From Isaac Anumihe, Abuja
National Bureau of Statistics (NBS) has said that the total trade was 23.28 per cent higher in Q2,2021 compared to Q1,2021 and 88.71 per cent higher than the value recorded in Q2, 2020.
This was contained in a document released to by the bureau at the weekend.
NBS also noted that the value of imported manufactured goods decreased by 5.1 per cent in Q2, 2021 against the value recorded in Q1, 2021 but increased 54.3 per cent compared to Q2, 2020.
The value of raw material imports, it said, increased by 25.6 per cent in Q2,2021 compared to Q1, 2021 and 47.3 per cent compared to Q2, 2020 while imported agricultural products were 3.5 per cent more in Q2,2021 than in Q1,2021 and 56.9 per cent more compared to Q2, 2020.
But the value of energy goods imports decreased by 94.6 per cent in Q2, 2021 against the level recorded in
Q1, 2021 and 88.7 per cent compared to the corresponding quarter of 2020.
“The value of raw material imports increased by 25.6 per cent in Q2,2021 compared to Q1, 2021 and 47.3 per cent compared to Q2, 2020.
“Imported agricultural products were 3.5 per cent more in Q2,2021 than in Q1,2021 and 56.9 per cent more
compared to Q2, 2020.
“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 Q2,2020” the agency, said.
The value of total exports in Q2, 2021 increased by 74.72 per cent against the level recorded in Q1, 2021
and 128.29 per cent compared to Q2,2020.(This increase resulted mainly from the increase in export value of crude oil in Q2, 2021).
Similarly, the value of solid minerals exports increased by 60.10 per cent in Q2,2021 against Q1 2021 and 852.9 per cent against the corresponding quarter in 2020.
Meanwhile, the value of manufactured goods exports decreased by 15.45 per cent in Q2 2021 compared to the value recorded in Q1 2021and 16.7 per cent compared to Q2, 2020.
The same way, the value of crude oil exports in Q2 2021 increased by 111.32 per cent compared to Q1,2021 and 162.4 per cent compared to Q2, 2020 but increased significantly by 69.3 per cent compared to Q2 2020.
Recall that Nigeria recorded a trade deficit of N138.98 billion in the Q1 of 2020 so making two consecutive quarters of negative balance of trade, as the value of imports surpassed exports.
The bureau noted that the consecutive quarters of negative trade balances (and lower imports and exports)
occurred against the backdrop of a global slowdown in economic activity as a result of the COVID-19
pandemic. The global health crisis, it said, resulted in several countries implementing varying degrees of restrictions with respect to international trade, travel and tourism. When compared with the preceding
quarter, the deficit in Q1 2020 represented an improvement by 76 per cent. On a year-on-year basis however,
the deficit was lower by 116.71 per cent.
On imports, the agency reported that the value of energy goods decreased by 72.18 per cent in Q1, 2020 on a quarter on quarter basis, and 91.58 per cent year on year.
“The value of manufactured goods imports decreased by 31.98 per cent in Q1,2020 compared to Q4 2019,
and 4.03 per cent when compared with Q1,2019.
The value of total imports decreased by 21.08 per cent in Q1, 2020 compared to the value recorded in
Q4,2019 but was 13.99 per cent higher when compared with Q1, 2019.
“The value of other oil products imports was 14.21 per cent higher in Q1, 2020 than in Q4, 2019 and
180.05 per cent higher when compared with the corresponding quarter of 2019.
The value of imported agricultural goods was 12.02 per cent more in Q1 2020 than in Q4, 2019 and
10.62 per cent more than Q1, 2019.
The value of raw material imports decreased by 8.49 per cent in Q1, 2020 relative to Q4 2019, and 6.91 per cent
compared to the corresponding quarter in 2019.
“The value of solid minerals imports was 15.65 per cent higher in Q1,2020 than the preceding quarter and
20.05 per cent compared to the corresponding quarter in 2019.
Total trade declined 17.94 per cent in Q1,2020 compared to the value recorded in Q4, 2019 but increased
marginally by 0.80 per cent year on year.
Similarly, the bureau reported that the total export value decreased 14.42 per cent in Q1, 2020 compared to the value recorded in Q4, 2019 and 9.98 per cent compared to Q1, 2019.
Also, the value of raw material exports increased 60.17 per cent in Q1, 2020 relative to last quarter but the value of agricultural goods exports grew 85.36 per cent in Q1, 2020 compared to Q4, 2019 and 46.76 per cent compared to Q1, 2019.
To this end, the value of Nigeria’s total trade stood at N8,304.8 billion in Q1,2020, 17.94 per cent lower than the
value recorded in Q4, 2019 but 0.80 per cent higher than the value recorded in Q1, 2019.
But the import component of the trade was valued at N4,221.9 billion or 50.8 per cent while the export component totalled N4,082.9 billion indicating 49.2 per cent of the total trade.