Aduragbemi Omiyale
By Aduragbemi Omiyale
A significant increase in the value of imports in the first quarter of 2021 has left Nigeria with a trade deficit of N3.9 trillion.
A report released by the National Bureau of Statistics (NBS) revealed that in the period under review, the country recorded a total merchandise trade of N9.8 trillion, 6.99% higher than the value recorded in Q4 of 2020 and 14.13 per cent higher than the figures in the same period of 2020.
The agency stated that the export component of this trade was N2.9 trillion, representing 29.79 per cent of the total trade, while the import aspect took N6.9 trillion, representing 70.21 per cent.
“The higher level of imports over exports resulted in a trade deficit (in goods) of N3.9 trillion,” the stats office said in its report.
It was further disclosed that crude oil export accounted for N1.9 trillion in Q1 of 2021, representing 66.38 per cent of the total export, while non–crude oil export accounted for 33.62 per cent of the total export.
According to the NBS, 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 stood at 18.37 per cent higher than in Q4 2020 and 140.47 per cent higher year-on-year, while 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.
Also, the value of solid minerals imports was 36.97 per cent higher in Q1 2021 than in Q4 2020 and 59.26 per cent more than its value in Q1 2020, while the value of energy goods imports was 34.39 per cent in Q1 2021, higher than in Q4 2020 and 1,346.72 per cent higher than the value recorded in Q1 2020.
In addition, the value of imported manufactured goods grew by 18.47 per cent in Q1 2021 against the value recorded in Q4 2020 and 69.70 per cent against its value in Q1 2020, while the value of other oil products imported in Q1 2021 was 19.02 per cent more than its value in Q4 2020 but 15.76 per cent less than the corresponding quarter of 2020.
The major import trading partners of Nigeria in the period were China, accounting for 29.34 per cent, the Netherlands with 10.60 per cent, the United States with 8.88 per cent, India with 8.60 per cent and Belgium with 3.48 per cent.
On the exports side, the total value decreased by 8.99 per cent against the level recorded in Q4 2020 and 29.26 per cent compared to Q1,2020.
It was disclosed that the value of agricultural exports increased by 128.0 per cent in Q1 2021 compared to Q4 2020 and 0.1 per cent compared to Q1 2020, while the value of raw material goods exports in Q1 2021 was 9.0 per cent lower than the value in Q4 2020 and 6.7 per cent lower than the value recorded in Q1 2020, with the value of solid minerals exports increasing by 107.2 per cent in Q1 2021 against Q4 2020 and 481.7 per cent against the corresponding quarter in 2020.
Also, the exports of energy goods increased in value by 16.3 per cent in Q1 2021 compared to Q4 2020 and 18.1 per cent compared to Q1 2020, while the value of manufactured goods exports rose by 94.0 per cent in Q1 2021 compared to Q4 2020 but decreased by 43.7 per cent compared to Q1 2020.
The agency further said the value of crude oil exports in Q1 2021 decreased by 23.5 per cent compared to Q4 2020 and 34.5 per cent compared to Q1 2020, while the export value of other oil products increased by 25.5 per cent in Q1 2021 compared to Q4 2020, and rose marginally 0.1 per cent compared to Q1 2020.
Business Post observed that the major export trading partners of the country in the first three months of the year were India at 16.79 per cent, Spain at 9.88 per cent, China at 6.54 per cent, The Netherlands at 5.50 per cent and France at 4.59 per cent.
