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Nigeria records N2.45trn exports to U.S in 8months

Following improvement in packaging, Nigeria has recorded N2.45trillion ($3.5billion) exports of crude petroleum, raw lead, unprocessed synthetic staple fibres, cashew nuts and cocoa beans to United States between January and August 2022. It is 34.3 per cent or $1.2billion more than the $2.3billion recorded by the country to United States in 2021.

 

This is coming as Apapa Command of the Nigeria Customs Service (NCS) processed 160 million tonnes of cargoes within nine month this year.

The Controller of the Command, Comptroller Malanta Yusuf, said that the export at the Lagos Ports between January and September 2022 was worth N181 billion. Findings from United States International Trade Data in goods with Nigeria revealed that between January and August 2022, total export was $3,5billion, while imports were $2.47billion to Nigeria in the same period.

In January, $94.2million; February, $379.2million; March, $255.1million; April, $385.9million; May, $708.5million; June, $665.9 million; July, $379.5 million and August, $642.3million Also, in 2021 export in the same period was $2.3billion. In January 2021, export to United States stood at $182.7million; February, $178.5million; March, $285.9million; April, $282million; May, $267.7million; June, $414.2 million; July, $360.4million and August, $337million.

Nigeria’s total exports to United States was $717.39million in May 2022, while $485.976million worth of goods were exported in Jun 2022. Also, in July 2022, United States exports to Nigeria were cars, 40million; refined petroleum, $25.3million; boiler plants, $22.4million, petroleum gas, $14.9million and wheat, $13.9million, while imports from Nigeria to United States were crude petroleum, $367million; raw lead, $3.02million; unprocessed synthetic staple fibers, $1.21million; cocoa beans, $1.16million, coconuts and cashews, $1.09million.

Within the period, exports from Texas were valued at $120million; Louisiana, $13.5million; Florida, $10.2million; New Jersey, $9.56million and Maryland, $9.45million, while imports destinations from Nigeria to Pennsylvania were valued at $331million; New Jersey, $37.9million; Maryland, $3.96million; California, $1.54million and Texas, $1.26million.

In 2021, Nigeria’s imports from from United States included: Cereals,$554.81million; machinery, nuclear reactors, boilers, $383.47million; mineral fuels, oils, distillation products, $268.84million; plastics,$167.36million; beverages, spirits and vinegar, $106.07million; aircraft, spacecraft, $71.73million; electrical, electronic equipment,$69.06million; articles of iron or steel, $51.44million; miscellaneous chemical products,$40.53million; optical, photo, technical, medical apparatus ; $29.91million; pharmaceutical products, $29.06million; miscellaneous edible preparations $27.36million and pulp of wood, fibrous cellulosic  material, waste, $23.01million.

It would be recalled that in 2019, Nigeria was the United States’ 52nd largest goods export market as U.S. goods exports to Nigeria were $3.2 billion, up 19.1per cent or $512 million from 2018. The top export categories in the period were vehicles, $938 million; wheat, $494 million; machinery, $479 million; mineral fuels, $287 million and plastics, $189 million.

 

Also, U.S total exports of agricultural products to Nigeria totaled $608 million in 2019 as leading domestic export categories include: prepared food, $24 million; wine & beer, $24 million; condiments & sauces, $11 million and vegetable oils, soybean, $7 million.

Also, Nigeria was the United States’ 51st largest supplier of goods totaled $4.6 billion in the period, down 17.9per cent or $1billion from 2018. The top import categories included mineral fuels, $4.4 billion; special other (returns), $80 million; oilseeds and oleaginous fruits, 15 million; fertilizers, $11 million and cocoa, $10 million.

 

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