Nigeria’s Exports To Brazil Hit $1.035bn In Seven Months
Nigeria’s total exports to Brazil rose to $1.035 billion between January and July this year, official information obtained by InsideBusiness has shown.
The information, obtained from the office of the consulate general of Brazil in Nigeria, shows that the total value of export for the months under review was 2.07 per cent higher than the total value of exports recorded in 2021.
In 2021, Nigeria’s total value of exports to Brazil stood at $1.014 billion, while Brazil’s total exports to Nigeria was valued at $930 million, representing a trade surplus of $84.59 million to Nigeria and a total trade flow of $1.944 billion between both countries.
While Nigeria’s exports to Brazil from January to July this year stood at $1.035 billion, Brazil’s exports to Nigeria was valued at $ 517.5 million, which also represents a total trade flow of $1.552 billion and a trade surplus of $517.18 million to Nigeria.
“This means more market gains for Nigeria, as exporters explore the Brazilian market,” an official source who was not authorised to speak told our correspondent.
From statistics, the volume of exports to Brazil is expected to increase this year, the source added.
Although Nigeria and Brazil have had robust bilateral trade relations dated back to time immemorial, direct flight between both countries has remained in the limbo since early 1990s.
InsideBusiness reported earlier that the Consul General of Brazil in Nigeria, Francisco Luz, has said that lack of direct links, air flight and sea (ship), remained a concern for the embassy even though all documentation to make it work were ready.
This is even as the Nigerian-Brazilian Chamber Of Commerce and Industry (NBCCI) had decried the challenges it pose to Nigerians willing to do genuine export business with Brazil.
In its latest report on ‘Foreign Trade Statistics in Goods (Q1 2022)’, the National Bureau of Statistics (NBS) reported that Nigeria’s merchandise trade grew in the first quarter of this year due to increases in crude oil exports receipts.
Total exports to Brazil stood at N496.797 billion in 2021 and N212.035 billion in Q1 this year, NBS reported.
The statistics office also reported that Urea, a major and top three to Brazil was valued at N208.39 billion in Q1, after petroleum oil and natural gas respectively.
Meanwhile, Nigeria’s total external trade was valued at ₦13.001 trillion in Q1 this year, of which total exports stood at N7.1 trillion against N5.9 trillion.