NBS: Nigeria Recorded Favourable Trade Balance in Q2 2018

James Emejo in Abuja

Nigeria’s all products terms of trade (TOT) indices for April, May and June 2018 stood at 100.5, 111.1 and 109.2 respectively, indicating favourable TOT for all the months of the second quarter (Q2), the National Bureau of Statistics (NBS) has stated.

NBS stated that the data meant that the country used 0.5, 11.1 and 9.05 per cent less of her exports to procure the same level of imports in the months under review.

The product groups that contributed most to the positive trade positions during the review period were mineral products, wood and articles of wood, wood charcoal and articles, live animals; animal products, and vegetable products.

According to the Commodity Price Indices and Terms of Trade report for Q2, released yesterday, Belgium, China, Spain, the Netherlands and India constituted Nigeria’s top five trading partner countries within the period.

The major Nigerian export to Belgium during the quarter was other petroleum gases valued at N11.7 billion, followed by good fermented cocoa beans (N474 million), frozen shrimps (N453.5 million) and other meals and pellets of crutacean (N53.9 million).

On the import side, Nigeria imported petrol worth N117.6 billion, gas oil valued at N20.6 billion, malt (N4.1 billion), polyethylene (N2.0 billion) and other polyethers (N1.6billion) from Belgium.

The statistical agency noted that all region group export index recorded an increase of 2.3 per cent in February, a decline of 1.3 per cent in April.

The index reversed with a decrease of 0.3 per cent in May but increased again in June by 1.4 per cent.
It further stated that the all commodity group import price index rose by two per cent driven by miscellaneous manufactured articles.

It said the all commodity group export price index rose by 11 per cent driven by mineral products, wood products, live animals and vegetable products.

The major export to the countries was crude petroleum and natural gas while the major import from these countries was motor spirit (ordinary).