China and India emerged as Nigeria’s biggest trade partners in the second quarter of 2015, as the country’s total foreign trade value declined by about 0.5 percent, the Foreign Trade Statistics Report of the Nigerian Bureau of Statistics (NBS) has revealed.

The total value of Nigeria’s merchandise trade during Q2, 2015, was recorded at ₦4,372.4 billion. This was 0.5% less than the value of ₦4,392.7 billion recorded in the preceding quarter. In comparison with the corresponding quarter of 2014, the value of the total merchandise trade decreased by ₦2,287.0 billion or 34.3%.

Relative to the preceding quarter, a rise of ₦214.1 billion or 8.0%, in the value of exports combined with a decline of ₦234.4 billion or 13.6%, in the value of imports improved the country’s trade balance, which increased by 47.9% or ₦448.6 billion during the quarter. Year on year, the country’s trade balance declined by 48.8% as imports declined by 24.5% whilst exports declined even further by 38.5%.

Imports Classified by Standard International Trade Classification and Origin

The value of Nigeria’s imports stood at ₦1,493.2 billion during Q2, 2015, a decrease of 13.6% from the value of ₦1,727.7 billion recorded in the preceding quarter. Year-on-year analysis showed that import trade was lower by ₦484.0 billion or 24.5%.

When classified by Section, the structure of Nigeria’s import trade was dominated by the import of “Boilers, machinery and appliances; parts thereof” which accounted for N356.0 billion or 23.8% of the total value of imports in Q2, 2015. Other commodities which contributed significantly to the value of imports in the review period were “Mineral products” at N173.9 billion or 11.6%, “Products of the chemical and allied industries” at N155.2 billion or 10.4%, “Vehicles, aircraft and parts thereof; vessels etc.” at N152.9 billion or 10.2%, and “Base metals and articles of base metals” at N132.8 billion or 8.9% of the total quarterly imports respectively. Imports classified by Broad Economic Category revealed that “Industrial Supplies (nec)” ranked first with an import value of ₦433.6billion or 29.0% of the Q2 total. This was followed by “Capital Goods and parts of”, with the value of ₦342.2 billion or 22.9%, and “Food and Beverage” with ₦290.4billion or 19.4% of total imports. Motor spirit remained the product with the greatest import value, at ₦140.5 billion*, or 9.4% of the total Q2 2015 bill.

Nigeria imported goods mostly from China, United States, India, Belgium and Netherlands, which respectively accounted for ₦336.5 billion or 22.5%, ₦143.6billion or 9.6%, ₦115.4billion or 7.7%, ₦83.4billion or 5.6% and ₦ 80.9billion or 5.4% of the total value of goods imported during the quarter.

By Continent, Nigeria consumed goods largely from Asia, with an import value of ₦665.7 billion or 44.6% of the quarterly total. The country also imported goods valued at ₦502.3 billion or 33.6% of the total from Europe, and ₦210.1 billion or 14.1% of the total from The Americas. Imports from Africa stood at ₦97.8 billion or 6.5% of total imports, while imports from the region of ECOWAS amounted to ₦39.0 billion, 39.9% of total African imports.

Exports Classified by Standard International Trade Classification and Destination

The value of Nigeria’s exports totalled ₦2,879.2billion in Q2, 2015, an increase of ₦214.1billion or 8.0% over the value recorded in the preceding quarter, yet a decline of ₦1,803.0 million or 38.5% year on year. The structure of the exports is still dominated by Crude Oil exports, which contributed ₦2,121.4 billion or 73.7% to the value of total domestic exports in Q2 of 2015*. Natural Liquefied Gas was the product with the second greatest export value, recording ₦260.7 billion or 9.1% of the total export value during the period under review.

Exports classified by section revealed that Nigeria exported mainly “Mineral Products”, which accounted for ₦2,514.7 billion or 87.3% of the total export value in Q2 of 2015. Other products exported by Nigeria include “Vehicles, aircraft and parts thereof; vessels etc.” at ₦250.6 billion or 8.7%, “Vegetable Products” at ₦36.7 billion or 1.3%, and “Prepared foodstuffs; beverages, spirits and vinegar; tobacco” at ₦24.6 billion or 0.9% of the totals respectively.

Nigeria exported goods mainly to India, Spain, Netherlands, South Africa and Brazil in the quarter of review, whose values stood at ₦406.1 billion or 14.1%, ₦297.4 billion or 10.3%, ₦296.3 billion or 10.3%, ₦240.9 billion or 8.4% and ₦147.8 billion or 5.1% of the total exports respectively. By continent, Nigeria exported goods mainly to Europe and Asia, which accounted for ₦1,063.0billion or 36.9% and ₦823.8 billion or 28.6% of the total export value respectively during the period under review. Nigeria exported goods valued at ₦554.3 billion or 19.3% to the continent of Africa while export to the ECOWAS region totalled ₦171.1 billion, 30.9% of all exports to Africa.

* Crude oil and Petroleum motor spirit figures for this quarter are estimated and should be treated as provisional.