The National Bureau of Statistics revealed that in the first six months of the year, the total value of trade in agricultural products stood at 1.5 billion naira.
Imports accounted for 1.3 billion naira of total trade in the sector while exports amounted to 292.5 billion naira during the period under review.
Meanwhile, the total value of agricultural trade reached 817.4 billion naira in the second quarter of 2021, comprising an import component of 652.1 billion naira and a value of 165.3 billion naira.
In the first quarter of the year, the sector’s total trade was N757.4 billion. Of this amount, only 127.2 billion naira was earned on exports while 630.2 billion naira was spent on importing agricultural products.
In the first quarter, the NBS said: “The main agricultural products exported were sesamum seeds exported mainly to China (valued at 23.1 billion naira), Japan (8.3 billion naira) and Turkey ( 3 billion naira).
“This was followed by good fermented cocoa beans exported to the Netherlands (N 9.2 billion), Malaysia (N 5.5 billion) and the United States (N 3.2 billion) .
“Other major exports in this sector include inshell cashews exported to Vietnam and India worth 5.3 billion naira and 5.1 billion naira respectively.
“However, there were imports of durum wheat (not seed) worth 66.97 billion naira from Lithuania. Durum wheat also came from Latvia (41.51 billion N), from the Canada (N 41.31 billion) etc.).
At the same time, the total value of trade in agricultural products reached 817.4 billion naira in the second quarter of 2021, comprising 652.1 billion naira of imports and 165.3 billion naira of exports.