Nigeria In Trade Deficit Of N1.87Tn In Six Months

Nigeria recorded a trade deficit of N1.87trillion within the first six months  of the year, according to the data released on Saturday by the National Bureau of Statistics NBS in its Foreign Trade Statistics report 

The report shows that the country's total merchandise trade during the period stood at 12.03trillion, indicating a N2.27trillion or 23.28 per cent increased when compared to the amount recorded in Q1 2021.

The aggregate trade of N12.03trillion shows more goods Imported into the country with total value put at N6.95trillion as against N5.08trillion  worth of exported goods to other countries, resulting in a trade deficit of N1.87trillion.

The report reads in parts “During Quarter 2, 2021, the total merchandise trade stood at N12,029tn, representing 23.28 per cent increase over the value (N9.75tn) recorded in Q1,2021 and 88.71 per cent increase compared to Q2,2020.

“This increase resulted from the sharp increase in export value during the quarter under review. The export component of this trade was valued at N5.07tn or 42.22 per cent, the import was valued at N6.95tn or 57.78 per cent while the trade balance stood at a deficit of N1.87tn.”

It stated that crude oil was the major component of export trade during the period, contributing N4.07tn or 80.29 per cent of total export.

“This further shows a sharp increase of 111.32 per cent in Crude oil value in Q2, 2021 compared to (N1.92tn) recorded in Q1,2021 while the non-crude oil export recorded N1001.23bn or 19.71per cent of total export trade during Q2,2021,” it added.

The lastest trade report by the NBS shows that in the first half of the year, trade deficit stood at N5.81tn.

In H1 2021, total merchandise trade was N21.79tn, comprising of N13.81tn of aggregate import and N7.99tn of total export.