In the first quarter of 2021, Nigeria’s total export stood at N2.91 trillion while total import was N6.85 trillion, according to the Commodity Price Indices and Terms of Trade Q1 2021 report released by the National Bureau of Statistics.
Nigeria’s top five trading partners in Q1 2021 were India, Spain, China, the Netherlands, and France.
The major export was crude petroleum and natural gas while major imports from these countries were motor spirits, motor cycles and antibiotics.
- India: N488.1 billion or 16.8%
- Spain: N287.2billion or 9.9% of total export
- China: N190.1billion or 6.5%
- The Netherlands: N160 billion or 5.5%
- France: N133.4 billion, accounting for 4.6%
- China: N2.01 trillion representing 29.34%
- The Netherlands: N726.09 billion or 10.6%
- India: N589.11billion, accounting for 8.6%
- France: N128.41billion, or 1.87%
- Spain: N78.9billion or 1.15%
The total export to India in the period was valued at N488.1 billion or 16.8% of total export according to the report.
The largest export commodity to India was Petroleum oils and oils obtained from bituminous minerals, crude valued at (N462.12 billion).
This was followed by Natural gas liquefied (N11.61billion), Cashew nuts in shell (N5.13billion), Leather further prepared after tanning (N3.17 billion) and Coconut (N1.10 billion).
Imports from India was valued at N589.11billion, accounting for 8.6% of total import. Import trade during the period was dominated by imported motorcycles and cycles (N86.67 billion), followed by Parts of Machinery for working Rubber (N67.81 billion), Other Antibiotics (N45.32billion).
The value of total exports to Spain stood at N287.2billion or 9.9% of total export. The dominant export product was Petroleum oils and oils obtained from bituminous minerals, crude valued at N213.1billion, according to the report.
This was followed by Natural liquefied gas worth N62.3 billion and Leather further prepared after tanning valued at N8.6 billion.
Others are good fermented Cocoa beans and Technical specified Natural Rubber valued at N1.2billion and N0.5 billion respectively.
The value of imports from Spain in Q1 stood at N78.9billion. Motor Spirit (ordinary) ranked first in imports, valued at N20.82billion, and was followed by Mixed alkylbenzenes & mixed alkylanaphthalenes, valued at N13.75billion, Petroleum Bitumen (N6.38 billion) and Gypsum; anhydrite worth N5.81billion.
Export to China was valued at N190.1billion or 6.5% of total export in the period. This was largely dominated by exports of Petroleum oils and oils obtained from bituminous minerals, crude (N57.61billion), Natural Gas liquefied (N47.50billion) and Sesamum seeds (N23.11billion), according to the report.
The value of imports from China stood at N2.01 trillion representing 29.34% of total imports. The largest import commodity from China was Machines 4 the reception, conversion & transmission (N75.12 billion), T-shirts, Singlet and other Vests of Cotton (N62.60 billion), Herbicides (N60.35billion) and others.
Nigeria’s export to the Netherlands in Q1, 2021 was valued at N160 billion or 5.5% of total export.
Major export products were Petroleum oils and oils obtained from bituminous minerals, crude valued at N144.79billion, according to the report.
This was followed by Good Fermented Nigerian Cocoa Beans valued at N9.15billion, Superior quality Cocoa beans (N1.95billion) and other frozen shrimps (N1.06 billion).
However, the value of import stood at N726.09 billion, with commodities imported including antibiotics valued at N329.23billion, Motor Spirit ordinary valued at N213.64billion, Gas oil (N71.85billion) and others.
In Q1 2021, Nigeria’s exports to France was valued at N133.4 billion, accounting for 4.6% of total export.
Major commodities exported during the period were Natural gas, liquefied valued at N72.99 billion, Petroleum oils and oils obtained from bituminous minerals, crude (N55.55billion), Oil cake and other solid residues (N1.88 billion) and others.
On the imports side, value of imports amounted to N128.41billion, with leading commodities including Motor spirit (N43.96billion), Malt not roasted (N10.26billion), Other parts of Aeroplanes and Helicopters (N7.74 billion).
Other products imported were Milk and Cream powder (N4.88billion) and transmission apparatus (N3.46 billion).
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.