Nigeria’s total merchandise trade reached N13.3 trillion in Q3 of 2021, up 10.43% from N12.02 trillion in Q2, according to the Statistician-General of the Federation, Simon Harry.
Harry made this announcement at a press conference on “Foreign Trade in Goods Statistics for Quarter Three, 2021”.
Of the N13.3 trillion, export trade was valued at N5.1 trillion and import trade was valued at N8.1 trillion, resulting in a negative trade balance of N3.02 trillion.
He said the increase was mostly due to the increase in imports of Premium Motor Spirit (petrol) by N1.05 trillion from N782.46 billion, Gas Oil by N225.63 billion from N152.53 billion, and other items as well.
“Comparing third quarter to second quarter, total trade grew by 10.43 per cent from N12.02 trillion, export trade grew by one per cent from N5.07 trillion.
“Import trade also grew by 17.32 per cent from N6.95 trillion, while trade balance recorded a deficit of 61.62 per cent from N1.87 trillion in quarter two depicting a decline.”
Nigeria’s export trade was dominated by crude oil in the third quarter, accounting for N4.02 trillion (78.47%) of total exports.
It was followed by liquefied natural gas with N487.49 billion (9.50%), floating or submersible drilling platforms with N163.70 billion (3.19%), and Urea, whether or not in aqueous solution, with N107.17 billion (2.08%).
Meanwhile, imports were mainly petrol, valued at N1.05 trillion (12.91%), durum wheat, valued at N315.17 billion (3.87%). gas oil N225.63 billion (2.77 per cent) and used vehicles N185.41 billion (2.27 per cent).
As for trading partners, Harry said India had N758.1 billion in export trade, Spain had 627.01 billion, Italy had 446.04 billion, France had 363.23 billion, and the Netherlands had N242.49 billion.
In the same way, the top import trading partners were China with N2.44 trillion, India with N710.35 billion, the United States with N599.12 billion, the Netherlands with N554.23 billion, and Belgium with N434.12 billion.
Major traded agricultural products included fermented Nigerian cocoa beans, superior quality raw cocoa beans, and sesame seeds.
Cashew nuts in shell, other frozen shrimp and prawns, shelled cashew nuts, Brazil nuts in shell, and frozen rock lobster and other sea crawfish were also available.
Foreign trade in goods statistics records the exchange or trade of goods between Nigeria and her trading partners.
