Latest data from the Nigerian National Bureau of Statistics (NBS) shows that the country’s recorded total trade value rose to N32.26 trillion year-on-year in 2018, representing 39.3 per cent increase compared to the corresponding period in 2017. The trade value for 2017 at was N23.16 trillion.
According to its Foreign Trade in Goods Statistics for Fourth Quarter of 2018, posted on its website the bureau said the volume of total merchandise trade in 2018 was the highest recorded since 2014, and nearly double pre-recession levels.
It explained that during the fourth quarter of 2018, total merchandise trade stood at N8.60 trillion compared to its value of N9.06 trillion recorded in third quarter of the year.
The Bureau said the total export component of the trade recorded N5.02 trillion, representing an increase of 3.5 per cent over third quarter 2018 and 28.5 per cent over fourth quarter 2017.
According to it, the import component stood at N3.58 trillion in fourth quarters 2018.
The figure showed a drop of N631.6 billion or 15.0 per cent compared to third quarter, 2018 but an increase of 69.6 per cent when compared with the corresponding quarter of 2017.
It disclosed that the increase in export value and decrease in import value (relative to third quarter 2018) resulted in a favourable trade balance of N1441 billion, or 125.5 per cent over the preceding quarter.
The report shows that crude oil export which has always been the main stay of the economy accounted for the largest share of total exports (84.2 per cent) in the fourth quarter of 2018 at N4.228 billion.
On the other hand, non-oil products accounted for 4.6 per cent of total exports, while other oil products accounted for 11.2 per cent of total exports in the quarter under review.
According to the report the value of crude oil exports in the Q4, 2018 was 1.98 per cent higher than in third quarter 2018 and 29.95 per cent higher than in fourth quarter 2017.

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