Motorcycle imports from China, India, consumed N117.65bn in Q1

Motorcycle imports from China, India, consumed N117.65bn in Q1

In the first quarter of 2021, motorcycles worth N117.65bn were imported from China and India by Nigeria.

According to the National Bureau of Statistics (NBS), in Q1 2021, Nigeria imported goods worth N3.32tn from Asian countries.

The NBS’ foreign trade statistics showed that 48.45 per cent of Nigeria’s total import trade of N6.85tn came from Asian countries, placing the region at the top of the list of Nigerian trade partners.

Europe followed Asia with N2.5tn or 36.08 per cent, America with N827.5bn or 12.08 per cent and Africa with N183bn or 2.68 per cent, according to the data obtained from the NBS.

Oceanic countries were ranked the least among the country’s global trade partners, accounting for N48.5bn or 0.7 per cent of total import trade.

According to the bureau, “Import trade classified by region showed Asia as the dominant originating region with a record of N3.32tn or 48.45 per cent.

“This was followed by Europe with N2.47tn or 36.08 per cent, America N827.8bn or 12.08 per cent, Africa N183.4bn or 2.68 per cent and Oceania N48.5bn or 0.71 per cent. Out of the value recorded for Africa, import from ECOWAS countries accounted for N20.8bn.”

The data further shows that in the first quarter of 2021, Nigeria imported motorcycles worth N86.67bn and N30.98bn from China and India, respectively.

Nigeria spent N397bn on antibiotics and machinery for manufacturing rubber and plastic imported from India, and N75.1bn on “machines for voice” imported from China.

Nigeria recorded a trade deficit of N2bn as it earned only N1.32bn from exports to Asian countries.

According to the NBS, in the first quarter of 2021, the products Nigeria exported were fermented cocoa beans, sesamum seeds, cashew nuts, and lead ores to countries such as China, Japan, India and Malaysia.

“Top exported Agricultural products were sesamum seeds exported mainly to China (valued at N23.1bn), Japan (N8.3bn) and Turkey (N3bn). This was followed by good fermented cocoa beans exported to Malaysia (N5.5bn)”.

Author: Greg