The National Bureau of Statistics has revealed that in the first six months of the year, the total value of trade in agricultural goods stood at N1.5tn.
Imports accounted for N1.3tn of total trade in the sector while exports stood at N292.5bn within the review period.
Meanwhile, total value of trade in agricultural goods rose to N817.4bn in Q2 2021, consisting of N652.1bn import component and N165.3bn worth of
In the first quarter of the year, total trade in the sector stood at N757.4bn. Out of this amount, only N127.2bn was earned as exports while N630.2bn was spent on importing agricultural products.
In quarter one, the NBS said, “Top exported Agricultural products were Sesamum seeds exported mainly to China (valued at N23.1bn), Japan (N8.3bn) and Turkey (N3bn).
“This was followed by good fermented cocoa beans exported to the Netherlands (N9.2bn), Malaysia (N5.5bn) and the United States (N3.2bn).
“Other major exports under this sector include Cashew nuts in shell exported to Vietnam and India worth, N5.3bn and N5.1bn respectively.
“However, there was importation of Durum wheat (not in seed) worth N66.97bn from Lithuania. Durum wheat also came from Latvia (N41.51bn), Canada (N41.31bn) etc. Edible mixtures or preparation of animal worth N82.86bn, was imported from Denmark, Herrings was imported from Russia (N15.8bn) and Netherlands (N14bn).
Meanwhile, total value of trade in agricultural goods rose to N817.4bn in Q2 2021, consisting of N652.1bn import component and N165.3bn worth of exports.