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HomeBusinessNigeria imports exceed exports in Q2 2021 ~NBS

Nigeria imports exceed exports in Q2 2021 ~NBS

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Nigeria traded a total of manufactured goods worth N4.51 trillion in the second quarter of 2021, according to figures obtained from the National Bureau of Statistics (NBS).

The value of manufactured goods trade in Q2, 2021 represents 37.50 percent of total trade in the period.

However, the value of import of manufactured good into the country exceeded exports by N4.37 trillion in the period.

While Nigeria export only good worth N211.67 billionn in the period, the import component was valued at N4.3 trillion.

The products that drove up manufactured products were vessels and other floating structures for breaking up, which was exported to Cameroon in the value worth N71.9 billion.

The NBS report stated that vessels and other floating structures for breaking up were also exported to Spain and Equatorial Guinea which was valued at N18.34 billion and N6.62 billion respectively.

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The NBS report stated that other products under this group were aluminium alloys, unwrought exported to Japan in the value worth N10.85 billion and China (N3.63 billion).

It added that there were aeroplanes and other aircraft of an unladen weight worth N16.65 billion exported to Ghana and cruise ships and similar vessels for the transport of persons or goods worth N10.59 billion exported to Cameroon during the period under review.

In terms of manufactured imports, used vehicles were mainly imported from United States and Italy in values worth N33.78 billion and N5.74 billion.

During the quarter, machine for reception, conversion and transmission were imported from China, Sweden and Hong Kong in values worth N118.69 billion, N8.98 billion and N5.22 billion, respectively.

Motorcycles worth N32.72 billion and N61.8 billion were imported from China and India.

There were also herbicides worth N81.17 billion imported from China and polypropylene imported from South Africa, Saudi Arabia and South Korea in values worth N35.75 billion, N15.46 billion and N9.47 billion respectively.

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