Post by Trade facilitator on Sept 13, 2013 9:40:08 GMT 1
Nigeria’s international trade has remained unbalanced as the volume of import within the last six months hit 92 per cent , while exports, is eight per cent, the Head of Central West Africa Cluster and Managing Director, Maersk Nigeria Limited (MNL), Mr Jan Thorhauge, has said.
Thorhauge, said most products coming from the Middle East are industrial raw materials, chemicals, electronics, iron and steel and tyres, while industrial raw materials, frozen fish and cars are the goods that come mainly from Europe.
He said the dominant items imported into the country include cars, electronics, construction materials, food items, chemicals, electrical fittings, machinery and paper, among other goods covering industrial as well as private needs.
He said charcoal and agricultural produce, including cocoa, sesame, cashew nuts and cotton, were the commodities mostly exported out of the country in the first half of the year.
He said charcoal export rose by 76 per cent when compared to the same period in 2012. This increase in volume is attributed to the longer winter season experienced in Europe, saying on the other hand, finished products exported out of the country within the period experienced 39 per cent growth because major manufacturing firms made Nigeria their production hub for the West African region.
Thorhauge, said Nigeria’s export ratio can be improved upon if government improves on infrastructure, such as power supply, road network and rail services, adding that most of the country’s laden containers come from the Far East, mostly China, while the export commodities have been going into Europe.
There is an increase in sourcing pattern, which is attributed to better pricing from these regions, increase in the age limits of imported automobiles from five to 10 years, increased construction, as well as growing demands for finished products by Nigerian populace, he said.
Source: thenationonlineng.net/new/nigerias-international-trade-is-92-import-8-export/
Thorhauge, said most products coming from the Middle East are industrial raw materials, chemicals, electronics, iron and steel and tyres, while industrial raw materials, frozen fish and cars are the goods that come mainly from Europe.
He said the dominant items imported into the country include cars, electronics, construction materials, food items, chemicals, electrical fittings, machinery and paper, among other goods covering industrial as well as private needs.
He said charcoal and agricultural produce, including cocoa, sesame, cashew nuts and cotton, were the commodities mostly exported out of the country in the first half of the year.
He said charcoal export rose by 76 per cent when compared to the same period in 2012. This increase in volume is attributed to the longer winter season experienced in Europe, saying on the other hand, finished products exported out of the country within the period experienced 39 per cent growth because major manufacturing firms made Nigeria their production hub for the West African region.
Thorhauge, said Nigeria’s export ratio can be improved upon if government improves on infrastructure, such as power supply, road network and rail services, adding that most of the country’s laden containers come from the Far East, mostly China, while the export commodities have been going into Europe.
There is an increase in sourcing pattern, which is attributed to better pricing from these regions, increase in the age limits of imported automobiles from five to 10 years, increased construction, as well as growing demands for finished products by Nigerian populace, he said.
Source: thenationonlineng.net/new/nigerias-international-trade-is-92-import-8-export/
