BUSINESS

Nigeria: Total Trade Grows By 23.28% In Q2 2021

Nigeria’s total trade grew by 23.28 per cent  in Q2,2021 compared to Q1,2021 and 88.71 per cent higher than the value recorded in Q2, 2020, 

This was contained in a document released by the Bureau at the weekend.

NBS also noted that the value of imported manufactured goods decreased by 5.1 per cent  in Q2, 2021 against the value recorded in Q1, 2021 but increased 54.3 per cent  compared to Q2, 2020.

The value of raw material imports, it said,  increased by 25.6 per cent  in Q2,2021 compared to Q1, 2021 and 47.3 per cent  compared to Q2, 2020 while imported agricultural products were 3.5 per cent  more in Q2,2021 than in Q1,2021 and 56.9 per cent more compared to Q2, 2020.

But the value of energy goods imports decreased by 94.6 per cent  in Q2, 2021 against the level recorded in Q1, 2021 and 88.7 per cent compared to the corresponding quarter of 2020.

“The value of raw material imports increased by 25.6 per cent in Q2,2021 compared to Q1, 2021 and 47.3 per cent compared to Q2, 2020.

“Imported agricultural products were 3.5 per cent  more in Q2,2021 than in Q1,2021 and 56.9 per cent more compared to Q2, 2020.

“The value of total imports rose by 1.45 per cent  in Q2, 2021 compared to Q1,2021 and 67.49 per cent  compared to Q2,2020” the agency said.

The value of total exports in Q2, 2021 increased by 74.72 per cent against the level recorded in Q1, 2021 and 128.29  per cent compared to Q2,2020. (This increase resulted mainly from the increase in export value of crude oil in Q2, 2021).

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