India, largest export market for Nigeria in Q1 2019 — NBS
The National Bureau of Statistics (NBS), said India was the largest export market for Nigeria in the first quarter (Q1) of 2019 with a net worth of N744.9 billion.
The bureau said this in its Commodity Price Indices and Terms of Trade (Q1 2019) on its website on Tuesday in Abuja.
According to the report, Nigeria’s export trade to India accounted for 16.43 per cent of total exports, equivalent to N744.9 billion.
It said that the largest export commodity to India was crude oil valued at N684 billion followed by liquefied natural gas at 47.1 billion naira.
Others it stated included Sesame seed (beniseed) valued at six billion naira, and Urea at N2.5 billion naira, among others.
On the other hand, Nigeria imported motorcycles valued at N65.3 billion, Kerosene, Jet fuel worth N15.2 billion, other antibiotics valued at N9.3 billion, among others during the period under review.
It said that China, Spain, France and the Netherlands were also other major trading partner countries of Nigeria in the first quarter of 2019.
The bureau also said that the country’s major export to these countries were crude petroleum and natural gas.
According to the report, the major imports from these countries are motorcycles, motor spirit (ordinary) and machine for reception, conversion and distribution of voice and images.
Nigeria’s export trade with China in the first quarter it said was dominated by liquefied natural gas valued at N88.6 billion.
The bureau said that this was followed by crude oil at N38.7 billion, and Sesame seed at seven billion naira, among others.
The NBS, however, said that machines for reception of voice, motorcycles, and other machine tools for working stone worth N49.4 billion, N29.97 billion and N25.50 billion were imported from China.
The bureau also said that Nigeria’s major export to Spain in the period under review was crude oil valued at N395.7 billion followed by liquefied natural gas worth N85.8 billion.
NBS said that leather prepared after tanning valued at N2.9 billion was exported to Spain.
It explained that imports from that country during the quarter were mixed alkyl benzene and mixed alkyl naphthalene, worth N6.9 billion.
Others also included motor spirits worth N3.3 billion and Gypsum, anhydrite whether coloured or not at N2.6 billion.
According to the bureau, Nigeria also exported crude oil worth N229.2 billion to France.
Other major export commodities included liquefied natural gas valued at N70.96 billion and parts for boring or sinking machinery worth N1.1billion.
In terms of imports, the main commodities imported were motor spirits valued at N15 billion, and lubricating oils worth N3.2 billion.
Other exports include additives for lubricating oils at N1.5 billion and Malt not roasted at N1.3 billion.
The bureau said that the largest exported commodity to the Netherlands was crude oil worth N366.3 billion, followed by Dredgers valued at N9.4 billion.
It said that other exports include other light vessels worth N8.1 billion, good fermented cocoa beans at N5.7 billion and other petroleum gases worth N5.4 billion.
The bureau said that Motor Spirit valued at N58.3 billion, Gas oil valued at N29.95 billion, Herrings (Clupea harengus, Clupea pallasii) valued at N6.2 billion, and Mackerel at five billion naira were among imports from the Netherlands during the quarter.
The report said that trade in goods statistics compilation by NBS was largely from secondary data source including the Nigerian Customs Service through the Nigeria Integrated Customs Information System.
It said that more data sources were from the Nigerian National Petroleum Corporation, Petroleum Products Pricing and Regulatory Agency, Nigeria Liquefied Natural Gas Ltd, Central Bank of Nigeria (CBN) and Cobalt International Services Ltd.
Others are Carmine Assayer Ltd Inspection Services, NerolIi Technology, Nigerian Export Processing Zone Agency, Oil and Gas Free Zone Agency, Nigerian Electricity Regulatory Commission and Federal Airports Authority of Nigeria.
It said that the Nigeria Civil Aviation Authority (NCAA) and Nigerian Ports Authority (NPA) were also among the data sources which include government and non-government shipment of goods. (NAN)