Trade: Nigeria records N1.9trn deficit as crude oil accounts for 80.29% of exports




Data release by the Nigerian Bureau for Statistics (NBS) has showed that Nigeria recorded the seventh quarterly deficit in the second quarter of 2021 at N1.87 trillion by the end of June this year.


During quarter2, 2021 the total merchandise trade stood at N12.03 trillion representing 23.28 per cent increase over the value (N9.76 trillion) recorded in the first quarter of 2021 and 88.71 per cent increase compared to the second quarter of 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 N5.08 trillion or 42.22 per cent , the import was valued at N6.95 trillion or 57.78 per cent while the trade balance stood at a deficit of N1.87 trillion.


The crude oil which is the major component of export trade stood at N4,078.20 billion or 80.29 per cent of total export. This further shows a sharp increase of 111.32 per cent in Crude oil value in the second quarter of 2021 compared to (N1.93 trillion) recorded in the second quarter of 2021 while the Non-crude oil export recorded N1.o trillion or 19.71 per cent of total export trade during the second quarter of 2021.
Imports classified by Standard International Trade Classification and country of Origin (SITC) during second quarter of 2021 total import was valued at N6.95 trillion representing 57.78 per cent of the total trade. This value rose by 1.45 per cent in the second quarter of 2021 compared to the first quarter of 2021 and 67.49 per cent compared to the second quarter of 2020.


Imports by SITC revealed that Machinery & transport equipment accounted for N2.50 trillion or 35.91 per cent of total import trade. This was followed by Chemicals & related products N1.28 trillion or 18.34 per cent , Mineral fuel at N1.11 trillion or 15.98 per cent, Food and live animals N951.28billion or 13.69 per cent and Manufactured goods N640.47 billion or 9.2 per cent among others.

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