Nigeria’s foreign trade rises to N9.75tn in Q1 2021

Nigeria’s total foreign trade for the first quarter (Q1) of 2021 rose to N9.75 trillion, representing a 6.99 per cent increase over the value recorded in the fourth quarter of 2020 and 14.13 per cent compared to the first quarter of the same year.

This is according to the National Bureau of Statistics (NBS)“Foreign Trade Goods Statistics Q1 2021” report published on its website.

According to the report, the export component of trade stood at N2.9 billion, representing 29.79 per cent of the total trade while import was valued at N6.9 billion representing 70.21 per cent.

“The higher level of imports over exports resulted in a trade deficit in goods of -N3,943.45 billion.

“The value of Crude oil export stood at N1,929.83 billion representing 66.38 percent of the total export recorded in Q1, 2021, while non-crude oil export accounted for 33.62 percent of the total export,” it said.

Categorising the imported goods, the report said that the value of total imports rose by 15.61 per cent in Q1, 2021 compared to Q4, 2020 and 54.30 per cent compared to Q1, 2020.

“The value of imported agricultural products was 18.37 percent higher in Q1, 2021 than in Q4, 2020 and 140.47 percent higher year on year.

“The value of Raw material imports fell by 6.50 percent in Q1, 2021 compared to Q4, 2020 but increased by 109.29 percent compared to Q1, 2020,” it said.

The NBS said the value of solid minerals imports were 36.97 percent higher in Q1, 2021 than in Q4, 2020 and 59.26 per cent more than its value in Q1, 2020.

“The value of Energy goods imports was 34.39 percent in Q1, 2021 higher than in Q4,2020 and 1,346.72 percent higher than the value recorded in Q1, 2020.

It added that the value of imported manufactured goods grew by 18.47 percent in Q1, 2021 against the value recorded in Q4, 2020 and 69.70 percent against its value in Q1, 2020.

“The value of other oil products imported in Q1, 2021 was 19.02 percent more than its value in Q4, 2020 but 15.76 percent less than the a corresponding quarter of 2020,” it said.

As for exports, the value of agricultural exports increased by 128.0 percent in Q1 2021 compared to Q4 2020 and 0.1 per cent compared to Q1 2020.

It added that the value of raw material goods exports in Q1, 2021 was 9.0 percent lower than the value in Q4,2020 and 6.7 percent lower than the value recorded in Q1 2020.

READ ALSO: Nigeria’s foreign trade dropped by 10% in 2020 – NBS

“The value of solid minerals exports increased by 107.2 percent in Q1,2021 against Q4 2020 and 481.7 percent against the corresponding quarter in 2020.

Other key highlights in the report include, energy goods increased in value by 16.3 percent in Q1 2021 compared to Q4 2020 and 18.1 percent compared to Q1,2020

“Manufactured goods exports rose by 94.0 per cent in Q1 2021 compared to Q4 2020 but decreased by 43.7 percent compared to Q1, 2020.

“Crude oil exports in Q1 2021 decreased by 23.5 percent compared to Q4,2020 and 34.5 percent compared to Q1,2020.”

According to the report, Nigeria’s imports by country of origin showed that the majority of the goods imported during the quarter originated from China, valued at N2,009.94 billion or 29.34 percent.

“This was followed by the Netherlands (N726.09 billion or 10.60 percent), the United States (N608.12 or 8.88 per cent ), and others,” it said.

For export, Nigeria exported mainly mineral products, valued at 2,486.1 billion or 85.52 percent of the total export value.

“This was followed by Vehicles, Aircraft, and parts (N180.5 billion or 6.21 percent) and vegetable products (N82.3 billion or 2.83 percent).

In terms of regional trade, Nigeria exported most products to Asia (N1,132.55 billion), Europe (N997.79 billion), America (N316.62 billion), and Africa (N449.84 billion).

“During the quarter goods worth N282.2 billion were exported to ECOWAS.

“By country, most goods were exported to India (N488.1 billion or 16.8 percent), Spain (N287.2billion or 9.9 percent, China (N190.1 billion or 6.5 percent) and the Netherlands (N160.billion or 5.5 percent),” it said.

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