By Mary Izuaka
The NBS said total trade increased by 10.43 per cent in the third quarter, compared to the second quarter, and 58.59 per cent compared to third quarter of 2020.
Nigeria’s foreign trade grew as imports rose significantly and showed a marginal increase in export, resulting in an unfavourable trade balance in the third quarter of 2021, the National Bureau of Statistics (NBS) has said.
The bureau disclosed this in its Foreign Trade Goods Statistics Q3 2021 published on Monday.
The NBS said total trade increased by 10.43 per cent in the third quarter, compared to the second quarter, and 58.59 per cent compared to the third quarter of 2020.
“Nigeria trade balance in Q3 2021 amounted to a deficit of N3,023.50 billion showing an increase of 26.53 per cent year on year resulting from a continued increase in imports,” it said.
Categorising the imported goods, the report said that the value of total imports stood at N8, 153.79 billion in Q3 2021 and was 17.32 per cent higher than Q2 2021 and 51.47 per cent higher than Q3 2020.
“The value of imported agricultural goods was 21.01 per cent higher than the value recorded in Q2, 2021 and 56.74 per cent higher than Q3 2020.
“The value of raw material imports was 9.08 per cent more than Q2, 2021, and 29.06 per cent more than the value in Q3 2020,” it said.
The NBS said the value of solid minerals imports in Q3 2021 increased by 10.93 per cent compared to Q2 2021 and 53.42 per cent compared to Q3 2020.
“The value of energy goods imports in Q3 2021 was 408.51 per cent more than Q2 2021 and 24.14 per cent more than Q3 2020.”
It added that the value of imported manufactured goods imports value was 13.98 per cent higher in Q3 2021 than the level in Q2 2021 and 42.73 per cent more than Q3 2020.
“Oil products import value was 34.60 per cent more than in Q2 2021 and 113.18 per cent higher than Q3 2020,” it said.
As for exports, the statistics office said the total exports in the third quarter of 2021 were recorded at N5,130.30 billion, translating to a 1 per cent growth compared to the second quarter of the same year and a 71.38 per cent growth compared to the third quarter in 2020.
It said the agricultural goods export value in Q3, 2021 was 5.9 per cent lower than Q2 2021 but 31.0 per cent higher than Q3 2020.
It added that the value of raw material export increased by 135.2 per cent in Q3 2021 against the level in Q2 2021 and 1,241.1 per cent higher than Q3 2020.
“Solid Minerals exports value in Q3 2021, increased by 22.7 per cent compared to Q2 2021 and 222.8 per cent compared to Q3 2020.
Also, energy goods exports value in Q3 2021 was 58 per cent lower than Q2 2021 and 34.5 per cent lower than the value in Q3 2020.
“Manufactured goods exports were 39.4 per cent more than the value in Q2 2021 and 121.6 per cent higher than Q3 2020.
“Crude oil exports in Q3 2021 were 1.3 per cent lower than the value recorded in Q2 2021 but 66 per cent higher than Q3 2020.
“Other oil products exports in Q3 2021 were 3.6 per cent more in value than in Q2 2021 and 57.8 per cent higher than Q3 2020,” the report said.
According to the report, imported goods were mostly from China, India, the USA, Netherland and Belgium.
It said China remained the top importing partner for Nigeria in Q3 2021, this was followed by India.
“Import from Africa accounted for N247.66 billion (3.04 per cent ) while imports from the Economic Community of West African States (ECOWAS) accounted for N26.69 billion of the total imports value from Africa during the period under review,” it said.
For export, Nigeria exported mainly mineral products, which accounted for N4,605.25billion (89.77 per cent) of the total export value.
“This was followed by vehicles, aircraft, and parts which contributed N195.16 billion (3.80 per cent) to the total exports.
In the third quarter of 2021, Nigeria exported products mostly to Europe (N2,230.10 billion), Asia (N1,480.58 billion), Africa (N668.22billion), and America (N625.68billion).
Among exports to Africa, it said N346.8 billion (51.90 per cent) of the goods were exported to ECOWAS countries.
The report said export in the third quarter of 2021 was still oil-dependent.
It said crude oil exports recorded N4,026.18 billion and it remained the major product in total exports (78.48 per cent), while non-crude oil was valued at N1,104.1 billion or 21.52 per cent of total exports of which Non-oil products only contributed N546.27 billion representing 10.65 per cent of total exports during the quarter under review.
In terms of country of destination, India remained the top exporting partner for Nigeria in the review period.
Export trade by country of destination showed that Nigeria exported goods mainly to India, Spain, Italy, France, and the Netherlands.
The exports to the five countries were N758.18billion (14.78 per cent), N627.01billion (12.22 per cent), N446.04billion (8.69 per cent), N363.23 billion (7.08 per cent), and N242.49billion (4.73 per cent) respectively.
These five countries accounted for 47.50 per cent of the total exports of the quarter under review.