The first quarter of 2019 marks another good period for export trade in Nigeria as the total export component of the trade recorded in the country got to N5.02 trillion, represented an increase of 3.5 per cent over third quarter 2018 and 28.5 per cent over fourth quarter 2017.
In accord with this, import component stood at N3.58 trillion in fourth quarters 2018. This means that there has been 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 in 2017.
However, it said the increase in export value and decrease in import value resulted in a favourable trade balance of N1441 billion, or 125.5 per cent over the preceding quarter, according to import an export trade analysts.
crude oil export accounted for the largest share of total exports (84.2 per cent) in the fourth quarter of 2018 at N4.228 billion. 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.
Meanwhile, the trade report said the value of total exports in fourth quarter 2018 increased by 3.52 per cent against the level recorded in third quarter 2018 and 28.46 per cent higher than its value in fourth quarter 2017.
Nigeria’s biggest export trade partners are India, Spain, France, South Africa and the Netherlands, while for imports, the foreign partners for the fourth quarter 2018 are China, US, Netherlands, India and Belgium.