Nigeria recorded a trade deficit of N1.87tn in the second quarter of the year despite recording 111.32 per cent in crude oil exports.
The bureau disclosed this today in its Foreign Trade in Goods Statistics Report for Q2’21.
The bureau said: “ During Q2’21, the total merchandise trade stood at N12.03 trillion representing 23 percent
increase over the value (N9.8 trillion) recorded in Q1’21 and 88.7 percent increase compared to Q2’20.
In the first quarter of the year, the country’s trade deficit stood at N3.94tn.
The Foreign Trade in Goods Statistics report for Q2 2021 by the NBS showed that crude oil, Nigeria’s largest export, rose to N4.08tn from N1.93tn in the first quarter of the year.
According to NBS, the export component of this trade was valued at N5.08 trillion or 42 percent while the import was valued at N6.95 trillion or 58 percent while the trade balance stood at a deficit of N1.87 trillion.
Nigeria’s agricultural exports saw significant improvements as it increased by 111.8 per cent from its tally in Q2 2020, hitting N165.27bn in the second quarter of 2021.
However, the country imported more agricultural goods as its import bill rose to N652.08bn, up 56.9 per cent from Q2 2020 and 3.5 per cent from Q1 2021.
On export, the bureau stated: “Export by section revealed that Mineral products accounted for N4.6 trillion or 91 per cent of total export trade. This was followed by vehicles, aircraft and parts; vessels etc N141.73 billion or
3.0 percent , vegetable products N92.80 billion or 1.8 per cent among others.
In terms of regional trade, Nigeria exported most products to Asia (N1.8 trillion or 36 per cent), Europe (N1.8 trillion or 36 per cent), America (N806.81billion or 16 per cent) and Africa (N584.11 billion or 12 per cent) while Oceania totalled N23.28 billion or 0.5 per cent.
Import trade classified by region showed Asia as the leading partner with a record of N3.5 trillion or
50 per cent. The next leading partner was Europe with N2.3 trillion or 33 per cent.
“Others are America N869 billion or 13 per cent, Africa N248.8 billion or 4.0 per cent and Oceania N58 billion or 0.84 per cent.
“Out of the value recorded for Africa, imports from ECOWAS countries accounted for N24.2 billion .”