Recent report published by the National Bureau of Statistics (NBS) revealed that Nigeria’s total trade was 23.28% higher in Q2, 2021 compared to Q1, 2021 and 88.71% higher than the value recorded in Q2, 2020
According to NBS, the total merchandise trade during quarter 2, 2021 stood at N12.029 trillion representing 23.28% increase over the value (N9.757 trillion) recorded in Q1,2021 and 88.71% 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 N5.079 trillion or 42.22%, the import was valued at N6.950 trillion or 57.78% while the trade balance stood at a deficit of N1.870 trillion. The crude oil which is the major component of export trade stood at N4.078 trillion or 80.29% of total export. This further shows a sharp increase of 111.32% in Crude oil value in Q2, 2021 compared to (N1.929 trillion) recorded in Q1, 2021 while the Non-crude oil export recorded N1.001 trillion or 19.71% of total export trade during Q2, 2021.
Import
- The value of total imports rose by 1.45% in q2, 2021 compared to q1,2021 and 67.49% compared to q2,2020.
- Imported Agricultural products were 3.5% more in q2,2021 than in q1,2021 and 56.9% more compared to Q2, 2020.
- The value of Raw material imports increased by 25.6% in q2,2021 compared to q1, 2021 and 47.3% compared to q2, 2020.
- The value of Solid minerals imports was 21.4% higher in q2, 2021 than its value in Q1, 2021 and 68.3% more than its value in q2, 2020.
- The value of Energy goods imports decreased by 94.6% in q2, 2021 against the level recorded in Q1, 2021 and 88.7% compared to the corresponding quarter of 2020.
- The value of imported manufactured goods decreased by 5.1% in q2, 2021 against the value recorded in Q1, 2021 but increased 54.3% compared to Q2, 2020.
- The value of other oil products imported in q2, 2021 was 13.3% more than its value in Q1, 2021 and 218.5% higher than Q2, 2020.
Export
- The value of total exports in Q2, 2021 increased by 74.72% against the level recorded in Q1, 2021 and 128.29 % compared to Q2,2020.(This increase resulted mainly from the increase in export value of crude oil in Q2, 2021).
- The value of agricultural exports increased by 29.95% in Q2 2021 compared to Q1 2021 and 111.8% compared to Q2 2020.
- The value of Raw material goods exports in Q2,2021 was 49.98% more than the value in Q1,2021 and 326.6% more than the value recorded in Q2 2020.
- The value of Solid minerals exports increased by 60.10% in Q2,2021 against Q1 2021 and 852.9% against the corresponding quarter in 2020.
- The exports of Energy goods increased in value by 18.44% in Q2 2021 compared to Q1 2021 and 62.1% compared to Q2, 2020.
- The value of Crude oil exports in Q2 2021 increased by 111.32% compared to Q1,2021 and 162.4% compared to Q2,2020.
- The value of manufactured goods export decreased by 15.45% in Q2 2021, compared to the value recorded in Q1 2021 and 16.67% compared to Q2, 2020.
- The export value of other products decreased by 0.66% in Q2 2021 compared to Q1 2021, but increased significantly by 69.3% compared to Q2 2020.