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.

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.

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.

“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.

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 stated.