In the fourth quarter of 2020, top five export and import market for Nigeria were India, Spain, Netherlands, the United States and China.
Nigeria’s highest export country was India with 17.12 % of the total export, while China remains the highest import country with 28.28% of the total imports into Nigeria.
Nigeria’s total export to China amounted to N156.78 billion (4.91% of total exports) whereas imports from China were valued at N1.68 trillion (28.28% of total import).
Total exports to India in Q4 2020 was valued at N547.02 billion while imports from India stood at N506.00 billion according to the Commodity Price Indices and Terms of Trade reports for Q4 2020 released by the National Bureau of Statistics (NBS).
Nigeria’s major exports to these countries were crude petroleum and natural gas whereas the major imports from these countries were motor spirits, used vehicles, motorcycles and antibiotics according to the NBS report.
According to the report, Total exports to India in Q4 was valued at N547.02 billion or 17.12% of total export. 94.48% of the total export to India were Petroleum oils and oils obtained from bituminous minerals, crude valued at N516.82 billion.
This was followed by Natural gas liquefied valued at N26.66 billion representing 4.87% of the total export. These two combined represents 99.35% of the total export to India.
On the other hand, the value of import trade from India stood at N506.00 billion, accounting for 8.54% of total imports. The import trade was dominated by imported motorcycles and cycles, imported CKD by established manufacturers >50cc<=250cc, valued at N87.95 billion, followed by Gas Oil (N55.97 billion), Other Antibiotics (N40.30billion), Vehicles, with petrol fuel engine, of cylinder capacity (N30.45 billion) and vaccines for human medicine (N24.26 billion).
The value of total exports to Spain stood at N313.38billion or 9.81% of total export. 77.54% of the total export to Spain were Petroleum oils and oils obtained from bituminous minerals, crude valued at N243.02billion.
This was followed by Natural liquefied gas worth N63.81 billion representing 20.36% of the export. These two combined accounted for 97.9% of the total export to Spain.
Total import from Spain in Q4 2020 amounted to N84.90billion. Motor Spirit ordinary billion ranked at the top of imports, valued at N29.05billion, followed by Mixed alkylbenzenes & mixed alkyl naphthalenes, valued at N15.74billion and Gypsum; anhydrite whether or not coloured, with/without small quantities of accelerators, worth N5.61billion according to the report.
Nigeria’s export trade with the Netherlands in Q4 2020 was valued at N194.50 billion or 6.09% of total exports. 98.07% of the exports were Petroleum oils and oils obtained from bituminous minerals, crude valued at N190.74 billion, followed by Superior quality raw cocoa beans, and Good Fermented Nigerian Cocoa Beans valued at N1.93 billion and N1.38 billion respectively.
However, the value of imports stood at N424.49 billion, with the main commodities imported being Motor Spirit ordinary, which amounted to N165.50 billion, Other Antibiotics (N108.78billion) and Gas oils (N47.12 billion).
The United States
In Q4 2020, Nigeria’s export trade with the United States was valued at N170.36 billion accounting for 5.33% of total exports. The major commodities exported during the period were Petroleum oils and oils obtained from bituminous minerals, crude; Other petroleum gases etc in gaseous state and Natural gas, liquefied, valued at N142.60 billion, N22.92 billion and N2.58 billion respectively.
The value of imports amounted to N448.64billion, with the main commodities imported being Used Vehicles, with diesel or semidiesel engine, of cylinder capacity >2500cc, amounting to N155.13billion. Other products imported were Other Durum wheat (Not in seeds) (N54.61 billion) and Used Vehicles, with diesel or semidiesel engine, of cylinder capacity >1500 according to the report.
Exports to China were valued at N156.78billion or 4.91% of total exports during the period. This was largely dominated by Crude (N57.5billion), Natural Gas liquefied (N45.83billion) and Sesamum seeds, whether or not broken (N18.13billion).
However, the value of imports from China stood at N1,675.55 billion representing 28.28% of total imports. The largest import commodity from China was Machines 4 the reception, conversion & transmission or regeneration of voice, images or…; Bending, folding… machines (incl. presses), numerically controlled; and Air conditioning machine, Window/wall types, self-contained/split system, presented CKD valued at N53.13 billion, N41.08billion and N35.14 billion respectively, according to the report.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.