FG recorded N1.87tn trade deficit in Q2 –NBS

The Federal Government recorded a trade deficit of N1.87 in the first half of the year; data obtained from the National Bureau of Statistics has shown.

This figure was contained in the Foreign Trade Statistics report released on Saturday.

According to the report, total merchandise trade during the period stood at 12.03tn, indicating a N2.27tn or 23.28 per cent increased when compared to the amount recorded in Q1 2021.

The aggregate trade of N12.03tn comprises of N6.95tn of imports and N5.08tn of exports, resulting in a trade deficit of N1.87tn.

The report read, “During quarter2, 2021 the total merchandise trade stood at N12,029tn representing 23.28 per cent increase over the value (N9.75tn) recorded in Q1,2021 and 88.71 per cent increase compared to Q2,2020.

“This increase resulted from the sharp increase in export value during the quarter under review. The export component of this trade was valued at N5.07tn or 42.22 per cent, the import was valued at N6.95tn or 57.78 per cent while the trade balance stood at a deficit of N1.87tn.”

It stated that crude oil was the major component of export trade during the period, contributing N4.07tn or 80.29 per cent of total export.

“This further shows a sharp increase of 111.32 per cent in Crude oil value in Q2, 2021 compared to (N1.92tn) recorded in Q1,2021 while the Non-crude oil export recorded N1001.23bn or 19.71per cent of total export trade during Q2,2021,” it added.

The lastest trade report by the NBS shows that in the first half of the year, trade deficit stood at N5.81tn.

In H1 2021, total merchandise trade was N21.79tn, comprising of N13.81tn of aggregate import and N7.99tn of total export.