The National Bureau of Statistics (NBS) on Saturday said Nigeria recorded a trade deficit of N3.94 trillion in the First Quarter (Q1) of 2021. According to its document titled: “Foreign Trade Statistics Q1 2021”, the total trade in the period under review was N9.76 trillion.
The value of total trade was 6.99 per cent higher in Q1 2021 compared to Q4 2020 and 14.13 per cent 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 per cent increase over the value recorded in Q4,2020 and 14.13 per cent compared to Q1,2020. “The export component of this trade stood at N2.91tn, representing 29.79 per cent of the total trade while import was valued at N6.85tn representing 70.21 per cent.
“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 per cent of the total export recorded in Q1, 2021, while non –crude oil export accounted for 33.62 per cent of the total export.” According to the report, in Q1 2021, total import was valued at N6.85tn representing 70.21 per cent of the total trade.
The bureau said while the imports component was N6.85 trillion, its exports component was N2.91 trillion.
The NBS further explained that in the period, there was a record of N1.93trillion crude exports and N977.34 billion Non-crude oil exports.
In the Q1 2020, the total merchandise trade stood at N9.7 trillion, representing “6.99% increase over the value recorded in Q4,2020 and 14.13% compared to Q1, 2020.”
Component of this trade stood at N2,9 trillion, representing 29.79% of the total trade while import was valued at N6.850 trillion representing 70.21%.
“The higher level of imports over exports resulted in a trade deficit (in goods) of N3.943.45 trillion.”
On imports, the NBS noted that 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.
