Merchandise Trade Grew Stronger in Q2 2021 Due to Sharp Increase in Export

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Major export trading partners and percentage share in Q2, 2021 export trade.

During quarter2, 2021 the total merchandise trade stood at N12,029.64billion representing 23.28% increase over the value (N9,757.87billion) recorded in Q1,2021 and 88.71% increase compared to Q2,2020.This increase resulted from the sharp increase in export value during the quarter under review. 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 N1,870.77billion.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 (N1,929.83billion) recorded in Q1,2021  while the Non-crude oil export recorded N1001.23 billion or 19.71% of total export trade during Q2,2021.

Imports Classified by Standard International Trade Classification and country of Origin

During quarter 2, 2021 total import was valued at N6,950.21 billion representing 57.78% of the  total trade. This value rose by 1.45% in q2, 2021 compared to q1,2021  and  67.49% compared to q2,2020.     Imports by SITC revealed that Machinery & transport equipment accounted for N2,495.69billion or 35.91% of total import trade. This was followed by Chemicals & related products N1,274.59 billion  or 18.34% , Mineral fuel N1,110.38 billion or 15.98%, Food and live animals N951.28billion or 13.69% and Manufactured goods N640.47 billion or 9.2% among others.

Import trade classified by region showed Asia as the leading partner with a record of N3,469.6billion 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 .


Exports Classified by Standard International Trade Classification and Country of Destination

During quarter 2, 2021 total export was valued at N5,079.44billion representing 42.22% of the  total merchandise trade. This value rose by 74.72% in Q2, 2021 compared to Q1,2021  and  128.29% compared to q2,2020.     Export by Section revealed that Mineral products accounted for N4,637.05billion or 91.29% of total export trade. This was followed by Vehicles, aircraft and parts; Vessels etc N141.73 billion  or 2.79% , Vegetable products N92.80 billion or 1.83% among others.In terms of regional trade, 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%.



Export/Imports Products Classified by Sectors Q2, 2021

     

Agricultural Goods Sector

The total value of trade in agricultural goods in Q2 2021 stood at N817.35billion.The export component of this trade totaled  N165.27billion while the import was valued at N652.08billion..Top most of these exported Agricultural products were Good fermented Nigerian Cocoa beans exported mainly to Netherlands (N16.48 billion), Malaysia (N9.32billion) and united States (N8.41billion).The next leading product was Cashew nuts ,in shell exported to Vietnam (N33.54billion) and India (N3.24billion) . Other major exports under this sector includes Sesamum seeds whether or not broken exported to Japan in the value worth N7.28billion , China  N7.14billion  and Coconuts N9.94billion respectively .

However, there was importation of Durum wheat (not in seed) worth N70.37 billion from United States,.Durum wheat also came from Canada (N54.48billion), Argentina (N35.04billion) ,Lithuania N32.24billion and Latvia N25.91billion..  The next product imported under this category was Blue whitings  from Russia (N27.23 billion) and Netherlands (N13.41billion).  During the quarter, mackerel worth N9.61billion was imported from Netherlands and N4.91billion from Japan.There was also importation of Malt,not roasted from Belgium (N21.42 billion) and France (N4.48billion).Other major importation was Crude palm oil from Singapore in the value worth N15.09billion and India N11.68billion).


Solid Minerals Sector

The total value of  trade in solid mineral goods in Q2,2021 stood at N63.68billion.The export component of this trade  stood at N14.93 billion while the import was valued at N48.75billion.The leading exported mineral products were Other cement exported to Niger Republic and Togo in values  worth N3.12billion and N2.32billion. Another product under this sector was Zinc ores and Concentrates exported to China in the value worth N4.15 billion.

