In the third quarter of the year (Q3 2021), Nigeria’s overall external merchandise trade deficit was N3.02trillion, as imports greatly outnumbered exports, resulting in an unfavourable trade balance.
According to the National Bureau of Statistics (NBS) foreign trade in goods statistics (Q3 2021) report, Nigeria’s total trade stood at N13.28trillion indicating an increase of 10.43 percent compared to N12.03 trillion in Q2, the total trade increased by 10.43percent in Q3, 2021 compared to Q2, 2021 and 58.59percent year-on-year having total export and import of N5.13trillion and N8.2trillion.
The Total Exports value grew to N5.1trillion in Q3, 2021 from N5.09trillion in Q2 representing an increase of 1percent over Q2 2021 and 71.38percent over Q3 2020
On the other hand, total Imports value rose to N8.1trillion in Q3 2021 from N6.95trillion in Q2 representing an increase of 17.32percent higher than Q2 2021 and 51.47percent over Q3 2020.
The top three traded export items during the review period, according to the NBS Foreign Trade in Goods Statistics (Q3 2021) report, were petroleum oil, oils obtained from bituminous materials, and crude, all valued at N4.02trillion representing 78.48percent of total export.
Natural and liquefied gas, valued at N487.49 billion and accounted for 9.50 percent of total export; and floating or submersible drilling or production platforms, valued at N163.70 billion and accounted for 23.19 percent of total export.
Also, the top three import products, traded during the period were, motor spirit ordinary valued at N1.05trillion denoting 12.91percent of the total import.
Durum wheat (Not in seeds) valued at N315.17billion denoting 3.87percent of the import; and gas oil valued at N225.6billion accounting for 2.77percent of the total import.
The report shows that India is the most dominating trading partner of Nigeria accounting for N758.1billion which accounted for 14.78percent share of the total export while Spain valued at N627.01billion denoting 12.2percent and Italy being the third dominating trading partner accounted for N442.1billion representing 8.69percent share of the total export.
The survey also revealed that the Apapa Port was the busiest port of operation in Q3, with products worth N4.66 trillion leaving the country through the port, representing 9.02percent share of total export, and with products worth N4.44trillion getting into the country, representing 54.45percent share of total import.
The Tin Can Island port exited products worth N103.77 billion, while the Port of Harcourt(3) recorded N307.38 billion in shipments to other partner countries.
Maritime mode of transport was the major mode of transport. It is valued at N5.09trillion which accounted for 99.19percent and N7.7trilion which accounted for 94.19percent share of total export and import respectively.