The value of Nigeria’s export fell by 3.9 per cent in the first quarter of this year, compared to the same period in 2018.
The country’s total exports was valued at N4.535tn in Q1 2019, representing a 1.78 per cent rise compared to the fourth quarter of 2018.
The value of total imports increased to N3.7tn in Q1 2019, representing an increase of 3.39 per cent and 29.84 per cent compared to Q4 2018 and Q1 2018.
The trade balance remained positive at N831.6bn in Q1 2019, boosted by increases in both exports and imports.
The boost also helped total trade increase to N8.239tn, 2.50 per cent and 7.52 per cent higher compared to Q4 2018 and Q1 2018, according to the National Bureau of Statistics’ report on foreign trade statistics.
Export trade was dominated by crude oil exports, which contributed N3.376tn or 74.45 per cent to the value of total exports in Q1 2019.
Further analysis revealed that Nigeria exported mainly mineral products, which amounted to N3.95tn or 87.1 per cent of the total value of exports.
This was followed by vehicles, aircraft and parts; prepared food stuff, beverages, spirits; and vegetable products, which respectively accounted for N418bn or 9.22 per cent, N55.4bn or 1.2 per cent and N49.0bn or 1.1 per cent of the total exports.
In Q1 2019, products exported to Europe, Asia and Africa were valued at N1.833tn (40.43 per cent of total exports), N1.324tn (29.2 per cent) and N936.8bn (20.67 per cent) respectively.
The country exported goods worth N405.8bn (8.95 per cent) to the Americas and N34.5bn (0.76 per cent) to Oceania.
Within Africa, Nigeria exported goods valued at N300.6bn to ECOWAS member states (representing 32.08 per cent of total merchandise exports to Africa).
By country of destination, the country exported goods mainly to India, Spain, Netherlands, South Africa and France, valued at N745bn (16.43 per cent), N487.1bn (10.74 per cent), N405.4bn (8.9 per cent), N325.5bn (7.2 per cent) and N302.3bn (6.7 per cent) respectively.