Manufacturing trade deficit hits N27.33tn in two years -NBS report

The value of manufactured goods trade deficit has grown to N27.33tn in two years, according to data from the National Bureau of Statistics.

In its ‘Foreign Trade in Goods Statistics’ for the four quarters of 2020 and 2021, the NBS disclosed that manufacturing imports rose from N12.71tn in 2020 to N16.73tn in 2021, while exports rose from N960.7bn in 2020 to N1.15tn in 2021.

Cumulative imports for both years under review totalled N29.44tn, making up 93.30 per cent of foreign manufactured trade. Exports for both years totalled N2.11tn, making up 6.69 per cent of the same trade.

Total manufactured goods for both years grew to N31.55tn. According to the NBS, used vehicles, motorcycles, and machines for the reception, conversion and transmission or regeneration of voice, images drove import.

In 2021, total value of imports of used vehicles was N418.34bn, motorcycles was N367.39bn, while import of machines for the reception, conversion and transmission or regeneration of voice and images was put N366.83bn.

In 2020, the total value of imported used vehicles was N593bn, while that of motorcycles was put at N415.87bn. The nation imported used vehicles from the United States, Italy, Belgium, Netherlands, Brazil, and Canada.  It imported motorcycles from India and China.

It imported machines for the reception, conversion and transmission or regeneration of voice, images from China, Hong-Kong, and Sweden.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.