NBS reports N488.1bn total export to India in Q1
The National Bureau of Statistics (NBS) has disclosed that total exports to India in the first quarter of (Q1) 2021 was valued at N488.1 billion or 16.8 per cent to top merchandise trade by top five partners and by major commodities.
NBS in its “commodity price indicies and terms of trade” report mentioned Spain, China, Netherlands and France as Nigeria’s major commodities export in the period under review.
According to NBS report, the value of total exports to Spain stood at N287.2billion, while export to China was valued at N190.1billion.
The report on India stated that, “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, Cashew nuts in shell, Leather further prepared after tanning and Coconut valued at N11.61billion, N5.13billion, N3.17 billion and N1.10 billion respectively.
“Imports from India was valued at N589.11billion, accounting for 8.6per cent 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) and others.
The report on Spain’s export stated that, “The dominant export product was Petroleum oils and oils obtained from bituminous minerals, crude valued at N213.1billion.
“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.
“On the other hand, the value of imports from Spain during the quarter 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 6.5per cent 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).
“On the other hand, the value of imports from China stood at N2009.94billion representing 29.34per cent 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),Other Herbicides (N60.35billion) and others.
According to the report, Nigeria’s export to the Netherlands in Q1, 2021 was valued at N160 billion or 5.5percent of total export.
The report stated that major export products to Netherlands were Petroleum oils and oils obtained from bituminous minerals, crude valued at N144.79billion.
On Netherlands, the report said, “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, 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 4.6per cent 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).”
However, the report stated that all commodity group import index increased by 0.82per cent between January and March, 2021.
The report explained that, “This was driven mainly by an increase in the prices of Mineral products (1.53per cent), Live animals; animal products (1.38percent) Animal Vegetable fats and oils and other Cleavage products (1.24percent).
“However, the index was negatively affected by declines in the prices of products of the chemical and Allies industries (-0.36percent) as well as Wood and articles of wood, wood charcoal and articles (-0.29percent).”
