How country’s trade balance in the third quarter amounted to a deficit of N3.023 trillion – NBS
The National Bureau of Statistics (NBS) has revealed that the nation’s crude oil exports hit N4.026 trillion in the three months that made up the third quarter (Q3) 2021.
Platforms Africa reports that the NBS, in it’s Foreign Trade in Goods Statistics report, said crude oil remained the major product in total exports, accounting for about 78.48%.
According to the report, total exports were pegged at N5.130 trillion, which shows a 1% growth compared to the second quarter of the same year and a 71.38% growth compared to the third quarter in 2020.
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“Export in the third quarter 2021 was still oil-dependent,” the NBS said, adding that: “Crude oil exports recorded N4.026 trillion and it remained the major product in total exports (78.48%), while non-crude oil was valued at N1.104 trillion or 21.52% of total exports of which Non-oil products only contributed N546 tillion representing 10.65% of total exports during the quarter under review.”
The report also showed that Nigeria’s trade balance in the third quarter amounted to a deficit of N3.023 trillion as the value of imports continued to outpace exports.
The deficit was an increase of 26.53% compared to the same period in 2020.
Total imports in the third quarter grew to N8.153 trillion, showing an increase of 17.32% quarter on quarter and 51.47% on a year-on-year basis.
Nigeria’s major export trading partners, according to the report were India (14.78%), Spain (12.22%), Italy (8.69%), France (7.08%), Netherlands (4.78).
However, the major import trading partners, Platforms Africa reports, were China (29.95%), India (8.71%), the United States (7.35%), the Netherlands (6.80%) and, Belgium (5.32%).
