According to a recent report released by National Bureau of Statistics (NBS), the value of agricultural products traded in Q4, 2020 rose by N24.27 billion from N563.9 billion in the Q3, 2020 to N588.2 billion in Q4, 2020. The increase in the value of the traded agricultural products can be traceable to increase of 5.75% in the value of imported agricultural products during the period under review.
MSMEsToday gathered from the report that agricultural goods valued at N532.4 billion was imported in the Q4, 2020 compared to N503.4 billion in Q3, 2020, this indicates an increase of 5.75% or N29 billion in terms of value. On the long run, imported agricultural products accounted for 90.51% of the total agricultural products traded during the period under review. With regards to exports, agricultural products value at N55.8 billion were exported in the Q4, 2020 or 1.75% exports in the same quarter. Compared to N60.6 billion recorded in Q3, 2020, the value of agricultural products exports fell 8% of N4.8 billion in value.
Considering the destination of both agricultural products exports and imports in the Q4, 2020, larger proportion of the agricultural products exports valued at N43.4 billion went to Asia. Similarly, products valued at N9.37 billion were exported to Europe, products valued at N1.77 billion to America; products valued at N823.9 million and N418.0 million were exported to Africa and Oceania respectively. Exported products was dominated by Sesames seeds valued at N27.3 billion, good fermented cocoa seeds valued at N6.7 billion and sesames oil and fractions valued at N4.4 billion. Further, sesames seeds worth N18.13 billion were exported to China and N4.1 billion to Japan. Good fermented cocoa beans worth N1.4 billion were exported to Netherlands and N1.3 billion to Indonesia. Sesame oil and its fractions valued at N4.3 billion were exported to China.
With regards to imports, most of the agricultural products imports valued at N278.7billion came from Europe. In the same vein, products valued at N144.1 billion were imported from America, products valued at N90.69 billion from Asia and products worth N18.75 billion and N187.23 million were imported from Africa and Oceania respectively. On the other hand, major agricultural products imports in Q4, 2020 include Durum wheat (not in seed) valued at N62.9 were imported from Russia, Lithuania (N55.3 billion), United States (N54.6 billion) and Canada (51.8 billion). Another agricultural products imported in Q4, 2020 was Herrings (fish). Herrings (fish) worth N14.8 billion were imported from Netherlands and from Russia valued at N6.6 billion. In addition, Palm Olefin worth N22 billion were imported from Malaysia.
