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The total value of Nigeria’s merchandize trade fell by 22.6 percent quarter-on-quarter to N2.72 trillion in the first quarter 2016 from N3.52 trillion in the preceding quarter, the National Bureau of Statistics reported on Tuesday.

The decline in Nigeria’s merchandize trade in Q1 2016 resulted from a sharp decline in both exports and imports in the period under review. Nigeria’s export trade fell by 34.6 percent to N1.27 trillion in Q1 2016 from N1.94 trillion recorded in the Q4 2015. On a year-on-year basis, exports declined 52.3 percent to N1.27 trillion in the first quarter of 2016 compared with N2.67 trillion in Q1 2015.

The NBS said this decline in exports brought the country’s trade balance down to N184.1 billion, or N548.7bilIion less than in the preceding quarter.

The structure of Nigeria’s export trade is still dominated by crude oil exports, which accounted for N821.9 billion or 64.7 percent of total export trade.

Exports by section in the NBS report shows that mineral exports – which includes crude oil exports – accounted for N1.05 trillion or 83 percent of total exports. Vehicles, aircrafts and parts accounted for N72.7 billion or 5.7 percent of total exports and prepared foodstuffs, beverages, tobacco, etc accounted for N63.6 billion or 5 percent of total exports.

The major destinations of Nigerian exports were Europe, which accounted for N467.1 billion or 36.8 percent of total exports; Asia, which accounted for N360.6 billion or 28.4 percent; Africa, which accounted for N161.3 billion or 12.7 percent; and ECOWAS countries, which accounted for N50.4 billion.

Nigeria’s import trade also declined in Q1 2016, falling 7.8 percent to N1.45 trillion in Q1 2016 from N1.58 trillion recorded in the preceding quarter. On a year-on-year basis, imports fell 15.8 percent to N1.45 trillion in Q1 2016 compared with N1.73 trillion in Q1 2015.

Import trade by section shows that the imports of boilers, machinery and appliances accounted for N378.4 billion or 26.0 percent of total import trade; mineral products accounted for N263.0 billion or 18 percent of import trade; products of the chemical and allied industries accounted for N137.0 billion or 9.4 percent of import trade; vehicles, aircraft and parts accounted for N127.8 billion or 8.8 percent of import trade; and base metals and articles of base metals accounted for N105.1 billion or 7.2 percent of import trade.

The major sources of Nigeria’s imports were China, which accounted N345.5 billion or 23.8 percent of total imports; the United States, which accounted for N127.1 billion or 8.7 percent of total imports; India, which accounted for N89.4 billion or 6.1 percent of total imports; the Netherlands, which accounted for N73.8 billion or 5.1 percent of total imports; and United Kingdom, which accounted for N61.4 billion or 4.2 percent of total imports.

Imports by economic region shows that Asia accounted for N611.2 billion or 42.0 percent of total imports; Europe accounted for N538.2 billion or 37 percent of total imports; America accounted for N201.9 billion or 13.9 percent of total imports; Africa accounted for N82.5 billion or 5.7 percent of total imports; and ECOWAS countries accounted for N41.3 billion of import trade.