Latest report by the National Bureau of Statistics (NBS) has revealed that Nigeria’s total foreign trade was 6.99% higher in Q1, 2021 compared to Q4, 2020 and 14.13% higher than the value recorded in Q1, 2020.
For the first quarter of 2021, Nigeria’s total merchandise trade stood at N9,757.87billion representing 6.99% increase over the value recorded in Q4,2020 and 14.13% compared to Q1,2020.
The export component of this trade stood at N2,907.21 billion, representing 29.79% of the total trade while import was valued at N6,850 billion representing 70.21%.
According to the NBS report, the value of total imports rose by 15.61% in Q1, 2021 compared to Q4, 2020 and 54.30% compared to Q1, 2020.
Imports
The value of imported agricultural products were 18.37% higher in Q1, 2021 than in Q4, 2020 and 140.47% higher year on year
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 Solid minerals imports was 36.97% higher in Q1, 2021 than in Q4, 2020 and 59.26% more than its value in 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 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 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.
Exports
In Q1 2021, the value of total exports stood at N2,907.21 billion, representing 29.79% of total trade. This value represented a decline of 8.99% against the level recorded in Q4 2020 and 29.26 % compared to Q1 2020. Exports by section revealed that Nigeria exported mainly mineral products, valued at 2,486.1 billion, or 85.52% of the total export value. This was followed by Vehicles, Aircraft and parts (N180.5 billion or 6.21%) and vegetable products (N82.3billion or 2.83%).
In terms of regional trade, Nigeria exported most products to Asia (N1,132.55 billion), Europe (N997.79 billion), America (N316.62 billion) and Africa (N449.84 billion).
During the quarter, goods worth N282.2 billion were exported to ECOWAS. By country, most goods were exported to India (N488.1 billion or 16.8%), Spain (N287.2billion or 9.9%), China (N190.1 billion or 6.5 %) and the Netherlands (N160.billion or 5.5%).
Break down
The value of agricultural exports increased by 128.0% in Q1 2021 compared to Q4 2020 and 0.1% compared to Q1 2020.
Top exported agricultural products were Sesamum seeds exported mainly to China (valued at N23.1 billion), Japan (N8.3billion) and Turkey (N3billion). This was followed by good fermented cocoa beans exported to the Netherlands (N9.2billion), Malaysia (N5.5billion) and the United States (N3.2 billion). Other major exports under this sector includes Cashew nuts in shell exported to Vietnam and India worth, N5.3billion N5.1 billion respectively.
However, there was importation of Durum wheat (not in seed) worth N66.97 billion from Lithuania. Durum wheat also came from Latvia (N41.51 billion), Canada (N41.31billion) etc. Edible mixtures or preparation of animal, worth N82.86billion, was imported from Denmark. Herrings (Clupea haregus, Clupea pallasii) was imported from Russia (N15.8billion) and Netherlands (N14billion).
-The value of Raw material goods exports in Q1, 2021 was 9.0% lower than the value in Q4,2020 and 6.7% lower than the value recorded in Q1 2020.
The value of total trade in raw material stood at N711.8billion, accounting for 7.3% of total trade. The import component was valued at N669.2billion while the export component stood at N42.7billion. Urea, whether or not in aqueous solution, worth N16.8 billion was exported to Brazil, Leather further prepared after tanning was exported to Spain and Italy, valued at N6.6billion and N1.0billion respectively. Cotton, not carded or combed, worth N1.9 billion was also exported to Pakistan. In terms of imports, Cane sugar worth N88.9billion was imported from Brazil, Mixtures of Odoriferous substance valued at N15.5 billion and N8.0 billion were imported from Ireland and Swaziland, while Milk preparation worth N18.4billion and N7.8billion were imported from Ireland and Malaysia during the period under review.
-The value of Solid minerals exports increased by 107.2% in Q1,2021 against Q4 2020 and 481.7% against the corresponding quarter in 2020.
The leading exported mineral products were Other cement exported to Niger Republic and Togo worth N2.7billion and N1.3billion respectively. Lead ores and Concentrates worth N2.9 billion were exported to China, as were Zinc ores and Concentrates worth N0.8billion. In terms of imports, Plasters of Calcined Gypsum sulphate was imported from Turkey and Egypt, worth N8.9billion and N3.5 billion. Gypsum anhydrite was also imported from Spain and Turkey, valued at N5.8billion and N3.4billion respectively. Others were Crude salt worth N4.5billion imported from Brazil
-The exports of Energy goods increased in value by 16.3% in Q1 2021 compared to Q4 2020 and 18.1% compared to Q1,2020
-The value of Manufactured goods exports rose by 94.0% in Q1 2021 compared to Q4 2020 but decreased by 43.7% compared to Q1, 2020.
The products that drove up Manufactured products were Helicopters of Unladen weight exceeding 2000kg which was exported to Ghana, at a value of N71.1billion. Vessels and other floating structures for breaking up were exported to United Kingdom and Cameroon, worth N38.9billion and N17.6billion.
Other products were Floating or Submersible drilling platform exported to Equatorial Guinea, at a value of N39.5billion, and storage units worth N31.3billion exported to Ghana.
In terms of Manufactured imports, other antibiotics were mainly imported from the Netherlands and India worth N329.2billion and N43.3billion.
Used vehicles, worth N140.2billion, was imported from the United States. Motorcycles worth N30.98billion and N86.67 billion from China and India, and Machines for reception…of voice, worth N75.1 billion and N21.8billion from China and Hong-Kong. Other imports under this category were parts of Machinery for working rubber or plastics worth N67.8billion imported from India.
– The value of Crude oil exports in Q1 2021 decreased by 23.5% compared to Q4,2020 and 34.5% compared to Q1,2020.
– The export value of Other oil products increased by 25.5% in Q1 2021 compared to Q4 2020, and rose marginally 0.1% compared to Q1 2020.
Amaka E. Nliam
