Manufactured Imports Exceed Exports By N4.3tn

Figures obtained from the National Bureau of Statistics has shown that the value of manufactured goods imported into the country exceeded exports by N4.37tn in the second quarter of 2021

NBS stated that the value of manufactured goods trade in Q2, 2021 stood at N4.51tn representing 37.50 percent of total trade.

“Out of this, the export component accounted for N211.67bn while the import component was valued at N4.3tn,” the NBS report stated.

Breakdown Analysis 

Within the period under review, the products that drove up manufactured products were vessels and other floating structures for breaking up, which was exported to Cameroon in the value worth N71.9bn.

It added that vessels and other floating structures for breaking up were also exported to Spain and Equatorial Guinea in values worth N18.34bn and N6.62bn respectively.

The NBS report stated that other products under this group were aluminium alloys, unwrought exported to Japan in the value worth N10.85bn and China (N3.63bn).

It added that there were aeroplanes and other aircraft of an unladen weight worth N16.65bn exported to Ghana and cruise ships and similar vessels for the transport of persons or goods worth N10.59bn exported to Cameroon during the period under review.

In terms of manufactured imports, it added, used vehicles were mainly imported from the United States and Italy in values worth N33.78bn and N5.74bn.

During the quarter, it stated, machines for reception, conversion and transmission were imported from China, Sweden and Hong Kong in values worth N118.69bn, N8.98bn and N5.22bn respectively.

Motorcycles worth N32.72bn and N61.8bn were imported from China and India. There were also  herbicides worth N81.17bn imported from China and polypropylene imported from South Africa, Saudi Arabia and South Korea in values worth N35.75bn, N15.46bn and N9.47bn respectively

Kehinde Ogunyale

Reporting on the data-driven economy, and investigations.

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