The National Bureau of Statistics (NBS) has revealed Nigeria’s major trading export and import partners for the fourth quarter of 2020.
According to the recent data from the bureau, which provides the breakdown of the biggest sources of Nigeria’s total imports and destinations of export shows that India has the highest percentage share in export trade for the fourth quarter in 2020, while Nigeria’s biggest imported goods came from the Netherlands.
Below is a list showcasing 5 of Nigeria’s top trading partners (Merchandise Trade By Top Five Partners And By Major Commodities (N’million) Q4, 2020)
Top 10 destinations for Nigeria’s export
1 . INDIA
Total exports to India in Q4 was valued at N547.02 billion or 17.12% of total export. The largest export commodity to India was Petroleum oils and oils obtained from bituminous minerals, crude valued at N516.82 billion, followed by Natural gas liquefied and Leather further prepared after tanning/crusting,incl. parchment-dressed leather of sheep/lam valued at N26.66billion and (N2.13billion) respectively.
The value of total exports to Spain stood at N313.38billion or 9.81% of total export. The dominant export product was Petroleum oils and oils obtained from bituminous minerals, crude valued at N243.02billion accounting for 77.54% of total export.
This was followed by Natural liquefied gas worth N63.81 billion and Leather further prepared after tanning/crusting without wool on goats or kids valued at N3.02 billion.
3. THE NETHERLANDS
Nigeria’s export trade with the Netherlands in Q4 2020 was valued at N194.50 billion or 6.09% of total exports. Major export products were: Petroleum oils and oils obtained from bituminous minerals, crude valued at N190.74 billion, followed by Superior quality raw cocoa beans, and Good Fermented Nigerian Cocoa Beans valued at N1.93 billion and N1.38 billion respectively.
4. THE UNITED STATES
In Q4 2020, Nigeria’s export trade with the United States was valued at N170.36 billion accounting for 5.33% of total exports. The major commodities exported during the period were Petroleum oils and oils obtained from bituminous minerals, crude; Other petroleum gases etc in a gaseous state and Natural gas, liquefied, valued at N142.60 billion, N22.92 billion and N2.58 billion respectively.
Exports to China were valued at N156.78billion or 4.91% of total exports during the period. This was largely dominated by Crude (N57.5billion), Natural Gas liquefied (N45.83billion) and Sesamum seeds, whether or not broken (N18.13billion). On the other hand, the value of imports from China stood at N1,675.55 billion representing 28.28% of total imports.
Top 10 sources of Nigeria’s import
1 . INDIA
On the other hand, the value of import trade from India was valued at N506.00 billion, accounting for 8.54% of total imports. The import trade was dominated by imported motorcycles and cycles, imported CKD by established manufacturers >50cc<=250cc, valued at N87.95 billion, followed by Gas Oil (N55.97 billion) and Other Antibiotics (N40.30billion).
2. THE UNITED STATES
On the import side, the value of imports amounted to N448.64billion, with the main commodities imported being Used Vehicles, with diesel or semidiesel engine, of cylinder capacity >2500cc, amounting to N155.13billion. Other products imported were Other Durum wheat (Not in seeds) (N54.61 billion) and Used Vehicles, with diesel or semidiesel engine, of cylinder capacity >1500=<2500c (N 35.12 billion).
3. THE NETHERLANDS
However, the value of imports stood at N424.49, with the main commodities imported being Motor Spirit ordinary, which amounted to N165.50 billion, Other Antibiotics (N108.78billion) and Gas oils (N47.12 billion).
However, the value of imports during the quarter stood at N84.90billion. Motor Spirit ordinary billion ranked at the top of imports, valued at N29.05billion, followed by Mixed alkylbenzenes & mixed alkyl naphthalenes, valued at N15.74billion and Gypsum; anhydrite whether or not coloured, with/without small quantities of accelerators, worth N5.61billion.
The largest import commodity from China was Machines 4 the reception, conversion & transmission or regeneration of voice, images or…; Bending, folding… machines (incl. presses), numerically controlled; and Air conditioning machine, Window/wall types, self-contained/split system, presented CKD valued at N53.13 billion, N41.08billion and N35.14 billion respectively.