Despite COVID-19,  Nigeria Passenger Vehicle Import rises by 8.08 percent in 1Q

Peter Olaniyi

Despite the outbreak of Coronavirus pandemic, Nigeria passenger vehicle imports rose by 8.08 per cent compared to last year to $220.51 million,

The United States Census Bureau (USCB) stated this in its latest data obtained by our correspondent.

The Bureau further noted that motor vehicle spare parts rose 7.59 per cent compared to last year to $53.3 million.

The data also revealed that the United States imports from Nigeria fell 47.14 per cent through the first four months of the year as exports to Nigeria decreased by 4.35 per cent.

The Bureau explained that in January 2020, the United States exported $186.9million worth of goods to Nigeria, while $177million goods received by Lagos ports and other seaports.

Also, it added that in February, export from the U.S stood at $244.2million as Nigeria recorded $138.9million, leading to a deficit of  $105.3million between the two countries.

As of March, some export goods, which reached Nigerian Ports, were valued at $272million, while imports to the United States reached $103.6million, leading to a trade deficit of $168.4million between the two trading countries.

In April, $230.3million exports from the U.S came to Nigerian ports, while imports received by U.S ports stood at $81.3million.

 The Bureau stated that the deficit in April between both countries was $149million.

It stressed that gasoline, LNG, other petroleum gases and lead, accounted for 95.18 per cent of the inbound shipments from Nigeria between January and April, noting that gasoline, other fuels rose 13.27 per cent compared to last year to $50.11 million while wheat fell by 49.78 per cent compared to last year to $106.71 million.

According to USCB, oil fell 52.01 per cent compared to last year to $395.15 million, whereas gasoline, other fuels fell 19.95 percent compared to last year to $55.56 million.

USCB data explained that Nigeria recorded $7.79 billion in trade with the United States, saying total U.S export to Nigeria was $3.18 billion while imports from Nigeria stood at $4.61 billion.

In the current period, it stressed that the top five ports in the country accounted for 59.76 percent of Nigeria’s U.S trade, stating that the imports coming to the Port of Houston rose 3.96 per cent to $365.72 million, while exports rose 4.24 percent to $364.65 million.

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