Business

Nigeria Trade Deficit With China Widens as Imports Hit $23b in 2021

BY JOHNMARK UKOKO

Nigeria’s imports from China hits $23 billion in 2021, representing 16 per cent of the total importation from the Asian country.

However, Nigeria’s export to the Asian country stood at a mere $3 billion in the same period, representing $20 billion trade deficit with China and the least export on the continent.

Data from the China Custom Agency showed that while China export more to Nigeria, the West African country barely export goods to the Asian country.

Also, data obtained from the National Bureau of Statistics (NBS) by The Trumpet showed that the bilateral trade deficit against Nigeria is widening in the country’s importation from the Asian country from 2019 to 2021.

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According to NBS, Nigeria imported N6.53 trillion worth of goods from China in nine months from January to September 2021, representing a 14.8 per cent increase compared to the N5.69 trillion worth of imports from the country in 2020 and 51.2 per cent above total imports from the Asian country in 2019 valued at N4.32 trillion.

The NBS data revealed that the N6.53 trillion imports from China in the nine months ended September 2021, represents 29.75 per cent of Nigeria’s total imports from all over the world valued at N21.95 trillion within the period.

Value of goods imported from China in 2020 stood at N9.69 trillion, representing 29.1 per cent of Nigeria’s total imports globally during the year, valued at N19.55 trillion for the period.

Comparatively, the NBS data for the nine months to September 2021 showed that exports from Nigeria to China was valued at N486.57 billion while for 2020 it stood at N633.48 billion and N595.99 billion in 2019.

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