Agric Export Value Drops as Import Increases by 5.75%

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A recent report by the National Bureau of Statistics (NBS) has revealed that Nigeria’s agricultural export value dropped by eight (8) percent in the Q4 of 2020 from N60.6 billion Q3 to N55.8 billion.

On the other hand, the value of agricultural imports rose by 5.75 percent to N532.4 billion in Q4, 2020 from N503.4 billion in Q3, 2020, the NBS reported.

Meanwhile, sesame seeds topped the list of export with the commodity reaping over N27.3 billion, with fermented cocoa beans following suit with a value of N6.7 billion, during the quarter.

The report had it that most of the goods were exported to Asia and Europe, with a value of N43.4 billion and N9.4 billion respectively.

Sesame seeds worth N18.1 billion were exported to China and N4 billion to Japan, while fermented cocoa beans worth N1.4 billion were exported to the Netherlands and N1.3bn to Indonesia.

The Bureau said in its report, “The value of total trade in agricultural goods in Q4, 2020 stood at N588.2 billion representing 6.45 percent of total trade in Q4, 2020.

“Export of agricultural goods was valued at N55.8 billion or 1.75 percent of total exports in Q4 2020.

“Compared to N60.6 billion recorded in Q3 2020, the value of agricultural exports fell by eight (8) percent and by 18.2 percent when compared to the corresponding quarter in 2019.” It stated that during the quarter, most agricultural products were exported to Asia (valued at N43.4 billion) and Europe (valued at N9.4 billion)”.

On imports during the quarter, NBS reported that major agricultural imports included seedless durum wheat, Herrings (fish) as well as palm oil.

Durum wheat worth N62.9 billion and N55.3 billion were imported from Russia and Lithuania, while imports worth N54.6 billion and N51.8 billion were made from the US and Canada respectively.

Herrings valued at N14.8 billion were imported from the Netherlands while Russia accounted for N6.62bn worth of the product, while palm oil worth N22 billion was imported from Malaysia.

The NBS added, “With regards to imports, agricultural goods valued at N532.4 billion were imported in Q4 2020 compared to N503.4 billion in Q3, 2020, an increase of 5.75 percent”.

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