7billion or 19.1 per cent from the N2, 084.8billion recorded against the Third Quarter of 2013.
Year-on-year, the value of imports were N393.2 billion or 30.4 per cent greater than the value recorded for the corresponding quarter of 2012. According to the Standard International Trade Classification (SITC), compared to the Third Quarter of 2013, the decline in imports can be attributed to the fall in the value of imports of "Beverages and Tobacco" by N202.1billion or 93.8 per cent, and a N25.0billion or 56.7 per cent decline in the value of "Crude Inedible Materials."
"When classified by Section, "Boilers, Machinery and Appliances" accounted for the largest share of imports, with N355.9 billion, or 21.1 per cent of total imports."
Other significant imports to Nigeria during the period included vehicles, aircraft and parts thereof, with N293.6 billion, or 17.4 per cent and "mineral products" with N230.3 billion or 13.7 per cent of the total import bill.
Imports categorized by Broad Economic Category show that "Industrial supplies" contributed the largest percentage to imports, accounting for N464.7 billion or 27.6% of the total imports. "Capital goods" and "Food and Beverages" follow, with N426.1 billion or 25.3%, and N269.1billion or 16.0%, of the total imports respectively summarizing imports by region shows that the greatest value of imports to Nigeria in the fourth quarter of 2013 came from Asia, with N746.9 billion or 44.3% of total imports.
"This was followed by Europe with N554.6 billion (32.9%), The Americas with N267.3 billion (15.9%), Africa with N102.8 billion (6.1%) and Oceania with N14.4 billion (0.9%). ECOWAS contributed N48.0 billion, or 46.7% of the total imports from the Africa region. The individual countries with the five greatest import values are China, United States, South Korea, Netherlands and India, with Nigeria consuming N374.1billion, N185.1billion, N122.5 billion, N95.7 billion and N90.7 billion of goods respectively. The total imports for the 2013 calendar year amounted to N7, 015.8billion, N1, 390.9 billion or 24.7% greater than the cumulative total for 2012."
On the exports classified by Standard International Trade Classification and country of destination, NBS said the value of Nigeria's exports stood at N3, 476.8 billion in the Fourth Quarter of 2013, a moderate decline of N96.5 billion or 2.7% from N3, 573.4 billion recorded in the previous quarter.