Manufactured Goods Trade Deficit Grows to N27.33tn

The value of manufactured goods trade deficit has grown to N27.33tn in two years.

According to data released by the National Bureau of Statistics, manufacturing imports rose from N12.71tn in 2020 to N16.73tn in 2021, while exports rose from N960.7bn in 2020 to N1.15tn in 2021.

It revealed that cumulative imports for both years under review totaled N29.44tn, making up 93.30 per cent of foreign manufactured trade.

Exports for both years totaled N2.11tn, making up 6.69 per cent of the same trade.