Agric Import Rose To N532.4 Billion In Q4 2020

The value of imported agricultural goods rose to N532.39billion in the fourth quarter of 2020 from N503.4billion in the third quarter in the same year– a 5.75 percent increase.

This was disclosed by the National Bureau of Statistics which also reported that the value of exported agricultural goods dropped to N55.77 billion in Q4, 2020 from N60.63 billion in Q3, 2020. This represents an 8 percent drop.

The value of agriculture import recorded in the fourth quarter of 2020 stood at N532.4 billion, as the export ended the quarter at N55.77 billion.

The report stated, “The value of total trade in agricultural goods in Q4, 2020 stood at N588.2 billion representing 6.45% of total trade in Q4, 2020.

“Export of agricultural goods was valued at N55.8 billion or 1.75% of total exports in Q4 2020. Compared to N60.6 billion recorded in Q3 2020, the value of agricultural exports fell by 8% and by 18.2% when compared to the corresponding quarter in 2019.

“During the quarter, most agricultural products were exported to Asia (valued at N43.4 billion) and Europe (valued at N9.4 billion).”

The report also added that the export of agricultural products was dominated by sesame seeds, which was valued at N27.3 billion, followed by fermented cocoa beans (valued at N6.7 billion) and sesames oil and fractions (N4.4 billion).

The major agricultural imports in Q4 2020 included durum wheat (not in seeds) worth N62.9 billion imported from Russia, Lithuania (N55.3 billion), the United States (N54.6 billion) and Canada (N51.8billion). 

Herrings (fish) valued at N14.8 billion were imported from the Netherlands while Russia accounted for N6.62 billion worth of the product.

Palm olein worth N22 billion was imported from Malaysia.

Kehinde Ogunyale

Reporting on the data-driven economy, and investigations.

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