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HomeBusinessNigeria trade deficit hits N1.8 trln in 2nd quarter 2021 ~NBS

Nigeria trade deficit hits N1.8 trln in 2nd quarter 2021 ~NBS

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Nigeria recorded a trade deficit of N1.8 trillion in the second quarter of the year, the National Bureau of Statistics (NBS) said in its latest report.

According to the NBS report, the country’s foreign trade rose by 23 percent to N12 trillion from N9.8 trillion in Q1’21.
“During Q2’21, the total merchandise trade stood at N12.03 trillion representing 23 percent increase over the value (N9.8 trillion) recorded in Q1’21 and 88.7 percent increase compared to Q2’20.

“This increase resulted from the sharp increase in export value during the quarter under review,” the report stated.

The export component of this trade was valued at N5.08 trillion or 42 percent while the import was valued at N6.95 trillion or 58 percent while the trade balance stood at a deficit of N1.87 trillion.

“The crude oil which is the major component of export trade stood at N4.07 trillion or 80.3 per cent of total export. This further shows a sharp increase of 111 per cent in Crude oil value in Q2’21 compared to (N1.9 trillion) recorded in Q1’21 while the Non-crude oil export recorded N1 trillion or 20 per cent of total export trade during Q2’21,” NBS stated.

On export, the bureau stated: “Export by section revealed that Mineral products accounted for N4.6 trillion or 91 per cent of total export trade. This was followed by vehicles, aircraft and parts; vessels etc N141.73 billion or 3.0 percent , vegetable products N92.80 billion or 1.8 per cent among others.

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“In terms of regional trade, Nigeria exported most products to Asia (N1.8 trillion or 36 per cent), Europe (N1.8 trillion or 36 per cent), America (N806.81billion or 16 per cent) and Africa (N584.11 billion or 12 per cent) while Oceania totalled N23.28 billion or 0.5 per cent.

“During the quarter goods worth N363.3 billion was exported to ECOWAS.”

NBS said that most goods were exported to India (N949.05 billion or 18.7 per cent), Spain (N524.49 billion or 10 per cent), Canada (N355.60 billion or 7.0 per cent) and Netherlands (N298.29billion or 5.9 per cent) and United States (N256.63 billion or 5.1 per cent).

On import, the bureau said: “Imports by SITC revealed that machinery & transport equipment accounted for N2.5 trillion or 36 percent of total import trade.

This was followed by chemicals & related products N1.3 trillion or 18 per cent, mineral fuel N1.1 trillion or 16 per cent, food and live animals N951.28 billion or 14 percent and manufactured goods N640.47 billion or 9.2 per cent among others.

“Import trade classified by region showed Asia as the leading partner with a record of N3.5 trillion or 50 percent. The next leading partner was Europe with N2.3 trillion or 33 per cent.

“Others are America N869 billion or 13 per cent, Africa N248.8 billion or 4.0 per cent and Oceania N58 billion or 0.84 per cent.

“Out of the value recorded for Africa, imports from ECOWAS countries accounted for N24.2 billion.”

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