Nigeria's foreign trade rises 14.3% in first quarter | Premium Times Nigeria

Nigeria’s foreign trade rises 14.3% in first quarter

6/5/2021 7:02:00 PM

Nigeria’s foreign trade rises 14.3% in first quarter

The NBS says trade grew 6.99 per cent over the value recorded in the fourth quarter of 2020 and 14.13 per cent compared to the first quarter of the same year.

by 109.29 per cent compared to Q1, 2020,” it said.The NBS said the value of solid minerals imports was 36.97 per cent higher in Q1, 2021 than in Q4, 2020 and 59.26 per cent more than its value in Q1, 2020.“The value of Energy goods imports was 34.39 per cent in Q1, 2021 higher than in Q4,2020 and 1,346.72 per cent higher than the value recorded in Q1, 2020.

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It added that the value of imported manufactured goods grew by 18.47 per cent in Q1, 2021 against the value recorded in Q4, 2020 and 69.70 per cent against its value in Q1, 2020.“The value of other oil products imported in Q1, 2021 was 19.02 per cent more than its value in Q4, 2020

but 15.76 per cent less than the corresponding quarter of 2020,” it said.As for exports, the value of agricultural exports increased by 128.0 per cent in Q1 2021 compared to Q4 2020 and 0.1 per cent compared to Q1 2020.It added that the value of raw material goods exports in Q1, 2021 was 9.0 per cent lower than the value in Q4,2020 and 6.7 per cent lower than the value recorded in Q1 2020. headtopics.com

“The value of solid minerals exports increased by 107.2 per cent in Q1,2021 against Q4 2020 and 481.7 per cent against the corresponding quarter in 2020.ADVERTISEMENTAlso, energy goods increased in value by 16.3 per cent in Q1 2021 compared to Q4 2020 and 18.1 per cent compared to Q1,2020

“Manufactured goods exports rose by 94.0 per cent in Q1 2021 compared to Q4 2020 but decreased by 43.7 per cent compared to Q1, 2020.ALSO READ:Nigeria’s foreign trade stands at N23.2 trn – NBS“Crude oil exports in Q1 2021 decreased by 23.5 per cent compared to Q4,2020 and 34.5 per cent compared to Q1,2020.”

According to the report, Nigeria’s imports by country of origin showed that the majority of the goods imported during the quarter originated from China, valued at N2,009.94 billion or 29.34 per cent.“This was followed by the Netherlands (N726.09 billion or 10.60 per cent), the United States (N608.12 or 8.88 per cent ), and others,” it said.

For export, Nigeria exported mainly mineral products, valued at 2,486.1 billion or 85.52 per cent of the total export value.“This was followed by Vehicles, Aircraft, and parts (N180.5 billion or 6.21 per cent) and vegetable products (N82.3 billion or 2.83 per cent). headtopics.com

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In terms of regional trade, Nigeria exported most products to Asia (N1,132.55 billion), Europe (N997.79 billion), America (N316.62 billion), and Africa (N449.84 billion).“During the quarter goods worth N282.2 billion were exported to ECOWAS. Read more: Premium Times »

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