FG RECORDED N1.87tn TRADE DEFICIT IN Q2 -NBS

National-Bureau-of-Statistics-640×330 (NBS)
The Federal Government recorded a trade deficit of N1.87 in the first half of the year; data obtained from the National Bureau of Statistics has shown.

This figure was contained in the Foreign Trade Statistics report released on Saturday.

According to the report, total merchandise trade during the period stood at 12.03tn, indicating a N2.27tn or 23.28 per cent increased when compared to the amount recorded in Q1 2021.

The aggregate trade of N12.03tn comprises of N6.95tn of imports and N5.08tn of exports, resulting in a trade deficit of N1.87tn.

The report read, “During quarter2, 2021 the total merchandise trade stood at N12,029tn representing 23.28 per cent increase over the value (N9.75tn) recorded in Q1,2021 and 88.71 per cent increase compared to Q2,2020.

“This increase resulted from the sharp increase in export value during the quarter under review. The export component of this trade was valued at N5.07tn or 42.22 per cent, the import was valued at N6.95tn or 57.78 per cent while the trade balance stood at a deficit of N1.87tn.”

It stated that crude oil was the major component of export trade during the period, contributing N4.07tn or 80.29 per cent of total export.

“This further shows a sharp increase of 111.32 per cent in Crude oil value in Q2, 2021 compared to (N1.92tn) recorded in Q1,2021 while the Non-crude oil export recorded N1001.23bn or 19.71per cent of total export trade during Q2,2021,” it added.

The lastest trade report by the NBS shows that in the first half of the year, trade deficit stood at N5.81tn.

In H1 2021, total merchandise trade was N21.79tn, comprising of N13.81tn of aggregate import and N7.99tn of total export.

dex4sure:
Useless government...just give them one week, all that money will be in there accounts...

vedaxcool:


Do you even understand the concept of trade deficit that an SS Economics student can easily explain to you?

seunmsg:
Nigeria records trade deficit and not federal government.

According to the report, total merchandise trade during the period stood at 12.03tn, indicating a N2.27tn or 23.28 per cent increased when compared to the amount recorded in Q1 2021.

The aggregate trade of N12.03tn comprises of N6.95tn of imports and N5.08tn of exports, resulting in a trade deficit of N1.87tn.

Modrov:


But your party could have done better, much better.

Anyway, so too could have Nigerians.

The report read, “During quarter2, 2021 the total merchandise trade stood at N12,029tn representing 23.28 per cent increase over the value (N9.75tn) recorded in Q1,2021 and 88.71 per cent increase compared to Q2,2020.

“This increase resulted from the sharp increase in export value during the quarter under review. The export component of this trade was valued at N5.07tn or 42.22 per cent, the import was valued at N6.95tn or 57.78 per cent while the trade balance stood at a deficit of N1.87tn.”

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rave409:
Looting is the problem

seunmsg:




We actually recorded huge increase in our export volume during the quarter even though the increase was fueled by crude oil export.

Our inability to produce items that other countries require is still a huge problem and it’s very obvious from this report. We need to do better in our diversification drive. We can’t keep relying on crude oil forever. Agriculture, manufacturing, IT (fintech) are areas government need to keep working on.

Sirjamo:
PDP Dundees will not call this one Oluwole data, it suits their sentiments very well.


Crude oil represents 80.29 percent of total exports in Q2. If the World stop buying oil, we are doomed.

GardenOfGod:

source:
www.informationng.com
https://punchng.com/fg-recorded-n1-87tn-trade-deficit-in-q2-nbs/

micki1:
Yet your "Daddy" is prospecting for more oil instead of diversifying.