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FG records N719bn trade surplus in Q1 2017
This is the second successive quarter that Nigeria's Current Account has been in surplus, which means the country is earning more from exports than she spends importing goods.
Minister of Industry, Trade and Investment, Mr. Okechukwu Enelamah
According to Nigeria’s Foreign Trade Statistics report released on Tuesday, June 6, 2017, in Abuja by the National Bureau of Statistics (NBS), Nigeria also had a trade surplus of N719.4 billion during the period.
Total exports of the country stood at N3.005 trillion, while total imports from various countries were N2.287 trillion. This makes it the second successive quarter of surplus balance of trade, after four consecutive quarters of trade deficits (Q4 2015 to Q3 2016).
The NBS’s report also showed that the export increased by 0.9% while total imports into the country declined 0.9%, which reflects the impacts of various export promotion and import substitution strategies of the President Muhammadu Buhari’s administration.
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The sectoral analysis noted that crude oil still accounts for the largest share (44.91%) of total trade, followed by oil products (23.37%), manufactured products (21.39%), raw materials (5.12%) and agricultural products (4.35%).
Also, the report showed sesame seed, soybeans, frozen shrimps and prawns as the majorly traded agricultural products within the period under review. The manufactured goods exports surge up by 45% in Q1 2017, while the importation of manufactured goods lowered by 3.3%.
Major export trading partners in Q1 2017 were India (22.24%) USA (13.86%), Netherlands (8.32%), Spain (10.81%) and France (6.5%), while Nigeria’s major import partner China (16.79% ), Belgium (14.88%), Netherlands (10.80%), United States (8.07%) and India (4.53%).
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