The volume of total merchandise trade in 2018 was the highest recorded since 2014, nearly double pre-recession levels, with the total trade merchandise standing at N8.60 trillion at the fourth quarter of 2018, compared to its value of N9.06 trillion recorded in third quarter of the year, accorinf to the Foreign Trade in Goods Statistics for Fourth Quarter of 2018 posted on NBS’ website.
Crude oil export has been the main stay of the economy, accounting for the largest share of total exports (84.2 per cent) in the fourth quarter of 2018 at N4.228 billion; while non-oil products accounted for 4.6 per cent of total exports while other oil products accounted for 11.2 per cent of total exports in the quarter under review.
Accrording to the Bureau, the total export component of the trade recorded at N5.02 trillion, represented an increase of 3.5 per cent over third quarter 2018 and 28.5 per cent over fourth quarter 2017; just as the import component stood at N3.58 trillion in fourth quarters 2018.
The figure showed a drop of N631.6 billion or 15.0 per cent compared to third quarter, 2018 but an increase of 69.6 per cent when compared with the corresponding quarter in 2017.
India, Spain, France, South Africa and the Netherlands were the country’s major export trading partners in the quarter under review while China, US, Netherlands, India and Belgium were the major import trading partners.