In 3 Months, Nigeria Imported N2.78trn Manufactured Goods – NBS




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imported manufactured goods worth N2.78tn while the export component was N254.2bn between April and June.

 

According to figures obtained from the National Bureau Statistics foreign statistics for the second quarter, this amounted to a difference N2.52tn in the period under .

According to the NBS, N757.99bn, N885.98bn and N1.14tn manufactured goods were imported in April, May and June respectively.

It also revealed that N137.06bn, N82.07bn and N35.03bn were exported in April, May and June respectively.

The NBS stated, “The value manufactured goods in Q2, 2020 stood at N3.04tn.

“Out of this, the export component accounted for N254.2bn.

“The products that drove manufactured export were light vessels, fire floats, floating cranes exported to Spain in the value worth N129bn.

“There were also exports of vessels and other floating structures to Cameroun (N32.8bn), Equatorial (N36.9bn) and Singapore (N7.5bn).”

Export manufactured goods by region showed that goods were exported mainly to Europe (N137.1bn) and within Africa (N96.98bn).

It stated, “ the other hand, manufactured imports stood at N2.78bn.

“The main drivers were used vehicles imported from United States (N116bn), Netherlands (N28.5bn) and Brazil (N24.7bn).

“Other goods imported under this category were motorcycles from (N66.6bn) and China (N25.4bn).”

During the quarter, the data revealed that herbicides worth N58.8bn were imported from China while machine for reception were also imported from China amounting to N49.3bn.

Import trade by region showed that manufactured goods were mainly imported from Asia (N1.75tn) and Europe (N503.3bn).

The majority of commodities exported out of were transported via .

This was reflected in the value of exports by in Q2,2020.

accounted for 99.76 per cent of exports.

Air contributed 0.05 per cent while accounted for 0.19 per cent.

For imports, most goods brought into the country arrived via water transportation means, accounting for 93.67 per cent of the value of imports.

Another major mode of used was air, which accounted for goods valued at 6.1 per cent.

In Q2, 2020, the bulk of export transactions was conducted through Apapa port, with goods worth 86.1 per cent of total exports, followed by which recorded 10 per cent and Tin Can Island, which was responsible for goods worth 3.3 per cent.

In terms of imports, Apapa Port also recorded the highest transactions valued at 40.3 per cent of total imports.

This was followed by Tin Can Island, for goods worth 21.7 per cent of total imports.

Port-Harcourt accounted for goods valued at 9.5 per cent.

 

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