New Telegraph

U.S records N384.9bn trade deficit with Nigeria

The United States has recorded a trade deficit of N384.9 billion ($835 million) with Nigeria between January and February 2023. Also, a total of N562.4billion ($1.22billion) goods have been imported by Nigeria from United States within the period, while export by United States to Nigeria stood at $381.5 million, leading to a trade deficit of $835 million.

Between January and February, import statistics revealed that the country imported $725.2 million and $492.2 million goods, while export to Nigeria was $203.5 million in January and $178 million in February 2023. Also, in January 2023, the top exports of United States to Nigeria were vaccines, blood, antisera, toxins and cultures ($126m), refined petroleum $73.6 million; cars ($44.4 million; wheat, $29 million and petroleum gas, $27.6 million. Within the period, top imports of United States from Nigeria were crude petroleum, $52.5 million; nitrogenous fertilisers, $16.7million; raw lead, $6.45 million; refined petroleum, $4.16 million and commodities not specified, $2.69 million. In November 2022, United States exported $226 million and imported $388 million from Nigeria, resulting in a negative trade balance of $162 million. It was gathered from United States International Trade Data (USITD) that the decline in United States’ year-by-year exports to Nigeria was due to a decrease in product exports in motor vehicles; spare parts and accessories ($-4.55 million or -36.2per cent), Vinyl Chloride Polymers ($-4.3 million or -61.6per cent) and excavation machinery ($- 1.65 million or -75.3per cent). The top exports of United States to Nigeria include refined petroleum, $81.5 million; cars $38.3 million; petroleum gas, $16.5 million; wheat, $12.2 million; motor vehicles, parts and accessories, $9.95 million; while the top imports of United States from Nigeria were crude petroleum, $350 million; petroleum gas, $27.9 million; raw lead, $2.35million; cocoa paste, $1.14 million and commodities, $1.14 million. In the first eight months of 2022, Nigeria recorded N2.45 trillion ($3.5 billion) exports of crude petroleum, raw lead, unprocessed synthetic staple fibers, cashew nuts and cocoa beans with United States. The8 USITDin goods with Nigeria revealed that between January and August 2022, total export was $5.3 billion, while imports were $2.47 billion to Nigeria in the same period. In January, $94.2 million; February, $379.2 million; March, $255.1 million; April, $385.9 million; May, $708.5 million; June, $665.9 million;July, $379.5 million and August, $642.3 million. The country’s total exports to United States was $717.39 million in May 2022, while $485.976 million worth of goods were exported in June 2022. Also, in July 2022, United States exports to Nigeria were cars, 40 million; refined petroleum, $25.3 million; boiler plants, $22.4 million, petroleum gas, $14.9million and wheat, $13.9 million, while imports from Nigeria to United States were crude petroleum, $367 million; raw lead, $3.02 million; unprocessed synthetic staple fibers, $1.21 million; cocoa beans, $1.16 million, coconuts and cashews, $1.09 million. In the period, exports from Texas were valued at $120million; Louisiana, $13.5 million; Florida, $10.2million; New Jersey, $9.56 million and Maryland, $9.45 million, while imports destinations from Nigeria to Pennsylvania were valued at $331 million; New Jersey, $37.9 million; Maryland, $3.96 million; California, $1.54 million and Texas, $1.26 million.

Similarly in 202, the country’s imports from United States included: Cereals, $554.81 million; machinery, nuclear reactors, boilers, $383.47 million; mineral fuels, oils, distillation products, $268.84million; plastics, $167.36 million; beverages, spirits and vinegar, $106.07 million; aircraft, spacecraft, $71.73 million; electrical, electronic equipment,$69.06 million; articles of iron or steel, $51.44 million; miscellaneous chemical products,$40.53 million; optical, photo, technical, medical apparatus; $29.91 million; pharmaceutical products, $29.06 million; miscellaneous edible preparations $27.36 million and pulp of wood, fibrous cellulosic material, waste, $23.01 million. 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 17.9 per cent or $1 billion 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. In the period, U.S. imports of services from Nigeria were an estimated $464 million, leading services export from Nigeria to the U.S. were in the travel, research and development, and transport sectors.

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