Nigerian Foreign Trade Situation In 2005 And 2006 Nepal Trade Recommendations - Nigeria And Niger
1, 2005, outlined the general situation of Nigerian foreign trade
2005, Nigeria rapid development of foreign trade, foreign trade totaled 65.63 billion U.S. dollars, up 30.1% over 2004. Among them, exports 51.72 billion U.S. dollars, up 33.9%; imports amounted to 13.91 billion U.S. dollars, up 17.3%. Annual trade surplus of 37.81 billion U.S. dollars, an increase of 41.3% over the previous year.
In 2005, Nigeria's major trading partner for the United States, India, Brazil, Spain, France and China, import and export trade volume was 23.94 billion U.S. dollars, respectively, 73.6 billion dollars, 4.59 billion U.S. dollars, 42.9 billion dollars, 3.64 billion U.S. dollars and 2.67 billion ; Nigeria's main export countries for the United States, India, Brazil, Spain, France and Japan, exports were 21.12 billion U.S. dollars, 6.97 billion U.S. dollars, 43.9 billion dollars, 4.17 billion U.S. dollars, 2.66 billion U.S. dollars and 15.7 billion; Nepal imports major countries to the United States, China, Britain, France, Belgium and Germany, imports were 28.2 billion dollars, 2.3 billion U.S. dollars, 11.8 billion dollars, 980 million U.S. dollars, 720 million U.S. dollars and 6.7 billion dollars.
Second, in 2005 the main features of Nigeria's foreign trade
Nigerian foreign trade in 2005 shows the following main features:
(A) of the total import and export Nigeria, exports and imports are more substantial than the previous year's growth, the trade surplus increased substantially.
2005, the Nigerian import and export volume reached 65.63 billion U.S. dollars, up 30.1%; Nigerian exports reached 51.72 billion U.S. dollars, although the growth rate dropped by 31.1 percent over the previous year, but exports are still higher than last year 33.9%; Nigeria imports not only no significant decline in the situation in 2004, and 17.3% over the previous year, totaling 13.91 billion U.S. dollars. Year, a trade surplus of 37.81 billion U.S. dollars Nepal, an increase over 2004 11.06 billion U.S. dollars, an increase of 41.3%.
(B) of the Nigerian exports increase is due to the international market price of crude oil price hovering in the high long-term.
Nigerian exports from the 38.61 billion U.S. dollars in 2004 to 2005 of 51.72 billion U.S. dollars, mainly due to the year 2005, long-term crude oil prices on international markets in more than 60 U.S. dollars a barrel, hovering high price. Although the Niger Delta region in 2005 instability, which highly affected the oil production in Nigeria, but Nigeria is still a total annual exports reached 50.94 billion U.S. dollars worth of crude oil, over the previous year increased by 17.21 billion U.S. dollars over the same period, up 60 %, higher than the export growth rate of 26.1 percent Nepal.
(3) non-oil exports dropped significantly. Although the Nigerian government to develop a series of policy measures to encourage exports, to encourage liquefied natural gas, solid minerals and cocoa and cassava and other agricultural exports, but the Nigerian non-oil exports in 2005 only 780 million U.S. dollars, accounting for Nigeria's total exports 1.5%, down sharply from the previous year 4.1 billion. Non-oil foreign exchange earnings in Nigeria, the contribution of the decline. This is mainly because of power shortage in Niger in 2005 and petroleum product prices lead to increased production costs and multiple taxation, poor road conditions and the impact of rampant smuggling of non-oil products.
(D) of crude oil in Nigeria increased proportion of exports, remains a giant Nigeria's largest commodity export.
2004, the total crude oil exports in Nigeria accounting for 87.4%, down from the previous year by 3.3 percentage points, Nigeria export structure has improved. However, Nigerian crude oil exports in 2005 increased significantly, reaching 50.94 billion U.S. dollars of crude oil, accounting for 98.5% of Nigeria's total exports, retaining its position as Nigeria's largest commodity export. Nigerian crude oil exports in the proportion of increase in the export structure has deteriorated Nigeria.
Crude oil exports in Nigeria increased proportion of, first, because the international market, crude oil prices have been hovering in the high-price, second, because the non-oil exports dropped significantly.
(E) imports increased significantly. 2005, the Nigerian imports have a more substantial increase, mainly due to Nigeria's economic growth accelerated in 2005, the growth rate of GDP in 2004 to 3.5% to 6.2%, and thus boost demand for imports Nepal growth.
In fact, Nepal's total imports should be much larger than Nepal Bureau of Statistics, for Nigeria's import smuggling very seriously, some unscrupulous traders and customs officials in collusion Ni Hai, wantonly smuggled from abroad, Nepal has banned textile and inferior products from entering Nigerian market.
(F) the main target of Nigerian crude oil exports to the United States, India, Brazil, Spain, France and Japan and other Western countries.
2005, the Nigerian crude oil exports, the main target for the United States, India, Brazil, Spain, France and Japan and other Western countries, exports were 19.62 billion U.S. dollars, 6.93 billion U.S. dollars, 42 billion dollars, 4.16 billion U.S. dollars, 2.63 billion U.S. dollars and 15.7 billion U.S. dollars, total 39.11 billion U.S. dollars, representing Nigeria's total crude oil exports 80%.
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