Emerging reports have shown that there was an improvement in the exportation of non-oil products from Nigeria to other countries in the last quarter of last year and this has boosted the country's balance of trade by a whopping 97.1 per cent in the last quarter of 2011.
Emerging reports have shown that there was an improvement in the exportation of non-oil products from Nigeria to other countries in the last quarter of last year and this has boosted the country's balance of trade by a whopping 97.1 per cent in the last quarter of 2011.
The Foreign Trade Statistics Report for the fourth quarter 2011, released by the National Bureau of Statistics (NBS), last week indicated that Nigeria's balance of trade was valued at N5,735.1 billion in the previous quarter, indicating an increase of N2,826.1 billion or 97.1 per cent over the third quarter.
On a year-on-year basis, the balance of trade grew by an increase of N3,360.8 billion or 141.6 per cent in the fourth quarter of 2011.
The report showed that the value of non-crude oil exports grew by N2, 312.9 billion or 176.6 per cent relative to the corresponding period in 2010 as reported by the Nigerian Customs Service to the NBS.
This significant increase in non-crude oil exports, the bureau attributed to a surge in other hydrocarbons and their refined products
It said that mineral products contributed N5, 910.3 billion indicating 82.9 per cent of the total exports, followed by plastic rubber and articles with N907 billion or 12.7 per cent.
Others include prepared foodstuff, beverages, spirits and vinegar, tobacco with N96.6 billion or 1.4 per cent, vegetable products with N55.8 billion or 0.8 per cent and vehicles, aircraft and vessels with N47.7 billion or 0.7 per cent.
The value of Nigeria's merchandise trade in the fourth quarter of 2011 stood at N8,529.3 billion, compared to N7,315.5 billion in the third quarter representing an increase of N1,213.8 billion or 16.6 per cent over the previous quarter.
Further analysis revealed that on a year-on-year basis, the value of total trade grew strongly by N2,610.2 billion or 44.1 per cent in the fourth quarter. On annual basis, the value of total trade increased to N9,410.7 billion in 2011 showing an increase of 47.9 per cent over the value of total trade for 2010.
This continual increase, in the value of total trade resulted from the increase in the value of both crude and non-crude oil exports by 48 per cent and 42.4 per cent respectively over figures reported for 2010, the NBS noted.
"Again, this can be attributed to the increase in both the crude oil and non-crude oil export values during the period under review," the statement said.
Discussion about this post