The value of the manufactured goods trade deficit was N2.6tn in the fourth quarter of 2021, according to data from the National Bureau of Statistics. In its ‘Foreign Trade in Goods Statistics’ for Q4 2021, the NBS disclosed that the total manufacturing import was about N3tn, while export was N395.48bn in Q4 2021.
A trade deficit occurs when a country’s imports exceed its exports in a particular period. The analysis shows that Nigeria’s imports of manufactured goods exceeded the exports of such goods in Q4 2021.
In October 2021, the country’s import was N904.52bn while export was N184.55bn. By November 2021, the import was N1.03tn while export was N181.12bn. At the end of Q4 2021 in December, the import was N1.06tn while export was N29.81bn.
Generally, the NBS report revealed that the value of imported manufactured goods increased by 15.11 per cent while the value of exported manufactured goods dropped by 38.77 per cent.
The report read in part, “The value of imported manufactured goods grew by 15.11 per cent in Q4, 2021 against the value recorded in Q3, 2021 and it also increased by 49.46 per cent compared to the value recorded in Q4, 2020.”
