Raw material imports from China, India and others reached 8.36 tn

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Imports of commodities from China, India, Spain and the Netherlands in the first half of the year reached 8.36 billion naira, data from the National Bureau of Statistics revealed. .

Commodity price index terms of trade reports for the first and second quarters of the year obtained from the SNB showed these countries to be Nigeria’s top four trading partners during the period. considered.

In the first and second quarters, the total imports from the countries amounted to 4.21 tons and 4.17 tons respectively.

A breakdown of total imports in the first quarter shows that Nigeria spent 2.1 billion naira on imports from China which were dominated by imported machinery, t-shirts, undershirts, cotton vests and herbicides, and 589.1 billion naira for motorcycles, cycles, antibiotics and machine parts from India.

For the Netherlands, total imports amounted to 726.1 billion naira, including products such as antibiotics valued at 329.2 billion naira, motor gasoline valued at 213.64 billion naira, diesel, 71.85 billion naira, among others.

On imports from Spain, the report states: “The value of imports from Spain during the quarter amounted to N78.9 billion. Motor Spirit (regular) ranked first in imports valued at N20.82 billion, followed by mixtures of mixed alkylbenzenes and alkylnaphthalenes valued at Naira 13.75 billion, bitumen of petroleum of 6.38 billion naira and gypsum anhydrite worth 5.81 billion naira.

In the second quarter, imports from China amounted to 2.08 billion naira, or 29.9 percent of the total imports recorded during that period.

The largest product imported from China was’ machines for receiving, converting and transmitting (N 118.69 billion), other herbicides (N 81.17 billion), polyethylene terephthalate (N 45.81 billion) of N), motorcycles (32.72 billion N). “

Further analysis of the report shows that imports from India and Spain fell to 570 billion naira and 567.1 billion naira respectively in the second quarter.

As in the first quarter, India’s import trade in the second quarter was dominated by cycles and imported vehicles, while the main products imported from Spain during this period were petroleum, bitumen and other mineral substances.

In the second quarter, eight percent of total imports came from the Netherlands. Nigeria spent 567.1 billion naira to import motor gasoline, diesel fuel, lubricating oils and blue whiting from the country.

Regarding exports, the report revealed that petroleum products emerged as the most exported raw material in the first half of the year.

Meanwhile, the total export value of these major trading partners stood at 3.1 billion naira by the end of the first six months of the year.

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