REPORTS that Nigeria’s non-oil sector began to crawl out of recession towards the end of 2017 has been corroborated by figures from the Trade in Goods statistics for fourth quarter (Q4) 2017 released by National Bureau of Statistics (NBS) at the weekend showing that the country exported some N232.05 billion worth of manufactured goods during the year.
“For the full year 2017, exports of manufactured goods grew 26.8 percent to N232.05 billion above the value of N182.9 billion in 2016.
“Manufactured goods exports in Q4, 2017 N55.3 billion were 28.1 percent more than the N43.2 billion attained in Q3, 2017 but declined by 18.03 percent in comparison to N67.5 billion in Q4 2016.”
Conversely, manufactured goods imports declined in Q4 2017 by 0.28 percent to N1.209 trillion in comparison to N1.213 trillion in Q3 2017, but grew by 10 percent in comparison to N1.099 trillion in Q4 2016.
For the full year 2017, imported manufactured products decreased by 0.06 percent to N4.642 trillion from N4.645 trillion in 2016.
The report stated that merchandise trade declined marginally in the last quarter of 2017 compared to the previous quarter but Increased year-on-year for Q4, 2017.
Total imports for the year valued at N2. 112 trillion in Q4 2017 was 15.1percent less than Q3 2017 figure of N2.487 trillion and 8.5 percent lower than the N2.307 trillion recorded in Q4, 2016.
Total imports for the full year 2017 stood at N9.562 trillion, which was 8.5percent lower than the 2016 trade import value of N8. 817 trillion.
Imported Agricultural goods decreased by 1.7 percent in Q4 2017 (N227.4 billion) compared to Q3 2017 (N231.4 billion) but increased by 15.9 percent when compared to Q4, 2016 (N196.2 billion).
For the full year, 2017, imported agricultural goods increased by 35.09 percent to N886.7 billion from N656.4 billion in 2016.- Raw materials imports in Q4 2017 (N279.4 billion) were 2.1 percent lower than Q3, 2017 value (N285.3 billion) and 2.7 percent lower than Q4 2016 (N287.2 billion).
For full-year 2017, imported raw materials increased by 19.3 percent to N1,128.3 billion from 945.7 billion in 2016.-
Solid minerals imports grew by 5.19 percent in Q4 2017 (N15.2 billion) over the Q3, 2017 value (N14.5 billion), and 9.2 percent over Q4 2016 (N13.9 billion).
For full-year 2017, imported solid minerals increased by 372.2 percent to N235.1 billion from N49.7 billion in 2016.
Energy goods imports grew significantly by 950 percent in Q4 2017 (N138.1 million), higher than Q3, 2017 value (N13.15 million), and 57176 percent over Q4 2016 (N0.24 million).
For full-year 2017, imported energy goods increased to N187.17 million from N8.07 million in 2016.
Other oil products imports were 48.86 percent lower in value in Q4 2017 than Q3 2017, and 46.5 percent lower than the value recorded in Q4 2016.
For full-year 2017, other oil product imports increased by 5.93 percent over 2016.
The total value of export at N3,910.6 billion in Q4 2017 grew by 9.35 percent over Q3 2017, and by 31.27 percent over Q4 2016. For full-year 2017, total exports of N13,598.2 billion was 59.47 percent higher than for 2016 with a value of N8,527.4 billion.
Agricultural goods exports grew in value by 54.9% in Q4 2017 (N44.7 billion) in comparison to Q3 2017 (N28.8 billion), and by 170.9 percent in comparison to Q4 2016 (N16.5 billion).
For full-year 2017, agriculture exports grew 180.7 percent (N170.4 billion) above the value in 2016 (N60.7 billion).
Raw material exports in Q4 2017 (N37.8 billion) were 43.2 percent more in value than Q3,2017 (N26.4 billion) and 71.7 percent more than Q4, 2016 (N22.0 billion).
For full-year 2017, raw material exports grew 154.2 percent (N112.9 billion) above the value in 2016 (N44.4 billion).
Solid minerals exports in Q4 2017 grew by 55.0 percent in value when compared to Q3 2017, and by 473.5 percent in value when compared to same period last year Q4 2016.
For full-year 2017, solid minerals exports grew 565 percent (N77.2 billion) above the value in 2016 (N11.6 billion).
Crude Oil exports in Q4 2017 were 9.51 percent more than the value recorded in Q3 2017 and 34.2 percent higher than Q4, 2016.
For full-year 2017, crude oil exports grew 57.6 percent above the value in 2016.Other oil products exports increased by 0.45 percent over Q3 2017, and by 9.3 percent over the same period last year (Q4 2016).
For the full year 2017, exports of other oil products grew 57.75 percent above the value in 2016.
Total trade recorded for Q4 2017 was N6.022.93 billion which represented a decline of 0.7% over the Q3 2017, and an increase of 13.9 percent over the same period last year Q4 2016).
For full-year 2017, total trade was N23,160.9 billion which is 33.5 percent higher when compared to the value in 2016 of N17,344.9 billion.
Trade balance, accordingly, stood at a surplus of N1,798.31 billion in Q4 2017 compared to the surplus of N1,088.33 billion recorded in the preceding quarter and the surplus of N671.30 billion in the corresponding quarter last year.
For full-year 2017, trade balance stood at N4,035.5 billion compared to a negative trade balance of -N290.1 billion in 2016.
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