© 2019 - International Centre for Investigative Reporting
NIGERIA’S EXPORT TRADE RECORDS 20.8% INCREASE
The monetary value of export trade in Nigeria has risen from 14.2 trillion in 2013 to 17.2 trillion in 2014, showing an increase of 20.8 per cent, the National Bureau of Statistics, NBS, has reported.
The 2014 foreign trade statistics released Tuesday by the Bureau also showed that crude and mineral products account for the bulk of exports as the estimated value of crude oil alone to the total domestic export trade was 12.79 trillion or 74.4 per cent while combined with other mineral products, the value rose to 15.7 trillion or 91.4 per cent.
Other products that contributed immensely to Nigeria’s exports include “Vehicles, aircraft and parts thereof; vessels.” and “Products of the Chemical and allied industries” whose values stood at 357.7 billion or 2.1 per cent and 315.6 billion or 1.8 per cent respectively, of the country’s total exports for the year.
The statistics also showed that total imports in 2014 increased slightly by 215.6 billion, a 3.0 per cent rise from the previous year.
Nigeria’s external merchandise trade increased by 3.27 trillion or 14.9% standing at 24.4 trillion in 2014.
The Bureau also disclosed in the data released that Nigeria mainly exported goods to Europe and Asia in 2014, which accounted for 7.4 trillion or 43.2 per cent and 4.9 trillion or 28.9 per cent respectively of the total export value for the year.
The African continent received Nigeria’s exported goods to the value of 2.03 trillion or 11.8% while exports to the West African sub region in 2014 were valued at 842.8 billion.