Imports Of Agric Products Reached N1.3 Trillion In Six Months
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Imports Of Agric Products Reached N1.3 Trillion In Six Months
Imports Of Agric Products…
Data from the National Bureau of Statistics show that the total trade in agricultural products in the first six months of this year was 1.5 trillion naira.
 
In the period under analysis, imports represented 1.3 trillion naira in the sector’s total trade, while exports represented 292.5 billion naira.
 
This led to a trade deficit of N1.07 trillion in the agricultural sector.
 
The main agricultural products imported during the period under review were durum wheat, mackerel, herring, edible blends, crude palm oil and malt imported from Canada, Lithuania, Denmark, Russia, the Netherlands and France.
 
In quarter one, the NBS said, “Top exported Agricultural products were Sesamum seeds exported to China (valued at N23.1bn), Japan (N8.3bn) and Turkey (N3bn).
 
In the first quarter of this year, the total volume traded by the sector was 757.4 billion naira. Among them, exports were only 127.2 billion naira, while imports of agricultural products cost 630.2 billion naira.
 
In the first quarter, the National Bureau of Statistics said: “The most important agricultural product for export is sesame, which is exported to China (worth 23.1 billion naira), Japan (8.3 billion naira) and Turkey (3 billion naira).
 
“Followed by premium fermented cocoa beans exported to the Netherlands (9.2 billion naira), Malaysia (5.5 billion naira) and the United States (3.2 billion naira).
 
“Other important export products of the industry include cashew nuts exported to Vietnam and India, worth 5.3 billion naira and 5.1 billion naira, respectively.
 
“Yet, durum wheat (not seeds) worth 66.97 billion naira was imported from Lithuania. Durum wheat also comes from Latvia (N41.51 billion), Canada (N41.31 billion), etc. Edible mixtures from Denmark worth N82.86 billion, herring imported from Russia (N15.8 billion) and the Netherlands (N14 billion)
 
At the same time, total agricultural trade increased to 817.4 billion naira in the second quarter of 2021, of which N652.1 billion were imported and N165.3 billion were exported.
 
During this period, the Federal Government spent 70.37 billion naira importing durum wheat (seedless) from the United States and 54.5 billion naira, 35 billion naira, 32.2 billion naira and 25.2 billion naira naira from Canada, Argentina and Lithuania, Latvia respectively.
 
“The next imports in this category was blue whiting from Russia (27.23 billion naira) and the Netherlands (13.41 billion naira). This quarter, mackerel worth 9.61 billion naira was imported from Netherlands and Japan Mackerel at 4.91 billion naira.
 
“Malt was also imported from Belgium (N21.42 billion) and France (N4.48 billion) instead of roasted malt. Another important import is Singapore’s crude palm oil, worth 15.09 billion of naira and 11.68 billion naira in India.
 
On exports in the second quarter, the National Bureau of Statistics said: “The share of exports in trade reaches 165.27 billion naira. Most of these agricultural products exported were well-fermented Nigerian cocoa beans, exported to the Netherlands (16.48 billion naira) and Malaysia (9.32 billion naira) and the United States (8.41 billion naira).
 
“The next main product is cashew nuts, which are exported in shell to Vietnam (N33.54 billion) and India (N3.24 billion). Sesamum seeds whether broken exported to Japan in the value worth N7.28billion, China N7.14billion and Coconuts N9.94billion respectively.
 
A more detailed analysis of trade data from the NBS shows that the total import volume of agricultural products in the first half of 2020 was 677 billion Naira. This means that the total import volume of this industry increased by 605 billion naira between the first half of 2020 and the first half of 2021.
 
Financial experts have repeatedly emphasized that the government must resolve the uncertainty plaguing the country’s grain-producing states to promote adequate food and agricultural exports.
 
Johnson Chukwu, Founder and Managing Director of Cowry Asset Management Limited, once said that Nigeria’s food shortages limit its ability to export agricultural products.
 
He said: “The majority of Nigeria’s agricultural exports are sesame while the country’s main agricultural products are tubers, seeds and grains.” Most of these products are for local consumption. Except for Nigerians living abroad, they don’t have a big international market. “
 
He asked the government to guarantee adequate food in the country and help farmers improve their capacities.

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