 

In terms of imports, Plasters of Calcined Gypsum was imported from Turkey and Egypt in values worth N8.35billion and N3.69 billion.During the period under review, there was importation of Gypsum anhydrite worth N7.78billion from Spain and Turkey N5.22billion. Others were other salt (including Crude Salt)  worth N6.04 billion imported from Brazil .There was importation of Salt for human consumption (including table salt) from Namibia in the value worth N2.52billion and Granite, cut into a square  or rectangular shape from China (N2.25billion).

 

Manufactured Goods Sector

 The value of manufactured goods trade in Q2, 2021 stood at N4,511.18billion representing 37.50% of total trade. Out of  this, the   export component accounted for N211.67billion while the import component was valued at N4,299.51billion.

 

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 N71.90billion.Vessels and other floating structures for breaking up  were also  exported to Spain and Equatorial guinea in values worth N18.34billion and N6.26billion.

Other products under this group were Aluminium alloys,Unwrought exported to Japan in the value worth N10.85billion and China (N3.63billion)

 

There were Aeroplanes and other aircraft of an unladen weight  worth N16.65billion exported to Ghana and Cruise ships and similar Vessels for the transport of persons or goods worth N10.59 billion  exported to Cameroon during the period under review.

 

In terms of Manufactured imports, Used Vehicles were mainly imported from United States and Italy  in values worth N33.78billion and N5.74billion.During the quarter, Machine for reception,Conversion and transmission were imported from China,Sweden and Hongkong in values  worth N118.69billion, N8.98billion and 5.22billion.  .Motorcycles worth N32.72billion and N61.80 billion  were imported from china and India.There were also other Herbicides worth N81.17billion imported from China and Polypropylene imported from South Africa, Saudi Arabia and South Korea in values worth N35.75billion, N15.46 billion and N9.47billion.

 

Raw Material Goods Sector

The value of total trade in raw material stood at N904.51billion. The import component was valued at N840.50billion while the export component stood at N64.01billion.During the quarter, Urea whether or not in aqueous solution worth N30.74billion was exported to Brazil and Leather further prepared after tanning worth N5.77billion was exported to Spain.

 

There was also exportation of Non-wired unworked sheets of float worth N3.44billion  to China and Cotton, not Carded or Combed worth N3.0billion exported to Pakistan during Q2,2021.

 

In terms of imports, Cane sugar worth N113.71billion was imported from Brazil and  Diammonium hydrogen valued at N35.82 billion was imported from Morocco.

Milk preparations valued at N25.03 billion and N3.35 billion were imported  from  Ireland and Malaysia Other products imported under this sector were.Mixtures of Odoriferous substances worth N13.05billion , N9.43billion and N3.40billion imported from Ireland ,Swaziland and Spain during the period under  review.

  .

Trade Intensity in Q2 2021

 

Export Intensity Index with Five Major Trading Partners

The export intensity index compares the share of exports to each country in Nigeria’s total exports, with the share of world exports going to that country, and therefore gives a measure of the importance of that country to Nigeria as an export destination. A higher number denotes a stronger relationship, and an index of one indicates that exports to that country are what would be expected given global trade patterns.   

 

During the months of the Second quarter 2021 (April, May and June), Nigeria had  intense export trade with India (6.52, 6.25, 6.89),Spain (4.55, 3.74, 4.30) and Canada (2.35, 2.56, 1.94).This is shown by the higher index recorded during the quarter. However, the available record showed lower export intensities for United States (0.26, 0.54, 0.06). During the quarter , Netherlands registered higher export intensities for April (2.0) and June (1.79) but a lower export intensity for May (0.18)


Import Intensity Index with five Major Trading Partners

During the quarter, the import intensity of Nigeria with the top importing partners  (China , India, Netherlands and Russia)  were higher in all the months .China recorded (1.75, 1.12 and 1.23) in April, May and June. Higher index was also recorded for India ( 5.17, 3.34 and 2.76 for April , May and June 2021) and  Netherlands ( 1.60 and 1.36) in May and June but 0.86 in April. Other major trading partners were Russia which recorded ( 1.68, 1.22, and 1.20 for April, May and June) while United States recorded lower import intensities of 0.51, 0.46 and 0.52 during the months of Q2, 2021.

