The Will Nigeria
The value of total imports of agricultural goods in Q3 2022 rose to N512.91 billion or 10.44 percent compared with the value recorded in the preceding period of Q2 2022 (N464.45 billion). It also showed an increase by 7 percent as against the value of N482.21 billion that occurred in the corresponding period of Q3 2021.
These figures were contained in the Foreign Trade in Goods Statistics – Q3 2022, published by the National Bureau of Statistics (NBS) last week. The NBS also stated that the total value of imported agricultural goods represents 9.06 percent of total imports in the review period.
According to the statistical bureau, the major agriculture goods imported in Q3, 2022 included ‘Durum wheat (not in seeds)’ from the United States of America with N78.29 billion and Poland with N45.62
billion. This was followed by ‘Jack and horse mackerel (Trachurus spp.) meat, frozen’ from Chile valued at N15.87billion and The Netherlands with N1.69 billion.
Nigeria turned to the US and Poland for wheat importation as a result of the Russia-Ukraine war which broke out in February 2022 and cut off supply chain from that region which is the world’s major producer and exporter of the commodity. The development sparked off a high cost of the imported wheat which constitutes a major component of cereal production thereby reflecting in consumers paying more for bread and related products.
The report further revealed that the value of total trade (exports and imports) in agricultural goods in Q3, 2022 stood at N597.12 billion, of which exports were valued at N84.21 billion in Q3, 2022.
“Exports of agricultural goods fell by 40.60% and increased
by 6.03% when compared to the value recorded in Q2, 2022 (N141.77 billion) and Q3, 2021 (N79.41billion) respectively,” the report stated.
Most agricultural products were exported to Asia valued at B44.04 billion, followed by Europe with N22.95 billion.
Export of agricultural products was dominated by ‘Superior quality Cocoa beans’ valued at N24.58 billion followed by ‘Sesamum seeds,
whether or not broken’ with N19.80 billion and ‘Cashew nuts in shell’ with N7.20 billion.
By direction of trade, ‘Superior quality Cocoa beans’ worth N8.07 billion and N6.63 billion were exported to Indonesia and Malaysia respectively. Furthermore, ‘Sesamum seeds’ worth N5.62 billion
and N5.49 billion were exported to Japan and China respectively, followed by exports of ‘Cashew nuts in shell’ worth N3.86 billion and N2.21 billion to Vietnam and India respectively.
In the raw materials segment, the value of total trade of raw materials stood at N835.23 billion in the third quarter of 2022 of which imports were valued at N649.21 billion while exports stood at N186.02 billion.
“During the quarter, ‘Urea whether or not in aqueous solution’ was exported to Brazil at a value of N63.69 billion. This was followed by ‘Nonmonetary Gold (including gold plated with platinum) in Powder form’ exported to Switzerland valued at N17.32 billion,” the NBS said.
