Nigerian Trade Deficit Improves by 12.72%, Crude leads Export

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CEM REPORT | Nigerian Balance of Trade deficit has continued in deficit in the fourth quarter of 2021 with an improvement of about 12.72% over the preceding quarter of 2021, Report from Nigerian Bureau of Statistics has revealed.

According to the report released Wednesday, Export trade in the quarter under review stood at ₦5.766 trillion while total imports stood at ₦5.940 trillion in Q4, 2021. This represent a deficit balance of trade of ₦173.96 billion

Export trade of ₦5.766 trillion in Q4, 2021 indicates an increase of 12.27% over the preceding quarter and the value in 2021 also grew by 80.52% over the corresponding period of previous year. Furthermore, the share of exports in total trade stood at 49.26% in Q4, 2021.

Similarly, the imports of ₦5.940 trillion in Q4, 2021 indicates an increase of 11.33% over the preceding quarter and 69.41% over the corresponding period of 2020. Imports value in the fourth quarter of 2021 accounted for 50.74% of total trade.

Nigeria’s total merchandise trade stood at ₦11,707.20 billion, representing 11.79% over the level recorded in the third quarter of 2021 but was 74.71% higher when compared to the value recorded in the fourth quarter of 2020.

Expectedly, export in the fourth quarter 2021 was still oil-dependent. Crude oil exports recorded N4.269 trillion and it remained the major product in total exports (74.04%), while non-crude oil was valued at N1.497 trillion or 25.96% of total exports of which Non-oil products contributed N810.88 billion representing 14.06% of total exports during the quarter under review.

The value of Mineral fuels was ₦1.700 trillion (28.62% of total imports) while imported Machinery & transport equipment stood at ₦1.639 trillion (or 27.60% of total imports) and Food & live animals recorded ₦798.51billion (or 13.44% of total imports) and On an annual basis, total imports was valued at ₦20.844 trillion in 2021.

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During the quarter, Nigeria imported goods mainly from Asia, valued at ₦2.744 trillion or 46.19% of total imports. This was followed by Europe at ₦ 2.422 trillion or 40.78%, America at ₦ 571.70billion or 9.62%, Africa at ₦161.47 billion or 2.72% and Oceania at ₦41.24 billion or 0.69%. Imports from ECOWAS countries accounted for ₦35.76 billion, or 0.6% of the value of total imports.

By country of origin, imported goods originated mainly from China valued at ₦ 1.653 billion, representing 27.82% of total imports. This was followed by Belgium valued at ₦613.27 billion or 10.32% of total imports, India (₦430.38 billion or 7.24% of total imports), The Netherlands (₦416.52 billion, or 7.01% of total imports) and the United States (₦340.36billion or 5.73% of total imports).

Export trade by region in Q4 2021 shows that Nigeria exported most products to Europe with goods valued at ₦2.408 trillion or 41.76% of total exports, Asia (₦1.876 trillion, or 32.52% of total exports) and Africa was ₦773.83 billion or 13.42% of total exports of which ₦250.52 billion worth of goods were exported to ECOWAS countries and exports to America amounted to (₦702.74 billion, or 12.19% of total exports).

At country level, India remained the top export destination for Nigeria during the quarter under review. The top five export destinations were India, Spain, France, The Netherlands and Indonesia with goods valued at ₦ 874.86 billion or 15.17%, ₦789.23 billion or 13.69%, ₦485.35 billion or 8.42%, ₦425.85 billion or 7.38%, and ₦ 288.10 billion or 5.0% of export trade respectively. These five countries collectively accounted for 49.65% of the value of total exports in Q4, 2021.

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