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Agricultural Goods Sector

During the quarter, total trade in Agricultural goods stood at N387.7billion (or 4.67% of the overall trade), of which exported agricultural goods accounted for N126.3billion. Analysis by economic region showed that most Agricultural goods were exported to Asia and Europe, valued at N66.9billion or 52.98% and N52.7billion or 41.68% respectively. The key drivers of agricultural products exports were Sesamum seeds whether or not broken (N49.1billion), Good fermented Nigerian Cocoa beans (N35.2billion) and Superior quality cocoa beans (N16.8billion). Sesamum seeds worth N9.8billion, N9.5 billion and N9.3billion were exported to Japan, Turkey and China respectively, while Good fermented cocoa beans were exported mainly to The Netherlands (valued at N16.5billion) and Germany (valued at N6.6billion). Superior raw Cocoa beans was also exported mainly to The Netherlands at a value of N11.2billion.

 

In terms of imports, Nigeria imported Agricultural goods worth N261.4billion in Q1, 2020. Sectoral imports by region, showed that the country imported most Agricultural goods from Europe (N125.2billion or 47.9%), America (N85.2billion or 32.6%) and Asia (N40billion or 15.3%). The major products imported during the quarter were Durum wheat (not in seeds). This was imported from the United States, Latvia, Canada and Argentina valued at N25.9 billion, N22.6billion, N15.2 billion and N13.98billion. Further, Durum wheat (seed) was imported from the United States (valued at N8.95billion), Russia (N5.9billion) and Lithuania (N5.5billion).

 


POST BY: Nextoga Admin | 11-10-2020
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