Nigeria’s total foreign trade rose to N9.8 trillion in the first quarter of 2021 as the country recorded increases in both exports and imports, the National Bureau of Statistics has said.
The figure represents a 6.99 per cent increase over the value recorded in the fourth quarter of 2020 and 14.13 per cent compared to the first quarter of the same year.
The Bureau disclosed this in its “Foreign Trade Goods Statistics Q1 2021” published on its website on Friday.
The NBS said the export component of trade stood at N2.9 billion, representing 29.79 per cent of the total trade while import was valued at N6.9 billion representing 70.21 per cent.
“The higher level of imports over exports resulted in a trade deficit in goods of -N3,943.45 billion.
“The value of Crude oil export stood at N1,929.83 billion representing 66.38 percent of the total export recorded in Q1, 2021, while non-crude oil export accounted for 33.62 percent of the total export,” it said.
Categorising the imported goods, the report said that the value of total imports rose by 15.61 per cent in Q1, 2021 compared to Q4, 2020 and 54.30 per cent compared to Q1, 2020.
“The value of imported agricultural products was 18.37 per cent higher in Q1, 2021 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, 2021 compared to Q4, 2020 but increased
by 109.29 per cent compared to Q1, 2020,” it said.
The NBS said the value of solid minerals imports was 36.97 percent higher in Q1, 2021 than in Q4, 2020 and 59.26 percent more than its value in Q1, 2020.
“The value of Energy goods imports was 34.39 percent in Q1, 2021 higher than in Q4,2020 and 1,346.72 percent higher than the value recorded in Q1, 2020. “The value of solid minerals exports increased by 107.2 percent in Q1,2021 against Q4 2020 and 481.7 percent against the corresponding quarter in 2020.
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