China Tops List of Nigeria’s Import Locations, as Trade Volume Declines by N20 Billion

The National Bureau of Statistics on Wednesday disclosed that said Nigeria imported goods mostly from China, the United States, India, Belgium and Netherlands, which respectively accounted for N336.5bn or 22.5%, N143.6bn or 9.6%, N115.4bn or 7.7%, N83.4bn or 5.6% and N80.9bn or 5.4% of the total value of goods imported during the quarter.

In its Merchandise Trade Report, the bureau also disclosed that the country recorded a N20bn fall in its trade volume for the second quarter, with the trade dropped from N4.392tn in the first quarter to N4.372trn in the second quarter, a figure representing a decline of 0.5% over what was traded in the first quarter.

The report said relative to the preceding quarter, a rise of N214.1bn or 8% in the value of exports combined with a decline of N234.4bn or 13.6% in the value of imports improved the country’s trade balance.

The trade balance, according to the report, increased by 47.9% or N448.6bn during the quarter.

But the report said year-on-year, the country’s trade balance declined by 48.8% as imports declined by 24.5% while exports declined even further by 38.5%.

The structure of Nigeria’s import trade was dominated by the import of “boilers, machinery and appliances;” which accounted for N356bn or 23.8% of the total value of imports in quarter two of 2015, the report also disclosed.

Other commodities, which contributed significantly to the value of imports in the review period are mineral products at N173.9bn or 11.6%; chemical and allied products at N155.2bn or 10.4%; vehicles, aircraft and parts at N152.9bn or 10.2%.