The United States Census Bureau (USCB) has disclosed that Nigeria recorded a total of $7.79 billion in trade with the United States in the last four months. In its latest data the bureau stated that total U.S export to Nigeria was $3.18 billion while import from Nigeria stood at $4.61 billion.
It also revealed that in spite of COVID-19 pandemic outbreak, Nigeria passenger vehicles imports rose by 8.08 per cent to $220.51 million compared to last year.
Accordingto the data, United States imports from Nigeria fell 47.14 per cent through the first four months of the year as exports to Nigeria decreased by 4.35 per cent.
The US bureau said that in January 2020, the United States exported $186.9 million worth of goods to Nigeria, while $177 million goods received by Lagos ports and other seaports respectively.
It explained that in February, export from the U.S stood at $244.2 million as Nigeria recorded $138.9 million, leading to a deficit of $105.3 million between the two countries.
“As at March, some export goods, which reached Nigerian Ports, were valued at $272million, while imports to the United States reached $103.6million, leading to a trade deficit of $168.4million between the two trading countries.
“While in April, $230.3million exports from U.S came to Nigerian ports, imports received by U.S ports stood at $81.3million. The deficit in April between both countries was $149 million,” the US bureau said.
The data further explained that gasoline, LNG, other petroleum gases and lead accounted for 95.18 per cent of the inbound shipments from Nigeria between January and April, adding that gasoline, other fuels rose 13.27 per cent compared to last year to $50.11 million.
The US bureau added that motor vehicle spare parts rose 7.59 per cent compared to last year to $53.3 million while wheat fell by 49.78 per cent compared to last year to $106.71 million.
In the current period, it said that the top five ports in the country accounted for 59.76 percent of Nigeria’s U.S trade while the imports coming to the port of Houston rose 3.96 per cent to $365.72 million, withexports rising 4.24 per cent to $364.65 million.