CRUDE OIL DOMINATES TOTAL EXPORTS FOR Q2 2018 - NBS 

CRUDE OIL DOMINATES TOTAL EXPORTS FOR Q2 2018 - NBS 

Originally published on September 7, 2018

The National Bureau of Statistics (NBS) has released its “Foreign Trade in Goods Statistics” (Q2 2018) report detailing an in-depth analysis of Nigeria’s import and export activities during the second quarter of 2018 on Thursday.

The total value of Nigeria’s merchandise trade was N6,569.98 billion in the second quarter of 2018, which was a -8.89% contraction from the figure recorded in Q1, 2018 (N7,211.12 billion) and a 14.56% growth from Q2, 2017 (N5,734.80 billion).

The report showed that the contraction of total trade in the reviewing quarter was mainly driven by the decline in both imports and exports. However, the trade balance in Q2, 2018 was a surplus of N2,356.60 billion, which is an 8.36% increase from the figure in Q1, 2018 (N2,174.60 billion) and a 399.82% increase from the figure in Q1, 2017 (N471.48 billion).

In the reviewing quarter, mineral products accounted for N4,275.3 billion or 95.8% of the total export from Nigeria. Significantly, Crude Oil exports dominated this category contributing N3,728.4 billion or 83.5% of total exports. 

The value of Crude Oil exports recorded in Q2, 2018 (N3,728 billion) was 4.2% higher than the value in Q1, 2018 (N3,579 billion) and 53.7% higher than the value in Q2, 2017 (N2,425 billion).

Other oil products exports in Q2, 2018 (N516.32 billion) declined in the reviewing quarter, with a 3.6% contraction from Q1, 2018 (N535.68 billion) and a 0.8% growth from the value recorded in Q2, 2017 (N512.41 billion).

The total value of exports in the quarter under review was N4,463.3 billion, representing a -4.9% contraction over Q1 2018 and a 43.8% growth compared to Q2 2017.

Similarly, the total import component in the first quarter (N2,106.7 billion) also recorded a decline of 16.3% on a quarter on quarter basis, and -19.9% year on year.

The total value of imports into Nigeria in the second quarter stood at N2,106.7 billion, of which N426.9 billion imports were mineral fuel (20.26% of the total import) and N600.6 billion were machinery and transport equipment (28.5% of the total import), while Chemical and Related Product imports accounted for 7.7% of total imports.

The value of Other oil products imported in Q2,2018 (N427.80 billion) was -49.5% lower than then value in Q1, 2018 (N846.31 billion) and -42.5% lower than Q2, 2017 (N744.58 billion).

The summary of oil exported in the second quarter include: 83.54% of Petroleum oils and oils obtained from bituminous minerals, crude, 9.70% of Natural gas, liquefied and 0.65% Of Other petroleum gases in gaseous state.

The value of imported oil in the second quarter of 2018 can be summarised as 2.96% of Gas Oil, 56.75% of Crude oil exports, and 14 .37%of Other Petroleum Oil products.