Nigeria’s foreign trade rises 23.28% in second quarter
The country’s trade balance stood at a deficit of N1.87 trillion.
The figure represents a 23.28 per cent increase over the value (N9.8 trillion) recorded in the first quarter of 2021 and an 88.71 per cent increase compared to the second quarter of 2020.
“This increase resulted from the sharp increase in export value during the quarter under review,” it said.
The bureau disclosed this in its “Foreign Trade Goods Statistics Q2 2021” published on Sunday.
The NBS said the export component of this trade was valued at N5.1 trillion or 42.22 per cent while import was valued at N6.95 trillion or 57.78 per cent 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 N4,078.20 billion or 80.29 per cent of total export.
“This further shows a sharp increase of 111.32 per cent in Crude oil value in Q2, 2021 compared to (N1,929.83billion) recorded in Q1, 2021 while the Non-crude oil export recorded N1001.23 billion or 19.71 per cent of total export trade during the second quarter of 2021,” it said.
Categorising the imported goods, the report said that the value of total imports rose by 1.45 per cent in Q2, 2021 compared to Q1, 2021 and 67.49 per cent compared to Q1, 2020.
“The value of imported agricultural products was 3.5 per cent more in q2,2021 than in q1,2021 and 56.9% more compared to Q2, 2020.
“The value of Raw material imports increased by 25.6 per cent in Q2, 2021 compared to Q1, 2021 and 47.3 per cent compared to Q2, 2020,” it said.
The NBS said the value of Solid minerals imports was 21.4 per cent higher in Q2, 2021 than its value in Q1, 2021 and 68.3 per cent more than its value in Q2, 2020.
“The value of Energy goods imports decreased by 94.6 per cent in Q2, 2021 against the level recorded in Q1, 2021 and 88.7 per cent compared to the corresponding quarter of 2020,” it said.
It added that the value of imported manufactured goods decreased by 5.1 per cent in Q2, 2021 against the value recorded in Q1, 2021 but increased 54.3 per cent compared to Q2, 2020.
“The value of other oil products imported in Q2, 2021 was 13.3 per cent more than its value in Q1, 2021 and 218.5 per cent higher than Q2, 2020,” it said.
As for exports, the value of agricultural exports increased by 74.72 per cent against the level recorded in Q1, 2021 and 128.29 per cent compared to Q2,2020.
“This increase resulted mainly from the increase in export value of crude oil in Q2, 2021.
“The value of agricultural exports increased by 29.95% in Q2 2021 compared to Q1 2021 and 111.8% compared to Q2 2020,” it said.
It added that the value of raw material goods exports in Q2, 2021 was 49.98 per cent more than the value in Q1, 2021 and 326.6 per cent more than the value recorded in Q2 2020.
“The exports of Energy goods increased in value by 18.44 per cent in Q2 2021 compared to Q1 2021 and
62.1 per cent compared to Q2,2020,” the report said.
Also, the value of Solid minerals exports increased by 60.10 per cent in Q2,2021 against Q1 2021 and 852.9 per cent against the corresponding quarter in 2020.
“Manufactured goods exports decreased by 15.45 per cent in Q2 2021 compared to the value recorded in Q1 2021and 16.7 per cent compared to Q2, 2020.
“Crude oil exports in Q2 2021 increased by 111.32 per cent compared to Q1,2021 and 162.4 per cent compared to Q2,2020.
“The export value of Other oil products decreased by 0.66 per cent in Q2 2021 compared to Q1 2021, but increased significantly by 69.3 per cent compared to Q2 2020,” it added.
Import by countries
According to the report, Nigeria’s imports by country of origin showed that the majority of the goods imported during the quarter originated from China with a Value of N2,078.59 billion or 29.91 per cent.
“This was followed by India (N570.01 billion or 8.20 per cent), Netherlands (N557.16 billion or 8.02 per cent), United States (N526.92 billion or 7.58 per cent ) and others,” it said.
For export, during quarter 2, 2021 total export was valued at N5,079.44billion representing 42.22 per cent of the total merchandise trade.
“This value rose by 74.72 per cent in Q2, 2021 compared to Q1,2021 and 128.29 per cent compared to Q2, 2020.
Export by section revealed that mineral products accounted for N4,637.05 billion or 91.29 per cent of total export trade.
“This was followed by Vehicles, aircraft and parts; Vessels etc N141.73 billion or 2.79 per cent, Vegetable products N92.80 billion or 1.83 per cent among others.
In terms of regional trade, Nigeria exported most products to Asia (N1,842.95 billion or 36.28 per cent), Europe (N1,822.29 billion or 35.88 per cent) America (N806.81billion or 15.88 per cent) and Africa (N584.11 billion or 11.50 per cent) while Oceania totalled N23.28 billion or 0.46 per cent.
“During the quarter goods worth, N363.3billion was exported to ECOWAS.
“By Country export trade showed that most goods were exported to India (N949.05 billion or 18.7 per cent), Spain (N524.49 billion or 10.3 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,” it said.