The foreign trade statistics report released by the National Bureau of Statistics in December shows that there is a 1% increase in exported goods between Q2 2021 and Q3 2021 and a 10.43% increase in total trade. Q2 2021 saw a total import estimated at 8.2 trillion and the total export trade was 5.1 trillion. In Q3 total export trade was 5.13 trillion and 8.15 trillion goods were imported in the Q3. The Q3 export figures show a 1% increase in export trade of the country.
The country’s total trade in the first quarter was N9.8 trillion. Total import was estimated at N6.9 trillion, while export accounted for N2.9 trillion. Total trade in Q2 was 13.2 trillion while Q3 2021 is estimated at 13,284.09 trillion, which shows an increase of 10.43% between Q3 2021 and Q2, 2021.
Percentage of Imported Goods by Sectors
Across all major sectors, there was a marked increase in import values.
Agricultural goods import value was 21.01% higher than the value recorded in Q2, 2021. Also, the value of Raw Material imports was 9.08% more than Q2, 2021. In the Solid Minerals sector, imported products in Q3 2021 increased by 10.93% compared to Q2 2021. Energy goods imports in Q3 2021 were 408.51% more than Q2 2021. Manufactured goods import value was 13.98% higher in Q3 2021 than the level in Q2 2021. Oil products import value was 34.60% more than in Q2 2021.
Percentage of Exported Good By Sectors
Raw Material export value increased by 135.2% in Q3 2021 against the level in Q2 2021. Solid Minerals exports value in Q3 2021, increased by 22.7% compared to Q2 2021. Manufactured goods exports were 39.4% more than the value in Q2 2021. Other oil products exports in Q3 2021 were 3.6% more in value than in Q2 2021.
In all sectors, the Agricultural goods, Crude Oil, and Energy goods are the ones with the lowest exported products. The value for Agricultural goods exported in Q3, 2021 was 5.9% lower than Q2 2021. Crude Oil exports in Q3 2021 were 1.3% lower than the value recorded in Q2 2021. Energy goods exports value in Q3 2021 was 58% lower than Q2 2021.
By products, petroleum oils ranked first on Nigeria’s list of exported items in Q1 2021, while motor spirit topped the list of imported products.
The top countries’ Nigeria exports to are Italy, Netherlands, India, Spain and France. While Nigeria imported mostly from China, India, the United States, Netherland, Belgium, Russia, Germany, South Korea, Brazil and Italy.