The National Bureau of Statistics, NBS has reported Nigeria’s total merchandise trade to stand at N9,757.87 billion in the first quarter of 2021 (Q1,2021). This represents 6.99% increase over the value recorded in Q4,2020 and 14.13% compared to Q1,2020.
Disclosing this in a report titled ‘Foreign Trade in Goods Statistics (Q1 2021)’, NBS stated that:
“The export component of this trade stood at N2,907.21 billion, representing 29.79% of the total trade while import was valued at N6,850 billion representing 70.21%.
“The higher level of imports over exports resulted in a trade deficit (in goods) of -N3,943.45 billion.
“The value of Crude oil export stood at N1,929.83 billion representing 66.38% of the total export recorded in Q1, 2021, while non –crude oil export accounted for 33.62% of the total export.”
This resulted to total trade recording 6.99% higher value in Q1 2021 compared to Q4 2020 and 14.13% higher than the value recorded in Q1, 2020.
Similarly, the value of total imports rose by 15.61% in Q1, 2021 compared to Q4, 2020 and 54.30% compared to Q1, 2020.
Categorizing the increase made in Importation, NBS reported that: “The value of imported agricultural products were 18.37% higher in Q1, 2021 than in Q4, 2020 and 140.47% higher year on year.
“The value of Raw material imports fell by 6.50% in Q1, 2021 compared to Q4, 2020 but increased by 109.29% compared to Q1, 2020.
“The value of Solid minerals imports was 36.97% higher in Q1, 2021 than in Q4, 2020 and 59.26% more than its value in Q1, 2020.
“The value of Energy goods imports was 34.39% in Q1, 2021 higher than in Q4,2020 and 1,346.72% higher than the value recorded in Q1, 2020.
“The value of imported manufactured goods grew by 18.47% in Q1, 2021 against the value recorded in Q4, 2020 and 69.70% against its value in Q1, 2020.
“The value of other oil products imported in Q1, 2021 was 19.02% more than its value in Q4, 2020 but 15.76% less than the corresponding quarter of 2020.”
However, the value of total exports in Q1, 2021 decreased by 8.99% against the level recorded in Q4, 2020 and 29.26 % compared to Q1,2020.
Also categorizing the exportations made in the first quarter of 2021, NBS stated that:
“The value of agricultural exports increased by 128.0% in Q1 2021 compared to Q4 2020 and 0.1% compared to Q1 2020.
“The value of Raw material goods exports in Q1, 2021 was 9.0% lower than the value in Q4,2020 and 6.7% lower than the value recorded in Q1 2020
“The value of Solid minerals exports increased by 107.2% in Q1,2021 against Q4 2020 and 481.7% against the corresponding quarter in 2020.
“The exports of Energy goods increased in value by 16.3% in Q1 2021 compared to Q4 2020 and 18.1% compared to Q1,2020.
“The value of Manufactured goods exports rose by 94.0% in Q1 2021 compared to Q4 2020 but decreased by 43.7% compared to Q1, 2020.
“The value of Crude oil exports in Q1 2021 decreased by 23.5% compared to Q4,2020 and 34.5% compared to Q1,2020.
“The export value of Other oil products increased by 25.5.% in Q1 2021 compared to Q4 2020, and rose marginally 0.1% compared to Q1 2020.”
Furthermore, the major export trading partners in Q1, 2021 were: India recording a percentage share of 16.79%; Spain – 9.88%; China – 6.54%; Netherlands – 5.50%; and France – 4.59%.
Similarly, major import trading partners in Q1, 2021 were: China recording a percentage share of 29.34%; Netherlands – 10.60%; United States – 8.88%; India – 8.60%; and Belgium – 3.48%.
Major Traded Agricultural Products were: Good fermented Nigerian cocoa beans; Cashew nuts, in shell; Coconuts, desiccated, fresh or dried, whether or not shelled or peeled; Superior quality raw cocoa beans; Cashew nuts, shelled; Palm nuts and kernels; Ginger, neither crushed nor ground; Ginger; Sesamum seeds, whether or not broken; Sesame oil and its fractions; Shea cake.
