Nigeria Records N3.94tr Trade Deficit In Q1

The National Bureau of Statistics (NBS) on Saturday said Nigeria recorded a trade deficit of N3.94 trillion in the First Quarter (Q1) of 2021.

According to its document titled: “Foreign Trade Statistics Q1 2021”, the total trade in the period under review was N9.76 trillion.

The bureau said while the imports component was N6.85 trillion, its exports component was N2.91 trillion.

The NBS further explained that in the period, there was a record of N1.93trillion crude exports and N977.34 billion Non-crude oil exports.

In the Q1 2020, the total merchandise trade stood at N9.7 trillion, representing “6.99% increase over the value recorded in Q4,2020 and 14.13% compared to Q1, 2020.”

Component of this trade stood at N2,9 trillion, representing 29.79% of the total trade while import was valued at N6.850 trillion representing 70.21%.

“The higher level of imports over exports resulted in a trade deficit (in goods) of N3.943.45 trillion.”

On imports, the NBS noted that the
value of Solid minerals imports was 36.97% higher in Q1, 2021 than in Q4, 2020 and 59.26% more than its value in Q1, 2020.

he report added that the value of imported agricultural products were 18.37% higher in Q1, 2021 than in Q4, 2020 and 140.47% higher year on year.

Continuing, NBS said “The value of other oil products imported in Q1, 2021 was 19.02% more than its value in Q4, 2020 but 15.76% less than the corresponding quarter of 2020.

“The value of total imports rose by 15.61% in Q1, 2021 compared to Q4, 2020 and 54.30%
compared to Q1, 2020.

“The value of Energy goods imports was 34.39% in Q1, 2021 higher than in Q4, 2020 and 1,346.72% higher than the value recorded in Q1, 2020.

“The value of Raw material imports fell by 6.50% in Q1, 2021 compared to Q4, 2020 but increased by 109.29% compared to Q1, 2020.

“The value of imported manufactured goods grew by 18.47% in Q1, 2021 against the value recorded in Q4, 2020 and 69.70% against its value in Q1, 2020.

“The value of total trade was 6.99% higher in Q1 2021 compared to Q4 2020 and 14.13% higher than the value recorded in Q1, 2020.”