Nigeria records N1.87trillion trade deficit in Q2 2021, says NBS

*The National Bureau of Statistics says crude oil was the major component of export trade during the period, contributing N4.07trillion or 80.29 percent of total exports from the West African country

Alexander Davis | ConsumerConnect

The Federal Government has recorded a trade deficit of N1.87trillion in the first half of the financial year 2021, according to data from the National Bureau of Statistics (NBS).

This figure was contained in the Foreign Trade Statistics report the regulatory agency released Saturday, September 4, 2021, in Abuja, FCT.

The report noted that total merchandise trade during the period was estimated at 12.03trillion, indicating a N2.27trillion, or 23.28 percent increase, when compared to the amount recorded in Q1 this year.

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

It says: “During quarter2, 2021 the total merchandise trade stood at N12,029trn representing 23.28 percent increase over the value (N9.75trn) recorded in Q1,2021 and 88.71 percent 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 percent, the import was valued at N6.95trn or 57.78 percent while the trade balance stood at a deficit of N1.87trn.”

The NBS further disclosed that crude oil was the major component of export trade during the period, contributing N4.07trn or 80.29 percent of total export.

“This further shows a sharp increase of 111.32 per cent in Crude oil value in Q2, 2021 compared to (N1.92tn) recorded in Q1,2021 while the Non-crude oil export recorded N1001.23bn or 19.71per cent of total export trade during Q2,2021,” NBS said.

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

In H1 2021, total merchandise trade was N21.79trn, comprising of N13.81trn of aggregate import and N7.99trn of total exports.

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