India was the largest export market for Nigeria in the first quarter of 2021 with a net worth of N488.1 billion, the National Bureau of Statistics (NBS) has said.
The bureau said this in its Commodity Price Indices and Terms of Trade (Q1 2021) report published on its website.
According to the report, Nigeria’s export trade to India accounted for 16.8 per cent of it total exports.
It said the largest export commodity to India was petroleum oils and oils obtained from bituminous minerals, crude valued at N462.12 billion followed by liquefied natural gas, cashew nuts in shell, leather further prepared after tanning, and coconut.
Those items were valued at N11.61 billion, N5.13 billion, N3.17 billion and N1.10 billion respectively.
On the other hand, Nigeria imported motorcycles and cycles valued at N86.67 billion, followed by parts of machinery for working rubber valued at N67.81 billion, other antibiotics valued at N45.32 billion among others during the period under review.
The NBS said Spain, China, the Netherlands, and France were other major trading partner countries of Nigeria in the first quarter of 2021.
The bureau also said that the country’s major exports to these countries were crude petroleum and natural gas.
According to the report, the major imports from these countries are motorcycles and cycles, machines for reception, conversion, motor Spirit ordinary and antibiotics.
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