Nigeria’s total trade increases by 6.99% in Q1 — NBS

The National Bureau of Statistics (NBS), says Nigeria’s total merchandise trade stood at N9.757 trillion representing 6.99 per cent increase in the first quarter (Q1).

The bureau said this in its “Foreign Trade in Goods Statistics-Q1, 2021” obtained from its website on Saturday.

It said the 6.99 per cent was an increase over the value recorded in Q4, 2020 and by 14.13 per cent compared to the value recorded in Q1, 2020.

The report said the export component of the trade stood at N2.907 trillion, representing 29.79 per cent of the total trade while import was valued at N6.850 trillion representing 70.21 per cent.

According to it, the higher level of imports over exports resulted in a trade deficit in goods of -N3.943.45 trillion.

It added that the value of crude oil export stood at N1.929 trillion representing 66.38 per cent of the total export recorded in Q1, while non –crude oil export accounted for 33.62 per cent of the total export.

Giving a breakdown, the NBS said the value of total imports rose by 15.61 per cent in Q1 compared to Q4, 2020 and 54.30 per cent compared to Q1, 2020.

It added that the value of imported agricultural products were 18.37 per cent higher in Q1 than in Q4, 2020 and 140.47 per cent higher year on year.

“The value of raw material imports fell by 6.50 per cent in Q1 compared to Q4, 2020 but increased by 109.29 per cent compared to Q1, 2020.

“The value of solid minerals imports was 36.97 per cent higher in Q1 than in Q4, 2020 and 59.26 per cent more than its value in Q1, 2020.

“The value of energy goods imports was 34.39 per cent in Q1, higher than in Q4, 2020 and 1,346.72 per cent higher than the value recorded in Q1, 2020.”

The report stated that the value of imported manufactured goods grew by 18.47 per cent in Q1, against the value recorded in Q4, 2020 and 69.70 per cent against its value in Q1, 2020.

However, the value of other oil products imported in Q1, was 19.02 per cent more than its value in Q4, 2020 but 15.76 per cent less than the corresponding quarter of 2020, it said.

For exports, the NBS said its value in Q1, decreased by 8.99 per cent against the level recorded in Q4, 2020 and 29.26 per cent compared to Q1, 2020.

It said the value of agricultural exports increased by 128 per cent in Q1, compared to Q4, 2020 and 0.1 per cent compared to Q1, 2020.

“The value of raw material goods exports in Q1, was 9.0 per cent lower than the value in Q4, 2020 and 6.7 per cent lower than the value recorded in Q1, 2020.

“The value of solid minerals exports increased by 107.2 per cent in Q1, against Q4 2020 and 481.7 per cent against the corresponding quarter in 2020.

“The export of energy goods increased in value by 16.3 per cent in Q1 compared to Q4 2020 and 18.1 per cent compared to Q1, 2020,” said the report.

The bureau assed that the value of manufactured goods exports rose by 94 per cent in Q1 compared to Q4 2020 but decreased 43.7 per cent, compared to Q1, 2020.

According to the report, the value of crude oil exports in Q1 decreased by 23.5 per cent compared to Q4, 2020 and 34.5 per cent compared to Q1, 2020.

It also said the export value of other oil products increased by 25.5. per cent in Q1 compared to Q4, 2020, and rose marginally 0.1 per cent compared to Q1, 2020.