The National Bureau of Statistics (NBS) has revealed that Nigeria recorded N3.032 trillion trade deficits in the third quarter (Q3) of 2021.
The Statistician-General of the Federation, Dr. Simon Harry broke the news to reporters saying Nigeria recorded N13.285 trillion total trade with its partners all over the world in the period under review.
He noted that in Q3, Nigeria earned N5.130 trillion from export trade and spent N8.153 trillion on import trade.
“I wish to report that 3rd quarter total trade between Nigeria and her trading Partners across the globe stood at N13,284.09 trillion of which export trade value was N5,130.30 billion and import trade value was N8,153.79 billion, resulting to a negative trade balance of N3,023.50 billion.”
He revealed that this was majorly due to increase in import of Motor Spirit with N1.052.50 trillion from N782.46billion, Gas Oil with N225.63billion from N152.53 billion and Imported motorcycles and cycles, imported CKD by established manufacture with N116.34 billion from N94.79 billion representing 34.51%, 47.93% and 22.73% respectively over the preceding quarter.
The NBS boss noted that comparing 3rd quarter to 2nd quarter, 2021, total trade grew by 10.43% from N12,029.64 billion, export trade grew by 1.00% from N5,079.44 billion, import trade also grew by 17.32% from N6,950.21 billion while trade balance recorded a deficit of 61.62% from N1,870.77 billion in Q2, 2021 depicting a decline.
Simon noted that in terms of exports, Nigerian export trade was mainly dominated by Crude Oil which amounted to N4.026.18trillion (78.47%) of total export in the third quarter.
This was followed by Natural gas, liquefied with N487.49billion (9.50%), Floating or submersible drilling platforms with N 163.70billion (3.19%) and Urea, whether or not in aqueous solution with N107.17billion (2.08%).
He said n the other hand, imports were mainly motor spirit valued at N 1.052.5 trillion (12.91%), Durum wheat valued at N 315.17 billion (3.87%), Gas oil with N 225.63 billion (2.77%), Used Vehicles N 185.41 billion (2.27%).
The NBS boss said in terms of trading partners, the top five major trading partners in export trade during the 3rd Quarter, 2021 were India with N758.1 billion, Spain with N627.01 billion, Italy with N446.04 billion, France with N363.23 billion and Netherlands with N242.49 billion.
According to him, the top import trading partners in the period under review were China with N2,441.79 billion; India with N710.35 billion; United States with N599.12 billion; Netherlands with N554.23 billion and Belgium with N434.12 billion.
 has revealed that Nigeria recorded N3.032 trillion trade deficits in the third quarter (Q3) of 2021.){kind=link}