In the second quarter of 2021, Nigeria recorded a trade deficit of N1.87trillion, according to the National Bureau of Statistics (NBS).
Its “Foreign Trade Statistics – Q2 2022,” data made this disclosure at the weekend.
The Bureau added that in the period under review, while Nigeria spent N6.95trillion on imports, it also recorded exports N5.08trillion.
In other words, imports exceeded exports by N1.87trillion, which is the deficit.
The transaction resulted in a total trade of N12.03 trillion in second quarter.
NBS said the transaction was 23.28% more than last quarter Q1 2021 and 88.71% more than the same quarter in 2020.
In the period under review, document reflected that Nigeria recorded N4.08 trillion crude oil exports and N1.00 trillion non-crude oil exports.
It added that there was also non-oil exports of N462.85 billion in the period under review.
While crude oil/total exports constituted 80.29% of the transaction 42.22% was export/total trade.
1.45% was change imports, 74.72% was change exports while 9.11% was non-oil exports/total exports.
The NBS said: “During quarter 2, 2021 the total merchandise trade stood at N12,029.6 trillion representing 23.28% increase over the value (N9,757.87billion) recorded in Q1,2021 and 88.71% increase compared to Q2,2020.
“This increase resulted from the sharp increase in export value during the quarter under review.
“The export component of this trade was valued at N5,079.44 trillion or 42.22% , the import was valued at N6,950.21trillion or 57.78% while the trade balance stood at a deficit of N1,870.77 trillion.
“The crude oil, which is the major component of export trade stood at N4,078.20 trillion or 80.29% of total export. “This further shows a sharp increase of 111.32% in Crude oil value in Q2, 2021 compared to (N1,929.83 trillion) recorded in Q1,2021 while the Non-crude oil export recorded N1001.23 trillion or 19.71% of total export trade during Q2,2021.”