Nigeria’s total imports rise by 25.84% in one year

The value of total imports into the country rose 3.39 per cent in first quarter of 2019 compared to fourth quarter of 2018, and by 25.84 per cent over the corresponding quarter of 2018.

The National Bureau of Statistics revealed this in its ‘Foreign trade in goods statistics’, released on Friday.

It also revealed that the total trade grew by 2.50 per cent in Q1, 2019 compared to Q4, 2018, and 7.52 per cent relative to the corresponding quarter in 2018.

Imported agricultural products were 7.98 per cent higher in value than in Q4 2018, and 28.1 per cent higher than in Q1, 2018.

The value of raw material imports grew by 6.62 per cent more than the value recorded in Q4, 2018 and 20.76 per cent more than the value recorded in Q1 2018.

The value of solid minerals imports was 1.26 per cent more than the value of imports in Q4, 2018 and 35.90 per cent higher than the value recorded in Q1 2018.

The value of energy goods imports was 20.28 per cent lower than in Q4, 2018, compared with the corresponding quarter of 2018, a decrease of 0.94 per cent was recorded.

The value of imported manufactured goods increased by 25.81 per cent in Q1, 2019 against the value recorded in Q4, 2018 and rose by 130.7 per cent against its value in Q1, 2018.

The increase in value of imported manufactured goods was partly as a result of the importation of hygienic/ pharmaceutical product for humanitarian purposes during the quarter.

The value of other oil products imported was 58.4 per cent lower than in Q4, 2018 and 72.71 per cent lower than the corresponding quarter of 2018.

The value of total exports in Q1, 2019 increased by 1.78 per cent against the level recorded in Q4, 2018 but decreased by 3.90 per cent against its value in Q1, 2018.

In Q1 2019 the value of agricultural exports was 11.89 per cent lower than in Q4, 2018 but 17.5 per cent higher than Q1 2018.

The value of raw materials exported in Q1, 2019 was 10.67 per cent lower than the value in Q4, 2018 but 11.57 per cent higher than in Q1 2018.

The value of solid minerals exported increased by 16.88 per cent relative to Q4 2018 but decreased by 66.6 per cent compared to the corresponding quarter in 2018.

The energy goods exported decreased in value by 1.3 per cent compared to Q4, 2018 but increased by 2.17 per cent when compared with Q1 2018.

The value of manufactured goods exported rose by 511.19 per cent in Q1 2019 when compared with the value recorded in Q4 2018 and 6.43 per cent compared to the corresponding quarter in 2018.

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