Nigeria imported over N2trn made-in-China products in Q1
…represents 29.34% of total imports worth N6.850trn
Analysis of Nigeria’s imports by country of origin showed that the majority of the goods imported during the first quarter (Q1) of 2021 originated from China and valued at N2.009trillion or 29.34percent, according to the National Bureau of Statistics (NBS).
This was followed by the Netherlands (N726.09 billion or 10.60 percent), and the United States (N608.12 or 8.88percent). Others are India 8.60percent and Belgium 3.48percent.
The NBS in its recent foreign trade in goods statistics noted that in Q1 2021, total import was valued at N6.850trillion representing 70.21percent of the total trade.
This value rose by 15.61percent in Q1, 2021 compared to fourth-quarter (Q4) of 2020 and 54.30percent compared to Q1, 2020.
Machinery and transport equipment accounted for N2.492trillion; followed by chemicals and related products N1.302trillion and mineral fuel (N981.68billion).
Import trade classified by region showed Asia as the dominant originating region with a record of N3.319trillion or 48.45percent. This was followed by Europe with N2.471trillion or 36.08percent, America N827.8billion or 12.08percent, Africa N183.4billion or 2.68percent and Oceania N48.5billion or 0.71percent.
Out of the value recorded for Africa, import from ECOWAS countries accounted for N20.8 billion.
Import Intensity Index with five Major Trading Partners show that during the first quarter, the import intensity index of Nigeria with the top importing partners (China, the Netherlands, India and Belgium) were higher in all months. China recorded 1.7, 1.5 and 2.0 in January, February and March. Higher indices were also recorded for the Netherlands (1.0, 4.4 and 1.0), India (3.4, 5.1 and 4.2), Belgium (1.0, 1.3 and 1.4) while the United States registered lower intensities of 0.9 and 0.6 for January and February except in March where it recorded 1.3.
For the first quarter of 2021, Nigeria’s total merchandise trade stood at N9.757trillion representing 6.99percent increase over the value recorded in Q4,2020 and 14.13percent compared to Q1,2020.
The export component of this trade stood at N2.907trillion, representing 29.79percent of the total trade while import was valued at N6.850trillion representing 70.21percent.
The higher level of imports over exports resulted in a trade deficit (in goods) of N3.943trillion. The value of Crude oil export stood at N1.929trillion representing 66.38percent of the total export recorded in Q1, 2021, while non –crude oil export accounted for 33.62percent of the total export.
The value of total exports which stood at N2.907trillion (29.79percent) of total trade, represented a decline of 8.99percent against the level recorded in Q4 2020 and 29.26 percent compared to Q1 2020.
Exports by section revealed that Nigeria exported mainly mineral products, valued at N2.486trillion, or 85.52percent of the total export value.
This was followed by Vehicles, Aircraft and parts (N180.5 billion or 6.21percent) and vegetable products (N82.3billion or 2.83percent).
In terms of regional trade, Nigeria exported most products to Asia (N1.132triillion), Europe (N997.79 billion), America (N316.62 billion) and Africa (N449.84 billion). During the quarter goods worth N282.2 billion was exported to ECOWAS. By country, most goods were exported to India (N488.1 billion or 16.8percent), Spain (N287.2billion or 9.9percent), China (N190.1 billion or 6.5percent) and the Netherlands (N160.billion or 5.5percent).