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 first quarter in 2021.
NBS stated the all commodity group import index increased by 0.82 percent between January and March 2021. Similarly, the all commodity group export index rose by 0.31 percent between January and March 2021.
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)
1. India
The total export to India in the period was valued at N488.1 billion or 16.8% of total export. The largest export commodity to India was Petroleum oils and oils obtained from bituminous minerals, crude valued at (N462.12 billion). This was followed by Natural gas liquefied, Cashew nuts in shell, Leather further prepared after tanning and Coconut valued at N11.61billion, N5.13billion, N3.17 billion and N1.10 billion respectively.
Imports from India were valued at N589.11billion, accounting for 8.6% of total imports. Import trade during the period was dominated by imported motorcycles and cycles (N86.67 billion), followed by Parts of Machinery for working Rubber (N67.81 billion), Other Antibiotics (N45.32billion) and others.
2. Spain
The value of total exports to Spain stood at N287.2billion or 9.9% of total export. The dominant export product was Petroleum oils and oils obtained from bituminous minerals, crude valued at N213.1billion. This was followed by Natural liquefied gas worth N62.3 billion and Leather further prepared after tanning valued at N8.6 billion. Others are well-fermented Cocoa beans and Technical specified Natural Rubber valued at N1.2billion and N0.5 billion respectively.
On the other hand, the value of imports from Spain during the quarter stood at N78.9billion. Motor Spirit (ordinary) ranked first in imports, valued at N20.82billion, and was followed by Mixed alkylbenzenes & mixed alkyl naphthalenes, valued at N13.75billion, Petroleum Bitumen (N6.38 billion) and Gypsum; anhydrite worth N5.81billion.
3. China
Export to China was valued at N190.1billion or 6.5% of total export in the period. This was largely dominated by exports of Petroleum oils and oils obtained from bituminous minerals, crude (N57.61billion), Natural Gas liquefied (N47.50billion) and Sesamum seeds (N23.11billion).
On the other hand, the value of imports from China stood at N2009.94billion representing 29.34% of total imports. The largest import commodity from China was Machines 4 the reception, conversion & transmission (N75.12 billion), T-shirts, Singlet and other Vests of Cotton (N62.60 billion), Other Herbicides (N60.35billion) and others.
4. The Netherlands
Nigeria’s export to the Netherlands in Q1, 2021 was valued at N160 billion or 5.5% of total export. Major export products were Petroleum oils and oils obtained from bituminous minerals, crude valued at N144.79billion. This was followed by Good Fermented Nigerian Cocoa Beans valued at N9.15billion, Superior quality Cocoa beans (N1.95billion) and other frozen shrimps (N1.06 billion).
However, the value of import stood at N726.09, with commodities imported including antibiotics valued at N329.23billion, Motor Spirit ordinary valued at N213.64billion, Gas oil (N71.85billion) and others.
5. France
In Q1 2021, Nigeria’s exports to France was valued at N133.4 billion, accounting for 4.6% of total export. Major commodities exported during the period were Natural gas, liquefied valued at N72.99 billion, Petroleum oils and oils obtained from bituminous minerals, crude (N55.55billion), Oil cake and other solid residues (N1.88 billion) and others.
On the imports side, the value of imports amounted to N128.41billion, with leading commodities including Motor spirit (N43.96billion), Malt not roasted (N10.26billion), Other parts of Aeroplanes and Helicopters (N7.74 billion). Other products imported were Milk and Cream powder (N4.88billion) and transmission apparatus (N3.46 billion).
Terms of Trade by Country of Regions
The All-Region group terms of trade index stood at 101.64 in January, 101.81 in February and 101.12 in March.
The terms of trade by region rose 0.17% in February but decreased by 0.67% in March. On average, the All region terms of trade decreased by 0.51% between January and March 2021 due to unfavourable terms of trade across all regions.
