India is the top export destination for Nigerian commodities with N500.6 billion or 16.7 per cent of trade exports from Nigerian in the third quarter of 2020, a report has said.
According to the latest term of trade report released by the National Bureau of Statistics (NBS), Spain, Netherlands, Turkey and China along with India are Nigeria’s top five trading partners for the period.
It also revealed that crude oil dominated export commodity in Q3 with India taking N444.89bn worth of crude oil; Spain took N282.8bn, Netherland, N216.7bn, Turkey, N138.75bn and China N64.1bn
Other trades with India include natural and liquefied gas, N49.1bn; cashew nuts, N2.18bn, soya beans, N1.14bn, and leather, N0.71bn.
On the other hand, Nigeria imported motorcycles from India worth N50.71bn, antibiotics (N26.36bn), vaccines for human medicine (N20.22bn) and Polyethylene (N9.27bn).
Similarly, Nigeria imported Premium Motor Spirit (PMS) worth N190.8bn and N20.65bn from Netherland and Spain respectively.
The report found Nigeria’s trade with the Netherlands on negative balance with import of N79.5bn antibiotics; gas oil (N58.8bn) and blue whiting meat (frozen) – N10.2bn.
However, cocoa beans (N1.6bn), frozen shrimps and prawns (N1.2bn), made it in the list of Nigerian imports.
Other imports from Spain include mixed alkylbenzenes & mixed alkyl naphthalenes (N17.63bn) and Gypsum (N4.37bn).
Nigeria maintained a positive balance trade with Turkey as it recorded N150bn or 5.01 per cent export trade while imports stood at N59.26bn representing 1.10 per cent of total imports.
The top three import commodities from Turkey were plasters of calcined gypsum, cooking appliances, as well as other paper and paper boards valued at N4.09billion, N2.60bn and N2.24bn respectively.
“In Q3 2020, Nigeria’s import trade with China was in terms of instruments, appliances and machines for measuring or checking, machines for the reception, conversion and transmission or regeneration of voice and images.
“Other appliances such as taps, cocks and other valves, were the dominant imports, each valued at N37.2bn, N37.1bn, and N35.2bn respectively,” the report stated.
