Imports up, exports down in 2013

The National Bureau of Statistics (NBS) has revealed that the country’s imports in 2013 was greater than 2012 while exportation over the same period was less.

Total exports for 2013 amounted to about N14.24 trillion which was lower by about N8.20 trillion or 36.5 per cent from the value of total exports recorded in 2012 while total imports in the same period amounted to about N7.01 trillion, about N1.39 trillion or 24.7 percent more than the cumulative total for 2012.

In the trade report released on Wednesday and signed by the Statistician-General of the Federation/Chief Executive, NBS, Dr. Yemi Kale, the change was attributed to a decline in the value of imports and exports.

The report show that external merchandise trade dropped from N5.658tn recorded in the third quarter of 2013 to N5.162tn in the fourth quarter representing a decrease of N495.3 billion -8.8 per cent.

The value of imports declined from N2.084tn recorded in the third quarter of 2013 to N1.686tn in the fourth quarter while the value of exports also dropped from N3.573tn to N3.476tn over the same period.

Compared with the previous year, the report said that total trade was N21.261tn for the 2013 calendar year, indicating a decrease of 24.3 per cent or N6.810tn lower than the N28.071tn recorded for 2012.

Meanwhile a breakdown of the exports statistics showed that India ranked top as Nigeria’s major export partner with trade volume recorded at N613.8 billion.

This was followed by the Netherlands, Italy, Brazil and South Africa with export values of N393.7 billion, N310.7 billion, N289.8 billion and N218.9 billion respectively.

On the other hand, China remained Nigeria’s major trade partner in terms of imports value of N374.1 billion which was followed by the United States, South Korea, Netherlands and India with N185.1billion, N122.5 billion, N95.7 billion and N90.7 billion of imports respectively.

However, of the total exports to Africa, the Economic Community of West African States (ECOWAS) accounted for 38.2 percent or N167.8 billion

The crude oil component of total exports, according to the report, stood at N2.981tn for the fourth quarter, while the non-crude oil accounted for N495.2bn.