India was Nigeria’s biggest trading partner in the third quarter of 2018, gulping N719.2 billion of crude and N37.7 billion of natural gas exports from the country. India also bought cashew nuts worth N4.7 billion.
Latest figures from the National Bureau of Statistics (NBS), covering July, August and September, showed that Nigeria imported motorcycles and cycles worth N29.2 billion from the Asian country. Other imports were medicines, such as antibiotics to the value of N7 billion, agricultural machines worth N3.6 billion, dried vegetables, N3.6 billion and treated mosquito nets N3.4 billion.
The NBS also listed Spain, France, Netherlands and China as Nigeria’s major trading partners in the statement titled ‘Commodity Price Index and Terms of Trade for Third Quarter, 2018’.
Spain was the second biggest buyer of Nigeria’s crude, after India. The European country bought crude worth N463 billion and liquified gas valued N52.7 billion. Nigeria also shipped leather valued N4.3 billion and cocoa paste worth N300 million to the country. In return, Nigeria imported petrol or motor spirit worth N25.7 billion, bitumen N3.7 billion and petrochemical products N3.4 billion.
France is Nigeria’s third biggest trading partner, the NBS figures showed.
France bought N422.5 billion crude and N74.2 billion liquified natural gas and N1.1 billion soya bean oil from Nigeria, during the period. Nigeria, on its part imported petrol, called motor spirit, worth N54.6 billion and lubricating oil, worth N16.1billion.
Netherlands is also a major importer of Nigeria’s crude as it bought N260.7 billion worth in the third quarter.
It also bought liquified gas valued at N5.6 billion, cocoa beans N2.9 billion and frozen shrimps and prawns worth N1.9 billion.
Nigeria imported from The Netherlands motor spirit or petrol valued at N337.2 billion, gas oil, N48.2 billion, medical equipment N36.7 billion and medicines, such as antibiotics worth N9.5 billion.
China, the fifth important country to Nigeria in terms of trade, bought crude worth N24.5 billion, gas that includes LNG and butane N48.6 billion. Nigeria imported chips worth N14.6 billion from China, herbicides N14 billion, motorcycles N12 billion, vehicle chassis N10 billion, iron and steel N10 billion.
The NBS said the all products Terms of Trade (TOT) index rose 0.52 per cent during the period under review.
TOT is the relative price of imports in terms of exports and is defined as the ratio of export prices to import prices.
It can be interpreted as the amount of import goods an economy can purchase per unit of export goods.
The NBS said the increase in the TOT was driven by prices of prepared foodstuffs; beverages, spirits and vinegar; tobacco, footwear, headgear, umbrellas, sunshades, whips among others.
According to the report, the all commodity group import price index decreased in the period under review by 1.76 per cent. It stated the decrease was due to change in prices of vegetable products.
In addition, the report stated that the all commodity group export price index rose by 1.26 per cent in the quarter under review. This, it stated, was driven by prices of prepared foodstuffs, beverages, spirits and vinegar, tobacco, footwear, headgear, umbrellas, sunshades and whips among others.
It further stated that the all region group export index rose by 1.05 per cent as a result of trade with Asia. According to the report, the all region group import index rose by 1.22 per cent as a result of trade with Oceania and Asian Regions.
It stated that all regional terms of trade rose marginally by 0.10 per cent as a result of trade with Asia and other African countries. (NAN)