… Trade balance deficit of N1,870.77 billion
MON 06 SEPT, 2021-theGBJournal- Nigeria’s total merchandise trade stood at N12,029.64 billion representing 23.28% increase over the value (N9,757.87billion) recorded in Q1,2021 and 88.71% increase compared to Q2,2020, according to latest National Bureau of Statistics (NBS) data.
‘’ This increase resulted from the sharp increase in export value during the quarter under review,’’ NBS said,
According to the data published Sunday, The export component of this trade was valued at N5,079.44 billion or 42.22%, the import was valued at N6,950.21billion or 57.78% while the trade balance stood at a deficit of N1,870.77 billion.
The crude oil which is the major component of export trade stood at N4,078.20 billion or 80.29% of total export.
This further shows a sharp increase of 111.32% in Crude oil value in Q2, 2021 compared to (N1,929.83 billion) recorded in Q1,2021 while the Non-crude oil export recorded N1001.23 billion or 19.71% of total export trade during Q2,2021.
Import trade classified by region showed Asia as the leading trade partner with a record of N3,469.6 billion or 49.92%.
The next leading partner was Europe with N2,304.6 billion or 33.16%.
Others are America N869.1 billion or 12.50%, Africa N248.8billion or 3.58% and Oceania N58.1billion or 0.84%.
Out of the value recorded for Africa, Import from ECOWAS countries accounted for N24.2billion.
Analysis of imports by Country of Origin showed that the majority of the goods imported during the quarter originated from China with Value (N2,078.59 billion or 29.91%) This was followed by India (N570.01 billion or 8.20%), Netherlands (N557.16 billion or 8.02%%), United States (N526.92 billion or 7.58%) and others.
Conversely, Nigeria exported most products to Asia (N1,842.95 billion or 36.28%), Europe (N1,822.29 billion or 35.88%) America (N806.81billion or 15.88%) and Africa (N584.11 billion or 11.50%) while Oceania totaled N23.28 billion or 0.46%.. During the quarter goods worth N363.3billion was exported to ECOWAS.
Analysis by Country export trade showed that most goods were exported to India (N949.05 billion or 18.7%), Spain (N524.49billion or 10.3%), Canada (N355.60 billion or 7.0%) and Netherlands (N298.29billion or 5,9%) and United States N256.63 billion or 5.1%
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