{"id":38737,"date":"2021-12-07T03:54:51","date_gmt":"2021-12-07T03:54:51","guid":{"rendered":"https:\/\/thefreezonechannel.com\/?p=38737"},"modified":"2021-12-07T03:54:54","modified_gmt":"2021-12-07T03:54:54","slug":"nigeria-records-trade-deficit-as-imports-outpace-exports","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/nigeria-records-trade-deficit-as-imports-outpace-exports\/","title":{"rendered":"Nigeria records trade deficit as imports outpace exports"},"content":{"rendered":"<p>The National Bureau of Statistics (NBS) has reported that Nigeria\u2019s trade balance in the third quarter of 2021 amounted to a deficit of N3,023.50 billion.<\/p>\n\n\n\n<p>The deficit is because the value of imports continued to outpace exports.<\/p>\n\n\n\n<p>This was contained in the NBS\u2019 Foreign Trade in Goods Statistics report.<\/p>\n\n\n\n<p>The deficit was an increase of 26.53% compared to the same period in 2020.<\/p>\n\n\n\n<p>Total imports in the third quarter grew to N8,153.79 billion, showing an increase of 17.32% quarter on quarter and 51.47% on a year-on-year basis.<\/p>\n\n\n\n<p>And total exports were pegged at N5,130.30 billion, which shows a 1% growth compared to the second quarter of the same year and a 71.38% growth compared to the third quarter in 2020.<\/p>\n\n\n\n<p>\u201cExport in the third quarter 2021 was still oil-dependent,\u201d the NBS said.<\/p>\n\n\n\n<p>\u201cCrude oil exports recorded N4,026.18 billion and it remained the major product in total exports (78.48%).<\/p>\n\n\n\n<p>The non-crude oil was valued at N1,104.1 billion or 21.52% of total exports of which Non-oil products only contributed N546.27 billion representing 10.65% of total exports during the quarter under review.\u201d<\/p>\n\n\n\n<p>Nigeria\u2019s major export trading partners, according to the report were India (14.78%), Spain (12.22%), Italy (8.69%), France (7.08%), Netherlands (4.78).<\/p>\n\n\n\n<p>However, the major import trading partners were China (29.95%), India (8.71%), the United States (7.35%), the Netherlands (6.80%) and, Belgium (5.32%).<\/p>\n\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-38737\" data-postid=\"38737\" class=\"themify_builder_content themify_builder_content-38737 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->","protected":false},"excerpt":{"rendered":"<p>The National Bureau of Statistics (NBS) has reported that Nigeria\u2019s trade balance in the third quarter of 2021 amounted to a deficit of N3,023.50 billion. The deficit is because the value of imports continued to outpace exports. This was contained in the NBS\u2019 Foreign Trade in Goods Statistics report. The deficit was an increase of [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":38738,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[949,126],"tags":[44],"class_list":["post-38737","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-trade-and-industry","tag-trade","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nigeria records trade deficit as imports outpace exports - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/nigeria-records-trade-deficit-as-imports-outpace-exports\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria records trade deficit as imports outpace exports - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"The National Bureau of Statistics (NBS) has reported that Nigeria\u2019s trade balance in the third quarter of 2021 amounted to a deficit of N3,023.50 billion. The deficit is because the value of imports continued to outpace exports. This was contained in the NBS\u2019 Foreign Trade in Goods Statistics report. 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