Chinese products top Nigeria's list of imported goods - NBS

The National Bureau of Statistics has reported that a total of 31.41 per cent of goods imported into Nigeria are from China; thus, making Chinese products the top of the list of goods imported into Nigeria.
EJ
Emeh Joy

The National Bureau of Statistics has reported that a total of 31.41 per cent of goods imported into Nigeria are from China; thus, making Chinese products the top of the list of goods imported into Nigeria.

NBS also stated in its report on "Foreign trade in goods statistics" for the second quarter of 2020 that Spain topped the list of countries that received Nigeria's exported goods.

The report read partly; "Nigeria's imports by country of origin shows goods were imported mainly from China (N1.26tn or 31.41 per cent), United States (N428.9bn or 10.66 per cent), India (N322.3bn or 8.01 per cent) and the Netherlands (N202.9bn or 5.04 per cent), respectively.

"The value of exports in Q2, 2020 stood at N2.22tn, a decrease of 45.65 per cent compared to Q1, 2020 and 51.73 per cent compared to Q2 2019.

"The year to date export amounted to N6.3tn representing a 31 per cent decline compared to 2019.

Exports of goods from Nigeria by section

"Exports by section revealed that mineral products accounted for the largest portion of exports, amounting to N1.87tn or 84.35 per cent mainly due to the crude oil component".

It further noted that this section was followed by vehicles, aircraft and parts (N221.2bn or 9.96 per cent) and others.

Export of goods from Nigeria by region

Analysis of export by region showed that Nigeria exported most of its products to Europe (N976.5bn or 44 per cent), followed by Asia (N734.1bn or 33 per cent)and Africa (N401.4bn or 18.1 per cent).

The fourth region is America (N105.8bn or 4.8 per cent), followed by Oceania (N1.7bn or 0.08 per cent).

Within Africa, goods worth N149.3bn were exported to ECOWAS member states. All the regions recorded declines in the value of exported goods during the quarter, even though Japan and China recorded an increase in export activity.

"Exports by country of destination showed that Nigeria exported goods to Spain valued at (N310.8bn or 14 per cent), Netherlands (N243.7bn or 10.98 per cent), China (N220.4bn or 99 per cent), India (N195.6bn or 8.8 per cent and South Africa (N172.2 or 7.7 per cent)", NBS stated

Also, analysis by economic region showed that most agricultural products were exported to Asia, Europe and America valued at N43.6bn, N26.4bn and N6.6bn.

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