Nigeria’s total trade in the second quarter of the year ended June 30 stood at N12.03 trillion, representing 23.28% increase over the N9.76 trillion recorded in Q1 2021, and 88.71% increase compared to Q2 2020.
Nigeria recorded a trade deficit of N1.87 trillion within the period under review.
This is according to the Foreign Trade Statistics report for Q2 2021 released by the National Bureau of Statistics.
Of the total trades, the import was valued at N6.95 trillion or 57.78%. This shows that imports increased by 1.45% in Q2, 2021 compared to Q1 2021 and 67.49% compared to Q2 2020.
The export stood at N5.08 trillion or 42.22% in Q2, 2021, an increase of 74.72% against the level recorded in Q1, 2021 and 128.29 % compared to Q2 2020. The rise in export value in Q2 2021 is due to over 100% rise in Crude oil value which is the major component of exports.
The crude oil export trade stood at N4.08 trillion or 80.29% of total export, a 111.32% increase compared to N1.93 trillion recorded in Q1 2021. Whereas, non-crude oil export was N1.00 trillion or 19.71% of total export trade during Q2 2021.
Machinery & transport equipment accounted for N2.50 trillion or 35.91% of total import trade, according to the report. It was followed by Chemicals & related products at N1.27 trillion or 18.34%, Mineral fuel at N1.11 trillion or 15.98%.
Imported Agricultural products stood at N652.08 billion in Q2 2021, 3.5% more than in Q1 2021 and 56.9% more compared to Q2 2020.
In contrast, exported agricultural products stood at N167.27 billion, although it is an increase of 29.95% in Q2 2021 compared to Q1 2021 and 111.8% compared to Q2 2020.
The value of manufactured goods trade in Q2, 2021 stood at N4.51 trillion representing 37.50% of total trade. Out of this, the export component accounted for N211.67 billion while the import component was valued at N4.30 trillion, according to the report.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.