 


Trade by Mode of Transport

The majority of commodity exported out of Nigeria were transported via water This was reflected in the value of exports by water in Q2,2021. Water transport accounted for N5,033.37billion or 99.09% of total exports. Air transport contributed N31.71billion or 0.62% .Road transport was valued at N14.36billion or 0.28% .

 

Similarly for imports, most goods brought into the country arrived via water transportation means. Water transport accounted for N6,508.63billion or 93.65% of the value of total imports. Another mode of transport used were Air and road valued at N359.70billion or 5.18%  and N81.87billion or 1.18%

 

Trade by Custom Ports and Post

In Q2, 2021, the bulk of export transactions was conducted through Apapa port, valued at N4,727.95billion or 93.08% of total exports, followed by PortHarcourt (3) which recorded N165.85billion or 3.27%. while Tin Can Island  recorded  N123.49 billion or 2.43%.

 

 In terms of imports, Apapa Port also recorded the highest transactions valued at N3,598.68billion or 51.78% of total imports. This was followed by Tin Can Island N1,202.55billion or 17.30% , PortHarcourt (3) N686.43billion or 9.88% While Tincan bonded warehouse  recorded N429.96billion  or  6.19%.

 

Click Here to Download Q2 2021 Foreign Trade Statistics PDF Report


Latest 2021 NBS Reports

 

 Q3 2021

1.      Average Prices of 1kg of Tomato Increased YoY by 36.45% to N414.83

2.     Average Fare Paid by Commuters for Intercity Journey Increased by 0.81% MoM in July 2021 – NBS

3.     Nigeria’s Real GDP Grew by 5.01% YoY in Q2 2021 from 0.51% in Q1 2021

4.     Average Prices of PMS, AGO, HHK and Cooking Gas – July 2021

5.     Headline Inflation Increases by 17.38% YoY in July 2021, 0.37% Lower Than June 2021 Rate – NBS

6.     N472.07bn Generated as Company Income Tax in Q2 2021, Increases by 17.42% YoY – NBS

7.     N512.25bn Generated as VAT in Q2 2021, Increases by 3.20% QoQ – NBS

8.     Total Value of Capital Imported into Nigeria in Q2 2021 Declined by 54% QoQ – NBS

9.     Average Fare Paid for Bus Journey Increased by 2.80% MoM in June 2021 – NBS

10.  Average Price of 1kg of Tomato Increased by 13.92% YoY in June 2021 – NBS

11.   Average Prices of PMS, AGO, HHK and Cooking Gas – June 2021

12.  Headline Inflation Increases by 17.75% YoY in June 2021, 0.18% Lower Than May 2021 Rate – NBS

 

