Checks by Shipping Position Daily has revealed that Nigeria’s total trade at the end second quarter of 2021 stood at N12.03 trillion with total import for the quarter under review valued at N6.95 trillion and exports valued at N5.08 trillion with the country having a trade deficit of N1.87 trillion.
Data obtained by our correspondent from the National Bureau of Statistic (NBS), reveals that crude oil exports amount to N4.08 trillion while non-crude oil exports amount to N1.00 trillion and non-oil export amounting to a mere N462.85 billion.
The report further shows that the total trade for Q2 2021 is about N3 trillion higher than the first quarter which had N9.76Trillion, representing 23.28% and 88.71% higher than the corresponding quarter in 2020 with N6.37 trillion.
The statistics also showed that China, India and Netherlands topping the list of countries of import to Nigeria, with total imports from China standing at 29.91% with a GDP rate of 7.9%, followed by India with 8.20% imports and GDP rate of 20.1% and Netherlands with 8.02% imports with GDP rate of 9.7% and United States with 7.58% imports with GDP rate of 12.2 and Russia 4.09% imports and GDP rate of 10.3%
By continents, Nigeria’s imports came mainly from Asia with percentage value of 49.92%, followed by Europe with 33.16% and America, Africa and Oceania following suit with import ratio of 12.50, 3.58% and 0.84% respectively.
The share of total trade shows manufactured goods having 37.50%, crude oil had 33.90% of the total trade, followed by other petroleum oil products with 13.7% raw materials goods with 7.52%, followed by agriculture produce with 6.79%, Solid Minerals with 0.53% and Energy goods with 0.06%
The value of manufactured goods in Q2, 2021 stood at N4,511.18Billion representing 37.50% of total trade. Out of this, the export component accounted for N211.67Billion while the import component was valued at N4, 299.51billion. The products that drove up manufactured products were vessels and other floating structures for breaking up as scraps, which was exported to Cameroon in the value worth N71.90billion.Vessels and other floating structures for breaking up were also exported to Spain and Equatorial Guinea in values worth N18.34billion and N6.26billion.
Other products under this group were Aluminum alloys, unwrought exported to Japan in the value worth N10.85billion and China (N3.63billion)
There were airplanes and other aircraft of an unladen weight worth N16.65billion exported to Ghana and Cruise ships and similar Vessels for the transport of persons or goods worth N10.59 billion exported to Cameroon during the period under review.
The export component of the country trade was valued at N5, 079.44 billion or 42.22%, while import was valued at N6, 950.21billion or 57.78% while the trade balance stood at a deficit of N1, 870.77billion.
In terms of manufactured imports, used vehicles were mainly imported from the United States and Italy with values of N33.78billion and N5.74billion respectively.
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While the value of total trade in raw materials stood at N904.51billion. The import component was valued at N840.5 billion while the export component stood at N64.01billion. During the quarter, Urea whether or not in aqueous solution worth N30.74billion was exported to Brazil and leather further prepared after tanning worth N5.77billion was exported to Spain.
There was also exportation of Non-wired unworked sheets of float worth N3.44billion to China and cotton, not carded or combed worth N3.0billion exported to Pakistan during Q2,2021. In terms of imports, cane sugar worth N113.71billion was imported from Brazil and Diammonium hydrogen valued at N35.82 billion was imported from Morocco. Milk preparations valued at N25.03 billion and N3.35 billion were imported from Ireland and Malaysia.
The total value of trade in solid mineral goods in Q2,2021 stood at N63. 68billion.The export component of this trade stood at N14.93 billion, while the import was valued at N48.75billion.The leading exported mineral products were cement exported to Niger Republic and Togo in values worth N3.12billion and N2.32billion respectively. Another product under this sector was Zinc ores and Concentrates exported to China at a value of N4.15 billion.
In terms of imports, Plasters of Calcined Gypsum were imported from Turkey and Egypt in values worth N8.35billion and N3.69 billion.
During the period under review, there was importation of Gypsum anhydrite worth N7.78billion from Spain and Turkey N5.22billion. Others were other salt (including Crude Salt) worth N6.04 billion imported from Brazil .There was importation of Salt for human consumption (including table salt) from Namibia in the value worth N2.52billion and Granite, cut into a square or rectangular shape from China (N2.25billion).
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