Crude Oil Accounts For 80.29% Export As Nigeria Records N1.87trn Trade Deficit In Q2

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The export component of Nigeria’s trade with its partners was valued at N5,079.44 trillion or 42.22%, the import was valued at N6,950.21 trillion or 57.78% while the trade balance stood at a deficit of N1,870.77 trillion, showing that Nigeria imported more than it exported in the second quarter of 2021.

According to figures that was released by the National Bureau of Statistics (NBS), the crude oil which is the major component of export trade stood at N4,078.20 trillion or 80.29% of total export.

That further shows a sharp increase of 111.32% in Crude oil value in Q2, 2021 compared to (N1,929.83 trillion) recorded in Q1,2021 while the Non-crude oil export recorded N1001.23 trillion or 19.71% of total export trade during Q2, 2021.

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Total trade was 23.28% higher in Q2,2021 compared to Q1, 2021 and 88.71% higher than the value recorded in Q2, 2020.

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 trillion or 29.91%) This was followed by India (N570.01 billion or 8.20%), Netherlands (N557.16 trillion or 8.02%%) , United States (N526.92 billion or
7.58%) and others.

Analysis by Country export trade showed that most goods were exported to India (N949.05 trillion or 18.7%), Spain (N524.49 trillion or 10.3%), Canada (N355.60 billion or 7.0%) and Netherlands (N298.29 trillion or 5,9%) and United States N256.63 trillion or 5.1%.

During second quarter, 2021 the total merchandise trade stood at N12,029.64 trillion representing 23.28% increase over the value (N9,757.87 trillion) recorded in Q1, 2021 and 88.71% increase compared to Q2, 2020.This increase resulted from the increase in export value during the quarter under review.

Under imports classified by standard international trade classification and country of origin showed that machinery & transport equipment accounted for N2,495.69 trillion or 35.91% of total import trade. This was followed by Chemicals & related products N1,274.59 trillion or 18.34% , mineral fuel N1,110.38 trillion or 15.98%, food and live animals N951.28b trillion or 13.69% and manufactured goods N640.47 trillion or 9.2% among others.

Import trade classified by region showed Asia as the leading partner with a record of N3,469.6 trillion or 49.92%.The next leading partner was Europe with N2,304.6 billion or 33.16%.Others are America N869.1 trillion or 12.50%, Africa N248.8 trillion or 3.58% and Oceania N58.1 trillion or 0.84%.Out of the value recorded for Africa, Import from ECOWAS countries accounted for N24.2 trillion