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Nigeria recorded a favourable trade balance of N1.44 trillion in the fourth quarter of 2018 being 125.5 percent, higher than the record of the third quarter of the same year.
The Foreign Trade in Goods Report released by the National Bureau of Statistics (NBS), on Sunday evening, showed that during the fourth quarter of 2018, Nigeria’s total merchandise trade stood at N8.61 trillion, down from N9.11 trillion recorded in the third quarter by N460.96 billion or 5.1 percent.
The report showed that the total export component of this trade was recorded at N5.02 trillion, representing an increase of 3.5 percent over the third quarter of the same year and 28.5 percent over the corresponding quarter of 2017.
The trade import component stood at N3.58 trillion in the fourth quarter of 2018, showing a drop of N631.6 billion or 15.0 percent compared to the third quarter of the same year, but an increase of 69.6 percent when compared with the corresponding quarter in 2017.
The increase in export value and decrease in import value in relation to the third quarter of 2018 resulted in a favourable trade balance.
“The volume of total merchandise trade in 2018 was the highest recorded since 2014, nearly double pre-recession levels,” the report stated.
The report showed that imported agricultural products was valued at N5.0 billion, or 2.23 percent less than in third quarter of 2018, and N8.7 billion or 3.8 percent lower than fourth quarter of 2017.
The value of raw material imports in the fourth quarter grew by 9.5 percent more than the value recorded in third quarter of 2018 and 10.8 percent more than the value recorded in the fourth quarter of 2017.
The value of energy goods imported was N40 million, or 456.76 percent higher than in the third quarter of 2018 due to the increased importation of non-coniferous energy goods (i.e. fuel wood in logs) during the quarter under review. Compared with the corresponding quarter of 2017, it represented a decrease of 70.8 per cent.
The value of other oil products imported was N832.2 billion, or 28.6 percent lower than in third quarter of 2018 but 118.98 per cent higher than the corresponding quarter of 2017.
Meanwhile, the value of agricultural exports rose by 115.1 percent in the fourth quarter of 2018 compared to the third quarter and rose by 696.8 percent compared to fourth quarter of 2017.
The value of raw material goods exported in the quarter was 26.7 percent higher than the value in the third quarter and 7.7 percent higher than the value recorded in fourth quarter of 2017.