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Business News of Tuesday, 7 December 2021

Source: www.sunnewsonline.com

Fuel import throws Nigeria to negative trade balance of N3.0trn in Q3 2021

National Bureau of Statistics National Bureau of Statistics

Nigeria recorded a negative trade balance of N3,023.50 billion in the third quarter of 2021 from a total trade of N13, 284.09 billion between it and its partners across the world.

While export trade value was N5,130.30 billion, import trade value was N8,153.79 billion resulting to a negative trade balance of N3,023.50 billion.

Releasing the result, yesterday, the Statistician General of the Federation, Dr Simon Harry, said that the decline was majorly due to the increase in import of Premium Motor Spirit with N1,052.50 billion from N782.46 billion; gas oil with N225.63 billion from N152.53 billion and imported motorcycles and cycles; imported Completely Knocked Down (CKD) by established manufacture with N116.34 billion from N94.79 billion representing 34.52 per cent, 47.93 per cent and 22.73 per cent respectively over the preceding quarter.

According to the SG, comparing third quarter to second quarter, 2021, total trade grew by 10.43 per cent from N12,029.64 billion; export trade grew by 1.00 per cent from N5,078.44 billion; import trade also grew by 17.32 per cent from N6,950.21 billion while trade balance recorded a deficit of 61.62 per cent from N1,870.77 billion in second quarter, 2021, depicting a decline.

“In terms of exports, Nigerian export trade was mainly dominated by crude oil which amounted to N4,026.18 billion (78.47 per cent) of total export in the third quarter. This was followed by natural gas, liquefied with N487.49 billion (9.50 per cent), floating or submersible drilling platforms with N163.70 billion (3.19 per cent) and urea, whether or not in aqueous solution with N107.17 billion (2.08 per cent).

On the other hand, imports were mainly motor spirit valued at N1,052.5 billion (12.91 per cent), durum wheat valued at N315.17 billion (3.87), gas oil with N225.63 billion (2.77 per cent), used vehicles N185.41 billion (2.27 per cent)” Harry noted.

Listing Nigeria’s trade partners during the period, Harry said that India had a trade volume of N758.1 billion, Spain N627.01 billion, Italy (446.04 billion), France (N363.23 billion) and Netherlands (N242.49 billion).

Similarly, he said the top import trading partners in the period under review were China (N2,441.79 billion, India (N710.35 billion), United States with N599.12 billion, Netherlands with N554.23 billion and Belgium with N434.12 billion.

International trade is an exchange of goods and services among  different nations. In the case of Nigeria, it is the exchange of goods between Nigeria and its trading  partners.

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