Q2 2021

1.      All Commodity Group Import Index Increased by 0.82% in Q1 2021 – NBS

2.     424,460 Passengers Travelled Via Rail in Q1 2021 – NBS

3.     37.67% of Nigeria’s Total Public Debt Was External as of Q1 2021 – NBS

4.     Average Price of 1kg of Rice Increased by 0.65% MoM to N544.09 in May 2021

5.     Average Fare Paid by Passengers for Water Transport Increased by 0.99% MoM to N828.35 in May 2021

6.     Average Prices of PMS, AGO, HHK and Cooking Gas – May 2021

7.     Headline Inflation Increases by 17.93% YoY In May 2021, 0.19% Lower Than April 2021 Rate – NBS

8.     FAAC Disburses N640.31bn in February 2021 – NBS

9.     Active Voice Subscribers Declined by -5.96% QoQ in Q1 2021 – NBS

10.  Nigeria’s Merchandise Trade Deficit Deepens in Q1 2021 Due to Rising Imports

11.   Average Prices of 1kg of Tomato Increased by 0.09% YoY in April 2021 – NBS

12.  Average Fare Paid by Commuters for Intercity Bus Journey Increased by 1.48% MoM in April 2021 – NBS

13.  Nigeria’s Real GDP Grew by 0.51% YoY in Q1 2021 – NBS

14.  Average Prices of PMS, AGO, HHK and Cooking Gas – April 2021

15.  Headline Inflation Increases by 18.12% YoY In April 2021, 0.05% Lower Than March 2021 Rate – NBS

16.  416 Movies Produced in Q1 2021 – NBS

17.  N392.77bn Generated as CIT in Q1 2021 – NBS

18.  N496.39bn Generated as VAT in Q1 2021 – NBS

19.  Banking Sector Records 3.46bn Volume of Transaction in Q4 2020 – NBS

20.Average Price of 1kg of Tomato Decreased by -0.64% MoM in March 2021 – NBS

21.  Average Fare for Bus Journey Within City Increased by 4.42% MoM in March 2021 – NBS

22.N1.31trn Generated as IGR in 2020 – NBS

23.Headline Inflation Increases by 18.17% YoY In March 2021, 0.82% Higher Than February 2021 Rate – NBS

24.Average Prices of PMS, AGO, HHK and Cooking Gas – March 2021

25.Real Household Consumption Expenditure Growth Rate Stood at 0.18% in 2020 – NBS

26.All Commodity Group Import Index Grew By 0.13% in Q4 2020 – NBS

27.38.60% of Nigeria’s Total Public Debt Was External in Q4 2020 – NBS

 

 

Q1 2021

28.Average Price of 1kg of Tomato Increased by 11.33% YoY in February 2021 – NBS

29.Average Fare Paid by Commuters for Intercity Journey Increased by 1.13% MoM in February 2021 – NBS

30.FAAC Disburses N619.34bn in January 2021 – NBS

31.  Average Prices of PMS, AGO, HHK and Cooking Gas – February 2021

32.Active Voice Subscribers Declined by -0.32% QoQ in Q4 2020 – NBS

33.Headline Inflation Increases by 17.33% YoY In February 2021, 0.86% Higher Than January 2021 Rate

34.Nigeria’s Unemployment Rate Increases to 33.3% in Q4 2020 from 27.1% in Q2 2020 – NBS

35.Total Trade Higher By 8.9% in Q4 2020, Lower By 10.3% in FY 2020

36.Average Price of 1kg of Tomato Decreased by -6.59% MoM in January 2021

37.Average Prices of PMS, AGO, HHK and Cooking Gas – January 2021

38.Nigeria Exits Recession, Real GDP Grew by 0.11% in Q4 and -1.92% in Full Year 2020

39.Headline Inflation Increases by 16.47% YoY In January 2021, 0.71% Higher Than December 2020 Rate

40.FAAC Disburses N2.49trn to FG and N2.30trn to States in Year 2020 – NBS

41.  FAAC Disburses N601.11bn in December 2020 – NBS

42.FAAC Disburses N604.00bn in November 2020 – NBS

43.Total Value of Capital Importation into Nigeria Stood at US$1,069.68m in Q4 2020 – NBS

44.N295.72bn Generated as Company Income Tax in Q4 2020 – NBS

45.N454.69bn Generated as Value Added Tax in Q4 2020 – NBS

46.Average Price of 1kg of Tomato Increases by 17.51% YoY in December 2020 – NBS

47.Average Air Fare Increases by 18.54% YoY in December 2020 – NBS

48.Average Prices of PMS, AGO, HHK and Cooking Gas – December 2020

49.Headline Inflation Increases by 15.75% YoY In December 2020, 0.86% Higher Than November 2020 Rate

50.62.18% of Nigeria’s Total Public Debt as of Q3 2020 Was Domestic – NBS

51.  Active Voice Subscribers Grew by 4.59% in Q3 2020 – NBS