Findings from the NBS revealed that the trade balance between Nigeria and China rose to N7.54 trillion. According to the National Bureau of Statistics, the bilateral trade deficit with China is widening, with an increase in Nigeria’s imports from China in the past year.
The data from foreign trade shows that Nigeria imported N8.4 trillion worth of goods from China for the first nine months of 2023.
The breakdown also shows that Nigeria imported N1.29 trillion worth of produce in Q1, N2.56 trillion in Q2, and N4.53 trillion in Q3.
Further details from the NBS show that exports from Nigeria to China were valued at N126.61bn in Q1, N251.8bn in Q2, and N482.4bn in Q3, making a total of N860.82bn and indicating huge deficits during the period.
From the data, Nigeria’s main exports to China include minerals, metals, agricultural products, crude oil, and agricultural products.
In 2021, a report from China’s Customs Agency stated that Nigeria topped the chart amongst African countries importing from China, with imported goods valued at $23 billion (about N9.6tn) or 16% of the total continent’s imports from China.
But Nigeria did not feature as one of the top five African countries in exports to China during the same period, as it recorded only $3 billion (about N1.3 trillion) in exports in the year.
Experts say the recurring trade deficit speaks to Nigerian firms' persistently weak production capacity and competitiveness.
Last week, Doris Aniete, the Minister of Industry, Trade, and Commerce, was examined as she appeared before some senators to defend her ministry’s budget. She was asked where the country’s trade balance stood, especially with China.
Read more: https://www.investingport.com/nigerias-trade-deficits-with-china-rises-to-n754-trillion-nbs/