The National Bureau of Statistics (NBS) in its Merchandise Trade Intensity Index/Re-Exports report released on Tuesday, revealed that Nigeria's export in the fourth quarter of 2016 was valued at N5.28 trillion.

According to the report, export stood at N2.97trillion while import stood at N2.30trillion resulting in a trade surplus of N671.3 billion.

It explained that in terms of trade by sector, crude oil exports had the largest share of the total trade, accounting for N2.42 trillion, while the second major contributor was manufactured goods with N1.16trillion.Others include non-crude oil products with N1.15trillion, agricultural goods (N212.7billion), raw material goods (N309.3 billion) and solid mineral goods (N13.1billion).

Over 2016, total trade amounted to N17.34 trillion, thus 6.5% more than in 2015.

In the last quarter of 2016, Nigeria's major import trading partners were China, Belgium, Netherlands, United States and India. First was China, with Nigeria importing for N404.1 billion worth of goods from the country over the period. Next were Belgium, Netherlands, US and India with N356.46bn, N230bn, N205.6bn and N113.9bn respectively.

Nigeria’s major exporting partners in 2016 were India, USA, Netherlands, Spain and South Africa.

Anita Fatunji