India, number one buyer of Nigerian products in Q3 2021

The National Bureau of Statistics has revealed that India was the top destination for Nigeria’s goods in the third quarter of 2021.

According to the report India accounted for 14.8% (N758.1bn) of trade recorded during the period, with petroleum products being the highest commodity it bought from Nigeria.

The report read, “Petroleum oils and oils obtained from bituminous minerals, crude’’ accounted for N703.3bn. This was followed by liquefied natural gas (N48.8bn) and leather further prep after tanning/crusting, incl. parchment-dressed leather of sheep (N1.0bn).

It said Nigeria on its part imported motorcycles and cycles, Completely Knocked Down parts by established manufacturers valued at N70.2bn, followed by vehicles, with petrol fuel engine, costing N55.9bn, Gas Oil (N39.0 bn), and other Antibiotics (N38.95bn).

Spain was the second on the list, purchasing commodities worth N627bn representing 12.2% of total export during the quarter under review. “The largest exported commodity to Spain in Q3 2021 was petroleum oils and oils obtained from bituminous minerals, crude (N544.6bn) followed by liquefied natural gas (N73.4 bn), leather prepared after tanning/crusting (N5.5 bn) and others.”

On the import side, the highest traded commodity between the two countries was mixed alkylbenzenes & mixed alkyl naphthalenes, valued at N29.7bn, petroleum bitumen valued at N15.3bn, gypsum; anhydrite with/without small quantities of accelerators valued at N10.3bn, Wire of refined copper, the maximum cross-sectional dimension of higher than 6mm (N2.5 bn) and others were imported from Spain.

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Italy came third with a valued trade of N446.04bn accounting for 8.7% of total export during the period.

Major commodities exported during the period by Nigeria to Italy were petroleum oils and oils obtained from bituminous minerals, crude (N442.1bn), leather prepared after tanning (N1.2bn) and technically specified natural rubber (N0.9bn).

Nigeria’s import from Italy was valued at N180bn as parts of gas turbines worth N18.95bn, motor spirit ordinary worth N11.49bn, and used vehicles N7.60bn were the commodities brought from the country.

France was placed fourth with goods worth N363.2bn or 7.1% of total exports in the period.

“This was largely dominated by exports of petroleum oils and oils obtained from bituminous minerals, crude N233.75bn, natural gas N112.26 bn, oil cake N12.67bn, and others.”

On the other hand, the value of imports from France stood at N172.8bn and the largest commodity brought from France was motor spirits (N55.03bn), milk and cream powder (N10.32bn), malt, not roasted (N7.48bn) and others.

They concluded the top five with China, stating that it “remains a major trading partner of Nigeria.”

“In Q3, 2021, Nigeria’s export trade to China amounted to N109.9bn or 2.14% of total export. The traded goods were dominated by liquefied, natural gas which was valued at N39.9bn, followed by petroleum oils and oils obtained from bituminous minerals, crude (N28.7bn), propane, liquefied (N8.7bn), and others.

However, for import, “Other poly (ethylene terephthalate)” ranked first with a value of N78.5bn, this was followed by other instruments, appliances and machines for measuring or checking and machines for the reception, conversion & transmission or regeneration of voice, image were valued at N71.5bn and N67.7bn, respectively.”

 

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