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).
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.
