FG Records N1.87trn Trade Deficit In Second Quarter 2021- NBS

DATA obtained from the National Bureau of Statistics (NBS) has shown that Nigeria has recorded a trade deficit of N1.87trn in the first half of the year.

This figure was contained in the Foreign Trade Statistics report released on Saturday.

In the report, it was seen that a total merchandise trade during the period under review stood at N12.03trn, which indicates a N2.27trn or 23.28% increase when compared to the amount recorded in Q2 2021.

The aggregate trade of N12.03trn comprises of N6.95trn of imports and N5.08trn of exports, resulting in a trade deficit of N1.87trn.

The report read, “During quarter 2, 2021 the total merchandise trade stood at N12,029trn representing 23.28% increase over the value (N9.75trn) that was recorded in Q1,2021 and 88.71% 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 N5.07trn or 42.22% the import was valued at N6.95trn or 57.78% while the trade balance stood at a deficit of N1.87trn,” the report stated.

It also stated that crude oil was the major component of export trade during the period, contributing N4.07trn or 80.29% of total export.

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

The trade report by the NBS revealed that in the first half of the year, trade deficit stood at N5.81trn.

In H1 2021, the total merchandise trade stood at N21.79trn, that comprises of N13.81trn of aggregate import and N7.99trn of total export.