From a continental perspective, well over a third (37.4%) of Nigerian exports were sent to European countries while 29.6% worth was destined for Asia. Another 16.5% was delivered to North America, 12.1% went to Africa with 3.3% bought by importers in Latin America excluding Mexico but including the Caribbean.
The NBS report indicates that Crude Oil is still the life wire of Nigeria’s trade sector, contributing 67.9% of the total trade in the second quarter of 2018 with a value of ₦3.73trillion.
Total trade exports for Q2 2018 was 4,463.3 billion, compared to ₦4,692.86 billion for the first quarter of the 2018 and ₦3,102.14 billion in Q2 2017. The figures show Nigeria’s total exports fell by 16.34% on a quarter-on-quarter basis and equally dropped by 19.95% year on year.
However, the export value for *Agricultural goods in Q2 2018 (₦85.90 billion) was 17.3% higher than the value in Q1 2018 (₦73.24 billion) and 127.3% higher than the value recorded in Q2 2017 (₦37.79 billion) while raw material exports value decreased by 2.98% in Q2 2018 (₦31.72 billion) compared to Q1 2018 (₦32.70 billion) but increased by 19.7% when compared to Q2 2017 (₦26.50 billion).
Solid Minerals exports value in Q2 2018 (₦19.93billion) recorded a 25.98% quarter on quarter decline (₦26.92 billion) and a 19.7% year on year decline rate compared to Q2 2017 (₦21.02billion).
The analysis below focuses on exported products only and represent the highest dollar value in Nigerian global shipments Also shown is the percentage share each export category represents in terms of overall exports from Nigeria.
1. Mineral fuels including oil: US$39.1 billion (96% of total exports)
2. Ships, boats: $253.5 million (0.6%)
3. Cocoa: $238.1 million (0.6%)
4. Oil seeds: $180.9 million (0.4%)
5. Fertilizers: $149.8 million (0.4%)
6. Tobacco, manufactured substitutes: $102.4million (0.3%)
7. Plastics, plastic articles: $78.1 million (0.2%)
8. Fruits, nuts: $76.1 million (0.2%).
9. Raw hides, skins not furskins, leather: $67.9million (0.2%)
10. Rubber, rubber articles: $55.4 million (0.1%)
Note: that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level.