Tuesday, February 7, 2023
The Witness Newspaper
No Result
View All Result
  • Home
  • News
  • The Nation
  • Business
  • Politics
  • Investigation
  • Opinion
  • Sports
  • Entertainment
  • South Witness
  • World
  • Health
The Witness Newspaper
No Result
View All Result
Home Business

China tops Nigeria’s import in Q2 2022

Stanley Osariemen by Stanley Osariemen
January 4, 2023
in Business
China tops Nigeria’s import in Q2 2022

Ships at Apapa Port

Share on FacebookShare On WhatsappShare On Twitter

China topped Nigeria’s major import trade in second-quarter Q2, 2021 on the import trade list.

This is according to data from the National Bureau of Statistics (NBS).

READ ALSO

Banks not hoarding new naira notes, normalcy returning soon – ACAMB

Kenya drops case of financial impropriety against Flutterwave

China recorded 29.9 percent or N2.08 trillion of the total import which stood at N6.95 trillion in the same quarter.

On the other hand, India leads on the list of Nigeria’s major export trading partners with 18.7 percent or N949.05 billion of the total export which stood at N5.08 trillion in the same quarter under review. A breakdown from NBS explained that the first five countries among the major export trading partners included India which recorded 18.7 percent; Spain 10.3percent; Canada 7.0 percent; Netherlands 5.9percent and United States 5.1percent.

The data stated: “The import intensity of Nigeria with the top importing partners (China, India, Netherlands, and Russia) were higher in all the months. China recorded (1.75, 1.12, and 1.23) in April, May, and June. A higher index was also recorded for India (5.17, 3.34, and 2.76 for April, May, and June 2021) and Netherlands (1.60 and 1.36) in May and June but 0.86 in April. Other major trading partners were Russia which recorded (1.68, 1.22, and 1.20 for April, May, and June) while the United States recorded lower import intensities of 0.51, 0.46, and 0.52 during the months of Q2, 2021.

“During the months of the second quarter of 2021 (April, May, and June), Nigeria had intense export trade with India (6.52, 6.25, 6.89), Spain (4.55, 3.74, 4.30), and Canada (2.35, 2.56, 1.94). This is shown by the higher index recorded during the quarter. However, the available record showed lower export intensities for United States (0.26, 0.54, and 0.06). During the quarter, Netherlands registered higher export intensities for April (2.0) and June (1.79) but a lower export intensity for May (0.18)

However, NBS said that the total value of trade in agricultural goods in Q2 2021 stood at N817.35billion, while the export component of this trade totaled N165.27billion and the import valued at N652.08 billion.

 

Tags: ChinaNBSNigeria's trade balance

Related Posts

Banks not hoarding new naira notes, normalcy returning soon - ACAMB
Business

Banks not hoarding new naira notes, normalcy returning soon – ACAMB

February 6, 2023
Kenya drops case of financial impropriety against Flutterwave
Business

Kenya drops case of financial impropriety against Flutterwave

February 6, 2023
S&P revises Nigeria's outlook to negative
Business

S&P revises Nigeria’s outlook to negative

February 6, 2023
IMSU confers honorary doctorate on UBA CEO, Oliver Alawuba
Business

IMSU confers honorary doctorate on UBA CEO, Oliver Alawuba

February 5, 2023
Kenyans, Ethiopians reign supreme at Lagos City Marathon
Business

Kenyans, Ethiopians reign supreme at Access Bank Lagos City Marathon

February 5, 2023
Nigerian billionaire Mmobuosi set to buy Sheffield United for £90m
Business

Nigerian billionaire Mmobuosi set to buy Sheffield United for £90m

February 3, 2023
Next Post
Four perish in Ondo road accident

15 dead as bus crashes into petrol tanker in Kogi

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Categories

  • Business
  • Entertainment
  • Health
  • Inside Nigeria
  • Investigation
  • Lifestyle
  • Opinion
  • Politics
  • Southern Witness
  • Sports
  • The Nation
  • The News
  • World

Recent Posts

  • Court frees ex-Gov Okorocha, others for alleged N3b fraud
  • Court stops Buhari, CBN from extending Feb 10 deadline for phasing out old naira notes
  • Combined strength of PDP, LP, NNPP can’t defeat APC, Fashola boasts
  • ‘Ebonyi PDP guber candidate escapes assassination attempt’
  • Falana’s ASCAB threatens nationwide protest over naira, fuel scarcity
  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy
  • Terms and Conditions

Copyright © 2022 The Witness Newspaper | All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • The Nation
  • Business
  • Politics
  • Investigation
  • Opinion
  • Sports
  • Entertainment
  • South Witness
  • World
  • Health

Copyright © 2022 The Witness Newspaper | All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.