By Jeph Ajobaju, Chief Copy Editor
A trade balance deficit of N1.87 trillion was recorded by Nigeria in the second quarter of 2021 (Q2 2021) but total merchandise trade rose 23.28 per cent to N12.02 trillion, according to latest figures from the National Bureau of Statistics (NBS).
“Foreign Trade in Goods Statistics – Q2, 2021” released by the NBS and reported by the News Agency of Nigeria (NAN) show that merchandise trade notched N12.02 trillion from N9.75 trillion in Q1 2021, due to a sharp increase in exports.
Export component of the trade was valued at N5.07 trillion or 42.2 per cent, import N6.95 trillion or 57.78 per cent, and trade balance deficit N1.87 trillion.
Crude oil represented 80.29 per cent of total export valued at N4.07 trillion in Q2 2021
Export, import by sector
The NBS explained that “this further shows a sharp increase of 111.32 per cent in crude oil value in Q2 compared to N1.92 trillion recorded in Q1, while the non-crude oil export recorded N1 trillion or 19.71 per cent of total export trade in Q2.
“Total value of trade in agricultural goods in Q2 stood at N817.35 billion, with the export component totalling N165.27 billion while the import was valued at N652.08 billion.
“Topmost of these exported agricultural products were good fermented Nigerian Cocoa beans” exported mainly to The Netherlands (N16.48 billion), Malaysia (N9.32 billion) and the United States (N8.41 billion).
Solid minerals trade stood at N63.68 billion, with the export component at N14.93 billion, and import N48.75 billion. The top exported mineral product was cement to Niger Republic (N3.12 billion) and Togo (N2.32 billion.
Manufactured goods trade stood at N4.51 trillion, 37.50 per cent of total trade. The export component accounted for N211.67 billion, and import N4.29 trillion.
“The products that drove up manufactured products were vessels and other floating structures for breaking up, which was exported to Cameroon in the value worth N71.90 billion,” the NBS said.
“Vessels and other floating structures for breaking up were also exported to Spain and Equatorial Guinea in values worth N18.34 billion and N6.26 billion.
“In terms of manufactured imports, used vehicles were mainly imported from the United States and Italy in values worth N33.78 billion and N5.74 billion.”
Trade in raw materials
Total trade stood at N904.51 billion, with imports at N840.50 billion and exports N64.01 billion.
Asia is the leading partner with a record N3.46 trillion or 49.92per cent; next, Europe (N2.30 trillion or 33.16 per cent), the US (N869.1 billion), Africa (N248.8 billion), Oceania (58.1 billion), and ECOWAS (N24.2 billion).
Trade by country
China led with N2.078 trillion worth of goods imported in Q2 2021; next, India (N570.01 billion), The Netherlands (N557.16 billion), and the US (N526.92 billion).
Nigeria exported most products to Asia (N1.84 trillion), Europe (N1.82 trillion), the US (N806.81 billion), Africa (N584.11 billion), Oceania (N23.28 billion), ECOWAS (N363.3 billion).
Most goods were exported to India (N949.05 billion), Spain (N524.49 billion), Canada (N355.60 billion), The Netherlands (N298.29 billion), and the US (N256.63 billion).