- Advertisement -spot_img
28.2 C
Lagos
HomeBusinessNigeria records 1.07 trln trade deficits in agric in 6-month ~NBS

Nigeria records 1.07 trln trade deficits in agric in 6-month ~NBS

- Advertisement -spot_img

Nigeria traded in agricultural goods worth N1.5 trillionn in the first six months of the year, according to the National Bureau of Statistics (NBS).

Data from the NBS showed that the country imported agricultural items worth N1.3 trillion while exports accounted for N292.5 billion within the review period.

The implication of this is that the country recorded a trade deficit of N1.07 trillion in the agriculture sector.

Top imported agricultural products during the period included Durum wheat, mackerel, Herrings, edible mixtures, crude palm oil and malt, imported from countries such as Canada, Lithuania, Denmark, Russia, Netherlands and France.

In the first quarter of the year, total trade in the sector stood at N757.4 billion. Out of this amount, only N127.2 billion was earned as exports while N630.2 billion was spent on importing agricultural products.

In the first quarter, “Top exported Agricultural products were Sesamum seeds exported mainly to China (valued at N23.1 billion), Japan (N8.3 billion) and Turkey (N3 billion).

“This was followed by good fermented cocoa beans exported to the Netherlands worth N9.2 billion, Malaysia worth N5.5 billion and the United States totalled N3.2 billion.

READ ALSO: Nigeria’s naira hits record low vs dollar in spite of $4 bln Eurobond issuance

“Other major exports under this sector includes Cashew nuts in shell exported to Vietnam and India worth, N5.3 billion and N5.1 billion respectively.

“However, there was importation of Durum wheat (not in seed) worth N66.97 billion from Lithuania. Durum wheat also came from Latvia (N41.51 billion), Canada (N41.31 billion) etc. Edible mixtures or preparation of animal worth N82.86 billion, was imported from Denmark. Herrings was imported from Russia (N15.8 billion) and Netherlands (N14 billion)

Meanwhile, total value of trade in agricultural goods rose to N817.4 billion in Q2 2021, consisting of N652.1 billion import component and N165.3 billion worth of exports.

Within the period, Nigeria spent N70.37 billion on importing Durum wheat (not in seed) from the United States, N54.5 billion, N35 billion, N32.2 billion and N25.2 billion on Durum wheat imports from Canada Argentina, Lithuania and Latvia respectively.

“The next product imported under this category was Blue whiting from Russia (N27.23 billion) and Netherlands (N13.41 billion). During the quarter, mackerel worth N9.61 billion was imported from Netherlands and N4.91 billion from Japan.

“There was also importation of Malt, not roasted from Belgium (N21.42 billion) and France (N4.48 billion). Other major importation was crude palm oil from Singapore in the value worth N15.09 billion and India N11.68 billion).

On exports in Q2, the NBS said, “The export component of this trade totaled N165.27 billion. Top most of these exported agricultural products were good fermented Nigerian Cocoa beans exported mainly to the Netherlands (N16.48 billion), Malaysia (N9.32 billion) and United States (N8.41 billion).

Join Our Mailing List!

* indicates required
- Advertisement -spot_img
- Advertisement -spot_img
Must Read
Related News
- Advertisement -spot_img