U.S. trade with Nigeria, others hits $48bn in six months

THE total volume of bilateral trade between the United States (U.S.) and Nigeria as well as other countries in the sub-Saharan Africa reached $48 billion in the first half of 2012.A report released by the U.S. Department of Commerce International Trade Administration Market Access & Compliance/Office of Africa and signed by its officer, S. J. Loucif, stated that the trade volume represented a decrease of 24 per cent compared to the same period in 2011.According to the report, in accordance with the seven per cent growth of U.S. exports to the world, U.S. exports to sub-Saharan Africa, which are mostly composed of machinery, increased by 4.5 per cent.The report put the figure at about $11 billion, representing only 1.4 per cent of total U.S. exports to the world.It named South Africa, Nigeria, Angola, Ghana, and Benin Republic as the top five African destinations for U.S. products.It explained: 'While exports to South Africa decreased by four per cent and exports to Nigeria remained constant, exports to Angola increased by 14 percent, to Ghana by 10 percent and to Benin by seven per cent.The report disclosed that U.S. imports from sub-Saharan African decreased by 29 per cent in the same period, falling to $27 billion and representing only 2.4 per cent of total U.S. imports from the world.'This decrease was mostly due to a 32 per cent decrease in U.S. mineral fuel and oil imports. There was about 19 per cent decrease of precious stones and metals imports from sub-Saharan Africa.'U.S. imports from sub-Saharan Africa originated, for the most part, in Nigeria, Angola, South Africa, Chad, and Congo. U.S. imports, which is mostly oil from Nigeria dropped by 44 per cent, from Gabon by 76 per cent, and from Ghana by 57 percent. The only major increases of U.S. imports from sub-Saharan Africa originated in Tanzania and in Senegal'.The U.S. report stated that AGOA imports in the same period reached $18.7 billion, representing 29 per cent less than in the same period in 2011.It attributed this to a 32 per cent decrease in petroleum product imports.'Petroleum products continued to account for the largest portion of AGOA imports with an 88 per cent share of overall AGOA imports.'With these fuel products excluded, AGOA imports - almost exclusively dominated by raw materials - were $2.17 billion, decreasing by 2 per cent as compared to the first half of 2011.'AGOA imports of chemical and related products increased by nine percent, imports of agricultural products by 52 per cent, and imports of textiles and apparel by one per cent. However, AGOA imports of minerals and metals decreased by 19 per cent and AGOA imports of transportation equipment decreased by four percent', it saidThe report listed Nigeria, Angola, South Africa, Chad, and the Republic of Congo as the top five beneficiaries of AGOA. Other leading AGOA beneficiaries included Gabon, Lesotho, Kenya, Cameroon, and Mauritius.
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