Nigeria recorded 37.1% trade deficit in Q3 2021—NBS

With Nigeria’s total trade volume at about N13.24 trillion in the third quarter of 2021, the country’s trade deficit for the period stood at about N3.024trillion, or 37.1 percent, the National Bureau of Statistics (NBS) has said.

In its latest Foreign Trade in Goods Statistics for the third quarter of 2021 report, the NBS said Nigeria’s total import trade in Q3 2021 valued at about N8.154trillion grew by about 17.32 percent over the Q2 2021 and about 51.47 percent higher than Q3 2020.

The report said the country’s total imports figures outstripping her exports trade valued about ₦5.130 trillion, which rose marginally by one percent over Q2 2021, and 71.38 percent over Q3 2020.

Although total trade figures increased by 10.43 percent in Q3, 2021 compared to Q2, 2021, and 58.59 percent year-on-year, figures by the statistics agency showed that the country’s trade deficit for the third quarter of 2021 was about 37.1percent, or an increase of about 26.53 percent year on year as a result of increased import activities.

“Nigeria’s Merchandise Trade grew as imports increased significantly and showed a marginal growth in export, resulting in an unfavorable trade balance in Q3, 2021,” the NBS report said.

Sectoral imports data provided by the agency showed that the value of imported agricultural goods during the quarter under review was about 21.01 percent higher than the value recorded in Q2, 2021 and 74% higher than Q3 2020, while the value of raw material imports stood at about 9.08 percent more than Q2, 2021, and 29.06 percent more than the value in Q3 2020.

Also, the NBS said solid minerals imports in Q3 2021 increased by 10.93 percent compared to Q2 2021 and 53.42 percent compared to Q3 2020, while energy goods imports during the period jumped by over 408.51 percent over Q2 2021 and 24.14 percent more than Q3 2020.

The total value of manufactured goods imports, the NBS report showed, was about 13.98 percent higher in Q3 2021 than the level in Q2 2021, and 42.73 percent more than Q3 2020, while oil petroleum products imports were valued at about 34.60 percent more than in Q2 2021, and 113.18 percent higher than Q3 2020.

Nigeria’s import from Africa accounted for only 3.04 percent, or N247.66 billion, while import from the Economic Community of West African States (ECOWAS) accounted for N26.69 billion of the total imports value from Africa during the period under review.

EXPORTS
On the exports side, the NBS said export during the period was still oil-dependent, with crude oil exports of about N4.026 trillion remaining the major product in total exports (78.48%), while non-crude oil export valued at N1.104 trillion, or 21.52 percent of total exports.

Of the total value of exports, non-oil products only contributed about N546.27 billion, representing 10.65 percent of total exports during the quarter under review.

Details of the report showed that the total value of agricultural goods exports in Q3, 2021 declined by about 5.9 percent from the figure recorded in Q2 2021, though higher by 31.0 percent than Q3 2020, while raw material exports value increased significantly by over 135.2 percent in Q3 2021 against the level in Q2 2021, and 1,241.1 percent higher than Q3 2020.

Further details showed that solid minerals exports value in Q3 2021, increased by 22.7 percent compared to Q2 2021, and 222.8 percent compared to Q3 2020, while the value of energy goods exports during the period was about 58 percent lower than Q2 2021, and 34.5 percent lower than the value in Q3 2020.

Manufactured goods exports grew by about 39.4 percent over the value in Q2 2021, and 121.6 percent higher than Q3 2020, with crude oil exports in Q3 2021 declining by about 1.3 percent than the value recorded in Q2 2021, but 66 percent higher than Q3 2020.

The report said the value of other oil petroleum products exports in Q3 2021 were 3.6 percent more than in Q2 2021, and 57.8 percent higher than Q3 2020.

In terms of trading partners, the NBS said Nigeria’s major export destinations during the period were India (29.95%), Spain (12.22%), Italy (8.69%), France (7.08%), and Netherlands (4.78%), while her major import partners included China (29.95%), India (8.71%), United States (7.35%), Netherlands (6.80%), and Belgium (5.32%).

Among exports to Africa, Nigeria’s exports to ECOWAS countries accounted for 51.90 percent of goods, or N346.8 billion.