Nigeria records N9.8 trn from import-export trade in Q1 2021

Otunba Bright

The National Bureau of Statistics (NBS) has revealed that Nigeria recorded total N9.8 trillion from foreign trade in the first quarter of 2021, as both exports and imports rose during period under review.

NBS stated this in its latest “Foreign Trade Goods Statistics Q1 2021” published on its website during the weekend, saying that the figure recorded represents a 6.99 per cent increase over the value recorded in the 4th quarter of 2020 and 14.13 per cent compared to the first quarter of the same year.

According to statistics released by NBS, the export component of trade valued at N2.9 billion, which represent 29.79 per cent of the total trade while import recorded stood at N6.9 billion, which also represent 70.21 per cent.

However, NBS stated that the higher level of imports over exports resulted in a trade deficit in goods of -N3,943.45 billion.

NBS added: “The value of crude oil export stood at N1,929.83 billion representing 66.38 per cent of the total export recorded in first quarter of 2021, while non-crude oil export accounted for 33.62 per cent of the total export.”

While highlighting the imported goods, NBS explained that the value of total imports increased by 15.61 per cent in first quarter of 2021 compared to fourth quarter of 2020 and 54.30 per cent compared to first quarter 2020.

On agric products, NBS maintained that the value of imported agricultural products rose by 18.37 per cent higher in the first quarter of, 2021 than in fourth quarter of 2020 and 140.47 per cent higher year-on-year.

The report added that the value of raw material imports decline by 6.50 per cent in the first quarter of 2021 compared to fourth quarter of 2020 but rose by 109.29 per cent compared to first quarter 2020.

“The value of solid minerals imports was 36.97 per cent higher in the first quarter of 2021 than in fourth quarter of 2020 and 59.26 per cent more than its value in first quarter of 2020. The value of energy goods imports was 34.39 per cent in first quarter of 2021 higher than in first quarter of 2020 and 1,346.72 per cent higher than the value recorded in first quarter of 2020,” it said.

“Meanwhile the value of imported manufactured goods grew by 18.47 per cent in first quarter of 2021 against the value recorded in fourth quarter of 2020 and 69.70 per cent against its value in first quarter of 2020. The value of other oil products imported in first quarter of 2021 rose by 19.02 per cent more than its value in fourth quarter of 2020 but 15.76 per cent less than the corresponding quarter of 2020,” NBS added.

On the exports, the value of agricultural exports rose by 128.0 per cent in the first quarter of 2021 compared to fourth quarter of 2020 and 0.1 per cent compared to the first quarter of 2020.

“The value of raw material goods exports in first quarter of 2021 stood at 9.0 per cent lower than the value in fourth quarter of 2020 and 6.7 per cent lower than the value recorded in first quarter of 2020.

“The value of solid minerals exports increased by 107.2 per cent in first quarter of 2021 against fourth quarter of 2020 and 481.7 per cent against the corresponding quarter in 2020. Meanwhile energy goods increased in value by 16.3 per cent in first quarter of 2021 compared to fourth quarter of 2020 and 18.1 per cent compared to first quarter 2020,” it said.

NBS hinted that manufactured goods exports increased by 94.0 per cent in first quarter of 2021 compared to fourth quarter of 2020 but declined by 43.7 per cent compared to first quarter of 2020, adding that crude oil exports in first quarter of 2021 decline by 23.5 per cent compared to fourth quarter of 2020 and 34.5 per cent compared to first quarter of 2020.

Conversely, it said Nigeria’s imports by country of origin indicated that the majority of the goods imported during the quarter originated from China, valued at N2.01 trillion or 29.34 per cent, followed by the Netherlands, which is N726.09 billion or 10.60 per cent, the United States stood at N608.12 or 8.88 per cent and others.

On the export, NBS said Nigeria exported mainly mineral products valued at N2.5 trillion or 85.52 per cent of the total export value,

“This was followed by vehicles, aircraft, and parts with N180.5 billion or 6.21 per cent and vegetable products valued at N82.3 billion or 2.83 per cent). In terms of regional trade, Nigeria exported most products to Asia worth N1,132.55 billion, Europe stood at N997.79 billion, America valued at N316.62 billion while Africa stood at N449.84 billion.

“During the quarter, goods worth N282.2 billion were exported to ECOWAS. By country, most goods were exported to India worth N488.1 billion or 16.8 per cent, Spain stood at N287.2billion or 9.9 per cent, then, China worth N190.1 billion or 6.5 per cent and the Netherlands stood at N160.billion or 5.5 per cent),” NBS explained.