Agric imports hit N1.3trn in six months – NBS

In the first six months of the year, the total value of trade in agricultural goods stood at N1.5tn, data from the National Bureau of Statistics have shown.

Imports accounted for N1.3tn of total trade in the sector while exports stood at N292.5bn within the review period.

This resulted in a trade deficit of N1.07tn in the agriculture sector.

Top imported agricultural products during the period under review included Durum wheat, mackerel, Herrings, edible mixtures, crude palm oil and malt, imported from countries such as Canada, Lithuania, Denmark, Russia, Netherlands and France.

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.

Read more from the source- PUNCH