By BENJAMIN ORISEMEKE, Abuja –
Total trade in the fourth quarter of 2021 stood at N11,707.20 billion with exports trade value of N5,766.62 billion, the National Bureau of Statistics (NBS), has said.
According to Statistician General of NBS, Simon B. Harry, in a press briefing Tuesday, the import trade value of N5,940.58 billion recorded a negative trade balance of N173.96 billion.
Total trade in Q4, 2021 was 11.79 percent higher when compared to the value recorded in Q3, 2021 with N10,472.42 billion.
Similarly, export trade grew by 12.27 percent from N5,136.56 billion while import trade grew by 11.33 percent from N5,335.86 billion in Q3 2021.
In terms of exports, Nigerian export trade was mainly dominated by Crude Oil which amounted to N4,269.36 billion (74.04 percent) of total exports during the fourth quarter of 2021.
This was followed by Natural gas, liquefied with N573.85 billion (9.95 percent), Floating or submersible drilling platforms with N 265.33 billion (4.60 percent) and Urea, whether or not in aqueous solution with N208.05 billion (3.61 percent).
On the other hand, major products imported were Motor spirit, valued at N1,443.91 billion (24.31 percent), followed by Durum wheat, valued at N397.19 billion (6.69 percent), and Rolled iron/steal, others with N88.23 billion (1.49 percent).
“The top five major trading partners in exports in Q4, 2021 were India with ₦874.86 billion (15.17 percent), Spain with ₦789.23 billion (13.69 percent), France with ₦485.35 billion (8.42 percent), The Netherlands with ₦425.85 billion (7.38 percent), and Indonesia with ₦288.10 billion (5.00percent).
“Similarly, the top import trading partners during the period under review were China with ₦1,652.65 billion (27.82 percent), Belgium with ₦613.28 billion (10.32 percent), India with ₦430.38 billion (7.24 percent), The Netherlands with ₦416.52 billion (7.01 percent) and the United States of America with ₦340.36billion (5.73 percent), the SG said.
Sectoral classifications showed that 74.04 percent of total exports during the period under review was Crude oil, followed by Other Petroleum Oil Products with 11.90 percent. In terms of imports, 50.51 percent were manufactured goods, followed by Other Petroleum Oil Products with 28.60 percent.
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