Despite a 111.32 per cent increase in crude oil exports, Nigeria had a trade imbalance of N1.87 trillion in the second quarter of the year.
Data by the National Bureau of Statistics in Abuja on Wednesday, show the country’s deficit has decreased over time, with the country’s trade imbalance at N3.94 trillion in the first quarter of this year.
According to the NBS’s Foreign Trade in Goods Statistics report for Q2 2021, crude oil, Nigeria’s largest export, increased to N4.08 trillion from N1.93 trillion in the first quarter. Crude exports accounted for 80.29 per cent of the country’s total exports in Q2, up from 66.38 per cent in Q1, while non-crude exports accounted for 19.71 per cent, down from 33.62 per cent in Q1.
The total merchandise trade in the second quarter was N12.03 trillion, up 23.28 per cent from N9.76 trillion in the first quarter and 88.71 per cent higher than Q2, 2020.
The export component of this transaction was worth N5.08tn (42.22%), while the import component was worth N6.95tn (57.78%). The value of overall exports climbed by 74.72 per cent in Q2 compared to Q1 and by 128.29 per cent compared to Q2, 2020.
NBS stated that the increase is as a result of the sharp increase in export value during the quarter under review; and this increase resulted mainly from the increase in export value of crude oil in Q2, 2021”.
Nigeria’s agricultural exports climbed by 111.8 per cent from the second quarter of 2020, reaching N165.27 billion in the second quarter of 2021.
However, the country purchased additional agricultural items, bringing the total import bill to N652.08 billion, up 56.9% from Q2 2020 and 3.5% over Q1 2021. Cocoa beans, cashew nuts, and sesamum seeds were among the agricultural products exported. Durum wheat, on the other hand, was the most imported product.
The value of manufactured goods exports declined by 15.45% in Q2 2021 compared to Q1 2021 and 16.7% compared to Q2, 2020,” according to the NBS.
The value of imported manufactured goods decreased by 5.1 per cent in Q2, 2021 against the value recorded in Q1, 2021 but increased 54.3 per cent compared to Q2, 2020.”
In Q2 2021, India remained the top destination for Nigerian commodities, accounting for 19.7%, while China was the top exporter to Nigeria, accounting for 29.91%.