China, India, U.S. top list of Nigeria’s foreign trade

The National Bureau of Statistics (NBS) has said that Nigeria’s total trade volume for first quarter of 2016(Q1 2016) is valued at N2.72 trillion.

According to Q1 Foreign Trade Statistics report made available to journalists in Abuja yesterday, the N2.72trillion Q1 total foreign trade value is 22.6% less than total trade volume recorded in Q4 2015 and 38.0% less than same quarter in 2015.

In the report, Nigeria’s largest import partners in Q1 2016 are: China, India, and the USA, while on the largest export table, India, Spain, and Netherland contributed the highest even as the United Kingdom was conspicuously missing in Nigeria’s top import or export table.

Total import from China, which is the highest in the period under review, is 23.8%, representing 6.7% of Gross Domestic Product (GDP) and-12.2% year-on-year import volume.

This is followed by India with a total of 6.5% volume of trade, with 7.30% contribution to the GDP, and -7.5% year-on-year.

This was then followed by United States of America (USA) which has 8.70% in total volume, 0.80% in GDP rate, and -7.1% in year-on-year import volume.

Whereas on the largest export destinations, Nigeria exported total of 12% of goods to India within the period under review, representing 7.30% of the GDP, and -12.8% year-on-year export volume.

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