Nigeria has recorded a trade deficit of N1.8 trillion in the second quarter of the year (Q2’21) even as the volume of its foreign trade rose by 23 per cent to N12 trillion from N9.8 trillion in Q1’21.
Disclosing these in its “Foreign Trade in Goods Statistics Report for Q2’21”, the National Bureau of Statistics, NBS, said the increase in trade volume resulted from a sharp increase in export value during the quarter under review.
According to NBS, the export component of this trade was valued at N5.08 trillion or 42 per cent while the import was valued at N6.95 trillion or 58 percent while the trade balance stood at a deficit of N1.87 trillion.
The report stated: “The crude oil which is the major component of export trade stood at N4.07 trillion or 80.3 per cent of total export. This further shows a sharp increase of 111 per cent in crude oil value in Q2’21 compared to N1.9 trillion recorded in Q1’21 while the Non-crude oil export recorded N1 trillion or 20 per cent of total export trade during Q2’21.
“Export by section revealed that mineral products accounted for N4.6 trillion or 91 per cent of total export trade. This was followed by vehicles, aircraft and parts; vessels etc N141.73 billion or 3.0 percent, vegetable products N92.80 billion or 1.8 per cent among others.”