In a staggering revelation, data from the National Bureau of Statistics has exposed that a whopping $6.7 billion was splurged on imported manufactured goods in the initial six months of 2023.
According to an in-depth analysis of the Foreign Trade Statistics reports published by the NBS, the value of manufactured goods traded surged to a jaw-dropping N2.5 trillion in the first half of this year.
Shockingly, manufacturers have been forced to secure about 95% of their foreign exchange needs from the parallel market, where the dollar exchanged hands at an exorbitant average rate of N750.
Breaking down the NBS data, it becomes evident that the nation’s expenditure on imported manufactured goods in Q1 alone stands at an eye-popping $2.9 billion (N2.39 trillion).
The trade balance paints a grim picture: in Q1, the export component represented a meager N131 billion, underscoring the alarming fact that over N2.3 trillion (94.7%) of manufactured goods traded were imported.
This dismal export performance has been primarily attributed to the failure of many exporters to remit their earnings through official banking channels.
In stark contrast, the total earnings from manufactured goods exports languish at a paltry $285 million, a pitiful fraction of the $6.7 billion hemorrhaged by imports during the same period.
Digging deeper into the data, the second quarter of the year reveals another harrowing reality: manufactured goods worth a staggering N3.2 trillion were traded, but the export component accounted for a mere 93% (N212 billion) of the total trade, while imports skyrocketed to N3 trillion.
This means an astonishing $3.8 billion was squandered on manufactured imports, while only $461 million was repatriated as earnings from the export of manufactured goods.
The cumulative figures are nothing short of alarming: an astronomical $6.7 billion was hemorrhaged on imports of manufactured goods, leaving the nation with a devastating trade deficit, as meager earnings of just $746 million trickled in from the export of manufactured goods in the first half of this year.
The major contributors to this economic catastrophe include used vehicles with diesel or semi-diesel engines from the United States and United Arab Emirates, machines for reception, conversion, and transmission of voice, images, or data from China, and ‘Other medicaments not elsewhere specified’ from India.
This alarming trade deficit demands immediate attention and action to safeguard the nation’s economic stability.”
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