Nigeria posts a trade deficit of 1.87 billion naira in the second quarter of 2021, with crude oil accounting for 80.29% of exports

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The National Bureau of Statistics (NBS).

September 04 (THEWILL) – The National Bureau of Statistics on Saturday released the foreign trade statistics report for the second quarter of this year, with Nigeria recording a trade deficit of 1.87 trn naira in the first half of the year .

According to the report, total merchandise trade during the period amounted to 12.03 billion naira, indicating an increase of 2.27 billion naira or 23.28% from the amount recorded in the first quarter of 2021. .

The aggregate trade of N12.03tn includes N6.95tn of imports and N5.08tn of exports, resulting in a trade deficit of N1.87tn.

In terms of imports, the BNS report indicates that the value of total imports increased by 1.45% in Q2 2021 compared to Q1 2021 and by 67.49% compared to Q2 2020.

The report indicates that imported agricultural products were 3.5% more in Q2 2021 than in Q1 2021 and 56.9% more than in Q2 2020.

The value of raw material imports increased by 25.6% in Q2 2021 compared to Q1 2021 and by 47.3% compared to Q2 2020.

The report reads: “In the second quarter of 2021, total merchandise trade amounted to 12,029 trn, an increase of 23.28% from the value (9.75 trn) recorded in 1st quarter 2021 and an increase of 88.71% compared to 2nd quarter 2020.

“This increase is the result of the strong increase in the value of exports during the quarter under review. The export component of this trade was valued at 5.07 billion naira or 42.22 percent, the import was valued at 6.95 billion naira or 57.78 percent while the trade balance was in deficit of 1, 87 billion naira.

He said crude oil was the main component of export trade during the period, contributing 4.07 billion naira or 80.29 percent of total exports.

“This further shows a sharp rise of 111.32 percent in the value of crude oil in the second quarter of 2021 compared to (1.92 trn) recorded in the first quarter of 2021, while exports of non-crude oil increased. recorded 19.71 percent of total export trade in the second quarter of 2021. “he added.

Analysis of imports by country of origin showed that the majority of goods imported in the quarter came from China with a value (N 2,078.59 trillion or 29.91%), followed by India (570 0.01 billion N or 8.20%), the Netherlands (N557 .16 trillion or 8.02 %%), United States (526.92 billion N or
7.58%) and others.

Analysis by country of export trade showed that most of the goods were exported to India (N 949.05 billion or 18.7%), Spain (N 524.49 billion or 10 , 3%), Canada (355.60 billion N or 7.0%) and the Netherlands (298.29 N trillion or 5.9%) and the United States 256.63 trillion or 5.1 %.

As part of imports classified according to the standard international trade classification and country of origin, machinery and transport equipment accounted for N2,495.69 trillion or 35.91% of total import trade. Next come chemicals and related products N 1,274.59 trillion or 18.34%, mineral fuels N 1,110.38 trillion or 15.98%, food and live animals N 951.28 billion or 13.69% and manufactured goods 640.47 trillion N or 9.2% among others.

Import trade classified by region showed Asia to be the main partner with a record 3.469.6 trillion naira or 49.92%. The next main partner was Europe with 2,304.6 billion naira or 33.16%. 248.8 trillion naira or 3.58% and Oceania 58.1 trillion naira or 0.84%. On the recorded value for Africa, imports from ECOWAS countries amounted to 24.2 trillion naira.


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