By Hosea Parah, Abuja
Spain has been rated first among other partner countries as the largest export market for Nigeria, during the third quarter 2022, exports to Spain stood at N873.62 billion during the quarter under review.
This is contained in the National Bureau of Statistics Q3, 2022 report on Monday in Abuja. It says the largest exported commodity to Spain was “Petroleum oils and oils obtained from bituminous minerals, crude’’ worth N580.26 billion. This was followed by “Natural gas, liquefied” valued at N282.49 billion, “Leather of goats” valued at N3.28 billion and others.
However, on the imports side, the highest traded commodity during the period under review was “Mixed alkyl benzenes and mixed alkylnaphthalenes, other than those of heading 27.07”, valued at N10.79 billion, followed by “Other lubricating oils meant to be mixed further” worth N6.54 billion, “Gypsum; anhydrite” valued at N4.19 billion, “Mixtures of odoriferous substances of a kind used in the food or drink industries” valued at 2.16 billion and others were imported from Spain.
In the third quarter of 2022, exports trade to India was valued at N619.22 billion. The largest exported commodity to India was “Petroleum oils and oils obtained from bituminous minerals, crude’’ with N559.35 billion. This was followed by “Natural gas liquefied” with N46.38 billion and “Leather further prepared after tanning or crusting” with N2.92 billion.
It says on the other hand, Nigeria imports from India indicates that Kerosene type jet fuel ranked
highest with a value of N60.97 billion, this was followed by Gas (N49.33 billion), Motorcycles and cycles fitted with auxiliary motor, petrol fuel, capacity >50<250cc, CKD (N37.89
billion), CKD for Motor cars and other motor vehicles designed for the transport of persons. (N20.97 billion) were imported from India during the period under review.
According to the report, Export to France was valued at N430.40 billion in the period under review. Exports to France were largely dominated by Petroleum oils and oils obtained from bituminous minerals, crude valued at N413.83 billion, Natural gas N10.26 billion, Oil cake and other solid residues, resulting from the extraction N4.05 billion and others.
However, on the other hand, the value of imports from France stood at N108.38 billion. The largest import commodity from France was Motor spirit, ordinary valued at N34.07 billion, Malt
Not roasted valued at N5.89 billion, ‘’Containing petroleum oils or oils obtained from bituminous minerals and Others’’ (N4.67 billion).
The report stressed that, In Q3, 2022, Nigeria export trade with Netherlands was valued at N 420.41 billion. Major commodities exported during the period were Petroleum oils and oils obtained from bituminous minerals, crude (N396.51 billion), Urea, whether in aqueous solution (N 6.60 billion) and Superior quality Cocoa beans (N4.95 billion).
However, imports from The Netherlands during the review period was valued at N565.90
billion. The main commodities imported were Motor spirit, ordinary worth N467.09 billion,
Gas oil valued at N30.06 billion and ‘’Of a thickness of less than 0.5 mm” valued at N8.06
billion.
In Q3 2022, Nigeria export trade to the United States of America stood at N335.95 billion.
Major commodities exported during the third quarter of 2022 were Petroleum oils and
oils obtained from bituminous minerals; crude worth N292.83 billion, other petroleum
gases etc in gaseous state valued at N32.35 billion and other Refined lead valued at N3.69
billion.
However, import from the United States of America was valued at N365.94 billion during
the period under review. The main commodity imported were Durum wheat (Not in seeds)
worth N78.29 billion, this was followed by “Used Vehicles, with diesel or semi-diesel engine, of cylinder capacity >2500cc” worth N75.15billion and “Used Vehicles, with diesel or
semi-diesel engine, of cylinder capacity >1500=<250” valued at N17.15 billion.
The report further explained that between July and September 2022, The All-commodity group import index on average increased by 0.76 percent point. The highest increase was recorded by “Animal and vegetable fats and oils and other cleavage prod”, followed by “Mineral products” and “Footwear, headgear, umbrellas, sunshades, whips etc”.
In addition, the All-commodity group export price index averagely increased by 0.26 percent
point in Q3 2022. The increase was majorly attributed to an increase in the prices of
“Wood and articles of wood, wood charcoal and articles”, “Vehicles, aircraft, and parts
thereof; vessels etc”, and “Paper making material; paper and paperboard, articles”.
Meanwhile, the All products Terms of Trade (TOT) Index on average decreased by 0.50 percent point because of increases in the prices Paper making material; paper and paperboard, articles”, “Paper making material; paper and paperboard, articles”, and “Wood and articles of wood, wood charcoal and articles”.
According to the report, The All-region group export index also increased by 0.26 percent point mainly due to rise in prices of export to all regions except America and Oceania.The All-region group import index increased by 0.76 percent point due to changes in import prices to some of the regions except Africa.
The All-region terms of trade on average decreased by 0.50 percent point due to rise in import prices mainly from Asia and Europe. Which the major export markets of Nigeria in Q3, 2022 were Spain, India, France, The Netherlands, The United States of America.
Terms of trade (TOT) this according to the report represent the ratio between a country’s export prices and its import prices. The ratio is calculated by dividing the price of the exports by the price of the imports, and it is usually expressed in percentage. An increase in the terms of trade between two periods (or when TOT is greater than 100 percent) means that the value of exports is increasing relative to the value of imports, and the country can afford more imports for the same value of exports. For example, an increase in the price of oil between two periods (with oil production remaining the same) is likely to increase or improve the terms of trade for Nigeria and vice versa. The TOT is recorded as an index and can be used as an indicator of an economy’s stability.