Nigeria’s Trade Deficit In Q3’21 To N3trn
Nigeria recorded a trade deficit of N3.023 trillion with her trading partners worldwide in the third quarter of 2021, Q3’2021.
This is coming even as total merchandise trade stood at N13.284 trillion during the period.
The Statistician General and Chief Executive Officer, National Bureau of Statistics, NBS, Dr Simon Harry, noted that the total trade grew by 10.43 percent over the N12.029 trillion recorded in Q2 2021.
Harry stated that the negative trade balance was mainly due to increase in imports of refined petroleum products and imported motorcycles and cycles.
He said, “I wish to report that third quarter total trade between Nigeria and her trading partners across the globe stood at N13,284.09 billion of which export trade value was N5,130.30 billion and import trade value was N8,153.79 billion, resulting to a negative trade balance of N3,023.50 billion.
“This was majorly due to increase in import of motor spirit with N1,052.50 billion from N782.46 billion, gas oil with N225.63 billion from N152.53 billion and imported motorcycles and cycles, imported CKD by established manufacture with N116.34 billion from N94.79 billion representing 34.51 per cent, 47.93 per cent and 22.73 per cent respectively over the preceding quarter.
“Comparing 3rd quarter to 2nd quarter, 2021, total trade grew by 10.43 per cent from N12,029.64 billion, export trade grew by 1.00 per cent from N5,079.44 billion, import trade also grew by 17.32 per cent from N6,950.21 billion while trade balance recorded a deficit of 61.62 per cent from N1,870.77 billion in Q2, 2021 depicting a decline.
“In terms of exports, Nigerian export trade was mainly dominated by crude oil which amounted to N4,026.18 billion (78.47 per cent) of total export in the third quarter. This was followed by natural gas, liquefied with N487.49 billion (9.50 per cent), floating or submersible drilling platforms with N163.70 billion (3.19 per cent) and urea, whether or not in aqueous solution with N 107.17 billion (2.08 per cent).
“On the other hand, imports were mainly motor spirit valued at N 1,052.5 billion (12.91 per cent), durum wheat valued at N 315.17 billion (3.87 per cent), gas oil with N225.63 billion (2.77 per cent), used vehicles N185.41 billion (2.27 per cent).”
The NBS boss further stated that in terms of trading partners, “The top five major trading partners in export trade during the Q3’2021 were India with N758.1 billion, Spain with N627.01 billion, Italy with N446.04 billion, France with N363.23 billion and Netherlands with N242.49 billion.
“Similarly, the top import trading partners in the period under review were China with N2,441.79 billion, India with N710.35 billion, United States with N599.12 billion, Netherlands with N554.23 billion and Belgium with N434.12 billion,” he added.