China undoubtedly from the report has the largest share of imported goods to Nigeria for the quarter.
The United States of America in the first quarter of 2021 exported used vehicles worth N140.2billion to Nigeria, according to the National Bureau of Statistics report.
SaharaReporters obtained the NBS Foreign Trade in Goods report, which stated this, showing the US as one of the five top countries which exported goods to Nigeria with a growth rate of 18% from the previous quarter.
The four others are; China, India, Netherlands and Belgium.
The report noted that the top five “major import trading partners for Nigeria and their percentage share in the first quarter of 2021” showed that China had 29.34%; Netherlands 10.60%; United States 8.88%; India 8.60% and Belgium 3.48%.
China undoubtedly from the report has the largest share of imported goods to Nigeria for the quarter.
The report stated, “Used vehicles, worth N140.2billion, were imported from the United States. Motorcycles worth N30.98billion and N86.67 billion from China and India, and Machines for reception of voice, worth N75.1 billion and N21.8billion from China and Hong-Kong. Other imports under this category were parts of Machinery for working rubber or plastics worth N67.8billion imported from India.
“The export component of this trade stood at N2,907.21billion, representing 29.79% of the total trade while import was valued at N6,850billion representing 70.21%. The higher level of imports over exports resulted in a trade deficit (in goods) of - N3,943.45billion. The value of Crude oil export stood at N1,929.83 billion representing 66.38% of the total export recorded in Q1, 2021, while non –crude oil export accounted for 33.62% of the total export.”
The trade report further noted that Asia had the largest exports to Nigeria, having a total of 48%, while America is third with 12.08%.
“Import trade classified by region showed Asia as the dominant originating region with a record of N3,319.4billion or 48.45%. This was followed by Europe with N2,471.6billion or 36.08%, America N827.8billion or 12.08%, Africa N183.4billion or 2.68% and Oceania N48.5billion or 0.71%. Out of the value recorded for Africa, imports from ECOWAS countries accounted for N20.8 billion,” the trade report said.