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Nigeria Q2 foreign trade rises 88.71% to N12. 03tr amid N1.87tr deficit

Nigeria’s total foreign trade rose to about N12.03trillion in the second quarter of 2021 (Q2’21), made up of N6.95trillion imports or 57.78%, and N5.08trillion exports or 42.22%,, leaving about N1.87trillion deficit, indicative of a high level of dependence on imports.

According to the National Bureau of Statistics (NBS), the total volume of trade represents an increase of 88.71% year-on-year (Y-on-Y) increase over Q2’20 level of N6.37 trillion, and the fourth rise in total trade since Q2’20.

Also, this amount is a 23.28% increase quarter-on-quarter (Q-on-Q) over the N9.757trillion recorded in Q1’21.

“This increase resulted from the sharp increase in export value during the quarter under review,” NBS said in its Foreign Trade in Goods Statistics (Q2 2021), released at the weekend.

Most traded goods

Crude oil constituted the major component of export trade at N4.078trillion or 80.29% of total export during the quarter in review, representing a sharp increase of 111.32% Q-on-Q to N1.93trillion recorded in Q1’21.

The value of Crude oil exports increased by 111.32% compared to Q1’21, and 162.4% compared to Q2’20, the NBS report stated.

The Non-crude oil export recorded N1001.23 billion or 19.71% of total export trade during in Q2’21.

Agriculture produce were the most traded items in the Non-Oil export during the quarter, with GOOD FERMENTED NIGERIAN COCOA BEANS topping the table with N54.785billion. This is followed by Cashew nuts in shell (N37.293billion); Sesamum (Sesame) seeds, whether or not broken (N21.635); Coconuts, desiccated, fresh or dried, whether or not shelled or peeled (N11.287billion); and Superior quality raw cocoa beans (N8.393billion), which make up the top five export products.  

The total value of trade in solid mineral goods in Q2’21 stood at N63.68billion, made up of N48.75billion imports and N14.93 billion exports.

Total import trade of N6.950trillion recorded in Q2’21 showed a marginal increase of 1.45% over Q1 levels, and 67.49% compared to Q2’20.

Imports by Standard International Trade Classification (SITC) revealed that Machinery & transport equipment accounted for N2.496trillion or 35.91% of total import trade. This was followed by Chemicals & related products N1.275trillion or 18.34%, Mineral fuel N1.110trillion (15.98%); Food and live animals N951.28billion (13.69%), and Manufactured goods N640.47 billion (9.2%) and a host of others.

This increase resulted from the sharp increase in export value during the quarter under review.

Trade highlights

Imported Agricultural products were 3.5% more in Q2’21 than in Q1, and 56.9% more compared to a year ago.

The value of raw material imports increased by 25.6% in Q2’21 compared to Q1, and 47.3% compared to Q2’20.

The value of Solid minerals imports was 21.4% higher in Q2’21 than its value in Q1, and 68.3% more than its value in Q2’20.

The value of Energy goods imports decreased by 94.6% in Q2’21 against the level recorded in Q1, and 88.7% compared to the corresponding quarter of 2020.

The value of imported manufactured goods fell by 5.1% Q-on-Q but increased 54.3% compared to Q2’20.

The value of other oil products imported in Q2’21 was 13.3% above Q1 levels, and 218.5% higher than Q2’20.

Exports

The value of total exports in Q2’21 increased by 74.72% Q-on-Q, and 128.29% Y-on-Y. (This increase resulted mainly from the increase in export value of crude oil in Q2’21).

The value of agricultural exports increased by 29.95% in Q2 2021 compared to Q1 2021 and 111.8% compared to Q2 2020.

The value of Raw material goods exports in Q2’21 was 49.98% higher Q-on-Q, and 326.6% Y-on-Y.

The value of Solid minerals exports increased by 60.10% in Q2’21 against in Q1, and 852.9% higher compared to a year ago.

The exports of Energy goods increased in value by 18.44% in Q2’21 compared to Q1 2021 and 62.1% compared to Q2’20.

The value of Manufactured goods exports fell 15.45% during the quarter compared to the value recorded in Q1, and 16.7% higher than a year ago.

The export value of Other oil products decreased by 0.66% in Q2’21 compared to Q1, but increased significantly by 69.3% compared to Q2 2020.

Trade partners

China 29.91%; India 8.20%; Netherlands 8.02%; United States 7.58%; and Russia 4.09% constituted the major imports origin, while India 18.7%; Spain 10.3%; Canada 7.0%; Netherlands 5.9%; and United States 5.1% were the exports destination respectively.

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