The Federal Government recorded N3.94tn trade deficit in the first quarter of 2021, the National Bureau of Statistics revealed on Sunday.
In the NBS’ report titled ‘Foreign trade statistics Q1,2021’, the value of total trade was 6.99 per cent higher in Q1 2021 compared to Q4 2020 and 14.13 per cent higher than the value recorded in Q1, 2020.
Part of the report read, “For the first quarter of 2021, Nigeria’s total merchandise trade stood at N9.76tn representing 6.99 per cent increase over the value recorded in Q4,2020 and 14.13 per cent compared to Q1,2020.
“The export component of this trade stood at N2.91tn, representing 29.79 per cent of the total trade while import was valued at N6.85tn representing 70.21 per cent.
“The higher level of imports over exports resulted in a trade deficit (in goods) of N3.94tn.
“The value of crude oil export stood at N1.93tn representing 66.38 per cent of the total export recorded in Q1, 2021, while non –crude oil export accounted for 33.62 per cent of the total export.”
According to the report, in Q1 2021, total import was valued at N6.85tn representing 70.21 per cent of the total trade.
This value rose by 15.61 per cent in Q1, 2021 compared to Q4,2020 and 54.30 per cent compared to Q1,2020.
Imports by SITC revealed that machinery & transport equipment accounted for N2.492.73bn.
