Nigeria’s Foreign Trade Rises 23.28% in Second Quarter 2021

Nigeria’s total foreign trade rose to N12 trillion in the second quarter of 2021 as the country recorded increase in exports, the National Bureau of Statistics Reports

The figure represents a 23.28 per cent increase over the value (N9.8 trillion) recorded in the first quarter of 2021 and an 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,” it said.

The bureau disclosed this in its “Foreign Trade Goods Statistics Q1 2021” published on Sunday.

The NBS said the export component of this trade was valued at N5.1 trillion or 42.22 per cent while 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 Q2, 2021 compared to (N1,929.83billion) recorded in Q1, 2021 while the Non-crude oil export recorded N1001.23 billion or 19.71 per cent of total export trade during the second quarter of 2021,” it said.

Categorising the imported goods, the report said that the value of total imports rose by 1.45 per cent in Q2, 2021 compared to Q1, 2021 and 67.49 per cent compared to Q1, 2020.

“The value of imported agricultural products was 3.5 per cent more in q2,2021 than in q1,2021 and 56.9% more compared to Q2, 2020.