In the 1st quarter of 2021, the Federal Government Recorded a Trade Deficit of N3.94tn.
NaijaNew Nigeria June 8, 2021
This online news understands the in the NBS’ report titled ‘Foreign trade statistics Q1,2021’, the value of total trade was 6.99 percent higher in Q1 2021 compared to Q4 2020 and 14.13 percent higher than the value recorded in Q1, 2020.
Part of the report read, “For the first quarter of 2021, Nigeria’s total merchandise trade stood at N9.76tn representing 6.99 percent increase over the value recorded in Q4,2020 and 14.13 percent compared to Q1,2020.
“The export component of this trade stood at N2.91tn, representing 29.79 percent of the total trade while import was valued at N6.85tn representing 70.21 percent.
“The higher level of imports over exports resulted in a trade deficit (in goods) of N3.94tn.
“The value of crude oil export stood at N1.93tn representing 66.38 percent of the total export recorded in Q1, 2021, while non –crude oil export accounted for 33.62 percent of the total export.”
According to the report, in Q1 2021, the total import was valued at N6.85tn representing 70.21 percent of the total trade.
This value rose by 15.61 percent in Q1, 2021 compared to Q4,2020 and 54.30 percent compared to Q1,2020.
Imports by SITC revealed that machinery & transport equipment accounted for N2.492.73bn.