India was Nigeria’s biggest trading partner in the third quarter of 2018, gulping ₦719.2 billion of crude and ₦37.7 billion of natural gas exports from the country. India also bought cashew nuts worth ₦4.7 billion.
The News Agency of Nigeria stated that the latest figures from the National Bureau of Statistics, covering July, August and September, showed that Nigeria imported motorcycles and tricycles worth ₦29.2 billion from the Asian country. Other imports were medicines such as antibiotics to the value of ₦7 billion, agricultural machines worth ₦3.6 billion, dried vegetables valued at ₦3.6 billion and treated mosquito nets worth ₦3.4 billion.
The NBS also listed Spain, France, Netherlands and China as Nigeria’s major trading partners in the report 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 ₦463 billion and liquified natural gas valued at ₦52.7 billion.
Nigeria also shipped leather valued at ₦4.3 billion and cocoa paste worth ₦300 million to the country. In return, Nigeria imported petrol or premium motor spirit at ₦25.7 billion, bitumen ₦3.7 billion and petrochemical products ₦3.4 billion.
France was Nigeria’s third biggest trading partner, the NBS figures showed.
France bought ₦422.5 billion crude and ₦74.2 billion LNG and ₦1.1 billion of soya bean oil from Nigeria during the period. Nigeria imported petrol worth ₦54.6 billion and lubricating oil, worth ₦16.1 billion.
Netherlands was also a major importer of Nigeria’s crude as it bought ₦260.7 billion worth of crude in third quarter.
It also bought LNG valued at N5.6bn, cocoa beans N2.9bn and frozen shrimps and prawns ₦1.9 billion.
Nigeria imported from the Netherlands petrol valued at ₦337.2 billion; gas oil, ₦48.2 billion; medical equipment ₦36.7 billion and medicines, such as antibiotics worth ₦9.5 billion.
China, the fifth important country to Nigeria in terms of trade bought crude worth ₦24.5 billion, gas that includes LNG and butane worth ₦48.6 billion. Nigeria imported chips worth ₦14.6 billion from China, herbicides ₦14 billion, motorcycles ₦12 billion, vehicle chassis ₦10 billion, iron and steel ₦10 billion.
The NBS said all products Terms of Trade index rose by 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 and 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 that 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 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.