Nigeria import from China hit N 478bn Q3 – NBS

The National Bureau of Statistics (NBS) has said import from China recorded N478 billion in third quarter of 2016. The bureau said that Nigeria imported goods from China was 19.8 per cent of total imports.

“This was followed by Belgium at N331.3 billion or 13.7per cent, Netherlands with N299.7 billion or 12.4per cent, the United States with N165.5 billion or 6.9 per cent and India with N121.3 billion or five per cent of total imports.

“Imports by economic region revealed that the country consumed goods largely from Europe, with import value of N1.158.4 trillion or 48 per cent. The Country also imported goods largely from Asia, with import goods valued at N843.27 billion or 34.9per cent.

“Goods valued at N294.5 billion or 12.2 per cent of total import trade was imported from America. Import trade within the continent of Africa totalled N87.9 billion or 3.6 per cent, while imports from the region of ECOWAS amounted to N8.5 billion, NBS said in its latest third quarter foreign trade statistics.

The Bureau explained that Nigeria’s import trade stood at ₦2,413.0 billion, at the end of third quarter, 2016.

“This was 6.2 per cent more than the value recorded in the preceding quarter ₦2,272.3 billion. Further comparison with the corresponding quarter of last year, showed an increase of ₦724.8 billion or 42.9 per cent.

“The structure of Nigeria’s import trade according to SITC was dominated by the imports of Mineral fuel, lubricant etc., Machinery and transport equipment, and Chemicals and related products, which accounted for 30.3 per cent, 25.1per cent, and 14.4 per cent respectively in 2016.

“These commodities contributed the most to the value of import trade in 2016, whereas commodities such as Crude inedible materials, except for fuel, Beverages and tobacco, and Animal and vegetable oils, fats and waxes, contributed the least, accounting for 1.5 per cent, 0.6 per cent, and 0.3 per cent respectively.”

The report noted that import trade by section was dominated by the imports of “Mineral products”, which accounted for N746.2 billion or 30.9per cent of the total value of import trade in 2016.

“Other commodities which contributed noticeably to the value of import trade in 2016 were “Boilers, machinery and appliances; parts thereof” at N475.6 billion (19.7per cent), and “Products of the chemical and allied industries” at N220.0 billion (9.1per cent), “Plastic, rubber and articles thereof” at N153.9 billion (6.4per cent) and “Prepared foodstuffs; beverages, spirits and vinegar; tobacco” at N148.2 billion (6.1per cent).

“At the end of the quarter, the import trade classified by Broad economic category revealed that “Fuels and lubricants.” ranked first with N725,118.5 billion or 30.1per cent.

“This was followed by Industrial Supplies (nec) with the value of N611,617.5billion or 25.3 per cent, and “Capital Goods and parts of” with N460,563.9billion or 19.1per cent,” the report added.