In the second quarter of 2021, the value of manufactured goods imported into the country surpassed exports by N4.37tn, the National Bureau of Statistics has revealed.
According to the NBS, the value of manufactured goods trade in Q2, 2021 stood at N4.51tn representing 37.50 per cent of total trade.
“Out of this, the export component accounted for N211.67bn while the import component was valued at N4.3tn,” the NBS report stated.
The products that drove up manufactured products were vessels and other floating structures for breaking up, which was exported to Cameroon in the value worth N71.9b.
It added that vessels and other floating structures for breaking up were also exported to Spain and Equatorial Guinea in values worth N18.34b and N6.62b respectively.
The NBS report stated that other products under this group were aluminium alloys, unwrought exported to Japan in the value worth N10.85b and China (N3.63b).
It added that there were aeroplanes and other aircraft of an unladen weight worth N16.65b exported to Ghana and cruise ships and similar vessels for the transport of persons or goods worth N10.59b exported to Cameroon during the period under review.
In terms of manufactured imports, it added, used vehicles were mainly imported from United States and Italy in values worth N33.78b and N5.74b.
During the quarter, it stated, machine for reception, conversion and transmission were imported from China, Sweden and Hong Kong in values worth N118.69b, N8.98b and N5.22b respectively.
