Breaking: Chinese Goods Still Dominate Nigerian Markets..

Chinese goods have continued to dominate Nigerian markets, data of Nigerian import and export trade have shown.

This fact was gleaned from latest data released by the National Bureau of Statistics (NBS) for Quarter Two –Q2 of 2024

The data showed that though Nigeria’s top trading export partners in the period under review were Spain, the U.S., France, India, and the Netherlands, but picture is different when it comes to imports.

Here, Chinese goods dominated her imports as China remained Nigeria’s highest trading partner, ahead of the aforementioned countries.

What Does Nigeria Import Majorly From China?

Statistics from both oec and NBS provide better highlight:

In July 2024, the top exports of China to Nigeria were as follows:

i. Synthetic Filament Yarn Woven Fabric ($84.8M),

ii. Motor vehicles; parts and accessories (8701… ($49.2M),

iii. Telephones ($42.1M),

Nigeria-China trade expo utilised to the maximum to permeate the Nigerian environment with Chinese goods

iv. Bathroom Ceramics ($41.3M),

v. Electrical Transformers ($40.1M).

On the other hand, her top imports from Naija In July 2024 were as follows:

i. Petroleum Gas ($46.6M),

ii. Other Mineral ($25.1M),

iii. Uranium and Thorium Ore ($7.05M),

iv. Niobium, Tantalum, Vanadium and Zirconium Ore ($7.03M),

v. Refined Copper ($4.05M).

Who is Having The Upper Hand In This Trade?

In July 2024, China exported $1.3B and imported $238M from Nigeria, resulting in a positive trade balance of $1.06B. Between July 2023 and July 2024 the exports of China have decreased by $-537M (-29.3%) from $1.83B to $1.3B, while imports decreased by $-9.36M (-3.79%) from $247M to $238M, states oec

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Generally, and away from Chinese goods, the National Bureau of Statistics (NBS) says Nigeria’s total trade stood at N31,892.46 billion in the second quarter of 2024.

It says the figure represented a decrease of 3.76 per cent over the value recorded in Q1 2024 and an increase of 150.39 per cent compared to the value recorded in Q2 2023.

Referring to its Foreign Trade in Goods Statistics Report for Q2 2024 released in Abuja today, the bureau said total exports stood at N19,418.93 billion, accounting for 60.89 per cent of total trade while total imports stood at N12,473.53 billion.

This shows that total exports increased by 1.31 per cent compared to the amount recorded in the first quarter of 2024 at N19,167.36 billion.

“Also, total exports in Q2 2024 increased by 201.76 per cent when compared to Q2 2023, which was recorded at N6,435.13 billion.”, the NBS said.

It said in Q2 2024, Nigeria’s export trade continued to be dominated by crude oil exports valued at N14,559.56 billion, which represented 74.98 per cent of total exports.

The NBS said the value of non-crude oil exports stood at N4,859.37 billion, which represented 25.02 per cent of total exports in Q2 2024.

“Non-oil products contributed N1,944.25 billion, or 10.01 per cent of total exports”, the NBS said.

The Eagle reports that economists have overtime, emphasised the need for Nigeria to strengthen her manufacturing sector, so that Nigerian made products could become competitive the way Chinese goods are able to stand their own in global trade.