India was the largest export market for Nigeria in the first quarter of 2021 with a net worth of N488.1 billion, the National Bureau of Statistics (NBS) has said.
The bureau said this in its Commodity Price Indices and Terms of Trade (Q1 2021) report published on its website.
According to the report, Nigeria’s export trade to India accounted for 16.8 per cent of it total exports.
It said the largest export commodity to India was petroleum oils and oils obtained from bituminous minerals, crude valued at N462.12 billion followed by liquefied natural gas, cashew nuts in shell, leather further prepared after tanning, and coconut.
Those items were valued at N11.61 billion, N5.13 billion, N3.17 billion and N1.10 billion respectively.
On the other hand, Nigeria imported motorcycles and cycles valued at N86.67 billion, followed by parts of machinery for working rubber valued at N67.81 billion, other antibiotics valued at N45.32 billion among others during the period under review.
The NBS said Spain, China, the Netherlands, and France were other major trading partner countries of Nigeria in the first quarter of 2021.
The bureau also said that the country’s major exports to these countries were crude petroleum and natural gas.
According to the report, the major imports from these countries are motorcycles and cycles, machines for reception, conversion, motor Spirit ordinary and antibiotics.
Nigeria’s export trade with Spain in the first quarter, it said, was dominated by petroleum oils and oils obtained from bituminous minerals, crude valued at N213.1 billion.
On the other hand, the bureau said, the value of imports from Spain during the quarter stood at N78.9 billion.
“Motor Spirit (ordinary) ranked first in imports, valued at N20.82billion, and was followed by mixed alkylbenzenes & mixed alkylanaphthalenes, valued at N13.75 billion, petroleum bitumen at N6.38 billion and gypsum; anhydrite worth N5.81billion,” it said.
The bureau also said that Nigeria’s major export to China in the period under review was petroleum oils and oils obtained from bituminous minerals, crude valued at N57.61 billion, natural gas liquefied at N47.50billion and sesame seeds valued at N23.11 billion.
It explained that imports from that country during the quarter were machines for the reception, conversion & transmission valued at N75.12 billion, T-shirts, singlets and other vests of cotton worth N62.60 billion, herbicides worth N60.35 billion and others.
According to the bureau, Nigeria also exported crude worth N144.79 billion to the Netherlands.
Other major export commodities included Good Fermented Nigerian Cocoa Beans valued at N9.15 billion, Superior quality Cocoa beans valued at N1.95 billion and other frozen shrimps worth N1.06 billion.
According to the report, the trade in goods statistics, a compilation by NBS was largely from secondary data sources including the Nigerian Customs Service through the Nigeria Integrated Customs Information System.
The report said more data sources were from the Nigerian National Petroleum Corporation, Petroleum Products Pricing and Regulatory Agency, Nigeria Liquefied Natural Gas Ltd, Central Bank of Nigeria (CBN) and Cobalt International Services Ltd.
Others are Carmine Assayer Ltd Inspection Services, NerolIi Technology, Nigerian Export Processing Zone Agency, Oil and Gas Free Zone Agency, Nigerian Electricity Regulatory Commission and Federal Airports Authority of Nigeria.
It added that the Nigeria Civil Aviation Authority (NCAA) and Nigerian Ports Authority (NPA) were also among the data sources which include government and non-government shipment of goods.
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