DATA released by the National Bureau of Statistics (NBS), covering July, August and September, showed that India was Nigeria’s biggest trading partner in the third quarter of 2018 ahead of Spain, France, Netherlands and China, gulping N719.2bn of crude and N37.7bn of natural gas exports from the country. India also bought cashew nuts worth N4.7bn.
These latest figures from the Bureau also shows that Nigeria imported motorcycles and cycles worth N29.2bn from the Asian country.
Other imports were medicines, such as antibiotics to the value of N7bn, agricultural machines worth N3.6bn, dried vegetables, N3.6bn and treated mosquito nets N3.4bn.
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, according to the statement, was the second biggest buyer of Nigeria’s crude, after India with the European country buying crude worth N463bn and liquefied gas valued N52.7bn.
Nigeria also shipped leather valued N4.3bn and cocoa paste worth N300m to the country.
In return, Nigeria imported petrol or motor spirit worth N25.7bn, bitumen N3.7bn and petrochemical products N3.4bn.
France is Nigeria’s third biggest trading partner, the NBS figures showed.
France bought N422.5bn crude and N74.2bn liquefied natural gas and N1.1bn soya bean oil from Nigeria, during the period.
Nigeria, on its part imported petrol, called motor spirit, worth N54.6bn and lubricating oil, worth N16.1bn.
Netherlands is also a major importer of Nigeria’s crude as it bought N260.7bn worth in the third quarter.
It also bought liquefied gas valued at N5.6bn, cocoa beans N2.9bn and frozen shrimps and prawns worth N1.9bn.
Nigeria imported from The Netherlands motor spirit or petrol valued at N337.2bn, gas oil, N48.2bn, medical equipment N36.7bn and medicines, such as antibiotics worth N9.5bn.
China, the fifth important country to Nigeria in terms of trade, bought crude worth N24.5bn, gas that includes LNG and butane N48.6bn.
Nigeria imported chips worth N14.6bn from China, herbicides N14bn, motorcycles N12bn, vehicle chassis N10bn, iron and steel N10bn.
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.
The report 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.