Nigeria imports decrease, other oil exports gain in 3rd quarter — NBS

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NBS
NBS

THE National Bureau of Statistics (NBS), said total imports into the country in the third quarter of 2019 decreased by 2.70 per cent, while exports of other oil products rose by 6.14 per cent.

The Bureau made this known in a report made available to newsmen in Abuja on Friday.

Specifically, NBS said the value of percentage of imports decreased by 2.70 compared to the second quarter in the year with a total rise by 8.20 per cent.

It explained that the value of imported agricultural products was 4.01 per cent lower than in the second quarter which was 5.79 per cent.

Similarly, the NBS said the value of raw material imports decreased by 4.64 per cent in the third quarter of the year.

The bureau further said that the value of solid minerals imports was 31.73 per cent lower than the value of second quarter 2019 but 7.05 per cent higher than the value recorded in the third quarter 2018.

The Bureau, however, disclosed that value of energy goods imports increased by 243.92 per cent in the same period.

It explained that the 286.91 per cent increase in energy goods imports was relative to third quarter 2018 due to increased import of other wood charcoal, electrical energy and charcoal of bamboo.

“The value of imported manufactured goods grew by 12.46 per cent in the third quarter 2019 as against the value recorded in the second quarter, 2019 but decreased by 3.48 per cent when compared to the third quarter 2018.

“The value of other oil products imported decreased by 41.85 per cent in the third quarter 2019 against the level recorded in second quarter, 2019.’’

Meanwhile, NBS said the value of total exports in the third quarter, 2019 increased by 15.02 per cent compared to the level recorded in second quarter 2019 which increased by 1.34 per cent.

“The value of other oil products exported rose by 6.14 per cent in the third quarter 2019 against second quarter, 2019 but fell by 15.19 per cent relative to the third quarter 2018.’

“The value of manufactured goods exports increased by 839.44 per cent in the third quarter, 2019 when compared to the value recorded in second quarter, and over 1,000 per cent compared to the third quarter 2018.

“The notable increase recorded was due to the re-exports of high value Cable Sheaths of Iron, as well as submersible drilling platform, vessels and other floating structures.

The report, however, indicated that the value of agricultural exports decreased by 42.69 per cent in the third quarter 2019 compared to second quarter exports which was 14.66 per cent.

NBS noted that the value of raw material goods exports decreased by 5.74 per cent while the value of solid minerals exports also decreased by 17.08 per cent within the same period.

“The exports of energy goods decreased in value by 40.06 per cent in the third quarter 2019 compared to second quarter, 2019 and 45 per cent when compared with the third quarter 2018.

“The value of crude oil exports in the third quarter of 2019 was 4.79 per cent lower than in second quarter 2019 and 9.62 per cent lower than the third quarter 2018,’’ NBS said.

The Bureau put the value of Nigeria’s total trade in the third quarter, 2019 at N9.1billon representing 6.8 per cent compared to the second quarter which grew by 4.42 per cent. (NAN)

– Dec. 13, 2019 @ 18:49 GMT |

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