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Nigeria’s Foreign Trade Records N4trn Decline In One Year— NBS

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The National Bureau of Statistics (NBS) said Nigeria’s total trade was valued at N32.42 trillion in 2020, signifying a 10.3 percent decline compared to N36.15 trillion recorded in 2019.

This is contained in its “Foreign Trade in Goods Statistics Quarter Four (Q4) 2020” report published on its website on Tuesday in Abuja.

The report said that the value of total imports in 2020 stood at N19.898 trillion, or 17.3 percent higher than the N16.96 trillion recorded in 2019.

It added that total exports was valued at N12.522 trillion, or 34.8 percent less than the N19.19 trillion recorded in 2019 and that the annual merchandise trade deficit in 2020 stood at -N7.375 trillion.

Giving an overview of the Q4, 2020 merchandise, it said that total trade stood at N9.120 trillion, representing 8.9 percent over the level recorded in Q3 but was 9.9 percent lower when compared to Q4 2019.

“The value of trade in Q4 was the highest recorded over the past year.

“The export component of trade stood at N3.194 trillion, an increase of 6.7 percent over the preceding quarter but a drop of 33 percent over the previous year.

“Further, the share of exports in total trade declined to 35 percent in Q4 from 47 percent a year earlier.”

The Bureau said that on the other hand, total imports reached a record high at N5.925 trillion in Q4, an increase of 10.1 percent over the preceding quarter, and 10.8 percent over the preceding year.

It said that imports also accounted for 65 percent of total trade in Q4 2020, compared to 53 percent in 2019, while for 2020, the value of total imports was 17.3 percent higher than the value recorded in 2019.

According to the report, the value of imports nearly doubled the value of exports, while the trade deficit rose to its highest level and a fifth consecutive quarterly deficit at -N2.731 trillion, an increase of 14.30 percent compared to the preceding quarter.

Giving a breakdown of imports for Q4 2020 and full year, the report said the value of imported agricultural products was 5.75 percent higher in Q4, 2020 than in Q3,2020 and 128.17 percent higher compared with the corresponding quarter of 2019.

However, for 2020, the value of agricultural imports was 78.6 percent higher than what was recorded in 2019.

“The value of raw material imports grew marginally by 0.75 percent in Q4, compared to Q3 but was 113.12 percent higher compared to Q4, 2019.

“For 2020, the value of raw material imports was 72.5 percent higher than the value recorded in 2019.”

The NBS said that the value of solid minerals imports was 16.82 percent lower in Q4, than its value in Q3, but 58.59 percent higher than in Q4, 2019.

It added that on an annual basis, the value of solid mineral imports was 39.3 percent higher than the value recorded in 2019.

The report also said that the value of energy goods imports was 236.2 percent in Q4, higher than in Q3, and 199.51 percent higher than the value recorded in Q4, 2019.

On an annual basis, the value of energy goods imports was 24.1 percent lower than recorded in 2019, it said.

For imported manufactured goods, the NBS said that its value grew by 11.43 percent in Q4, against the value recorded in Q3, but decreased by 2.21 percent compared to Q4, 2019.

For full year, it said the value of manufactured imports was 6.5 percent higher than the value recorded in 2019.

It also said that the value of other oil products imported in Q4 was 17.4 percent higher than its value in Q3 but 3.23 percent less than the corresponding quarter of 2019.

For 2020 however, the value of other oil products imports was 15.1 percent higher than the value recorded in 2019.

In its assessment of exports, the NBS said the value of total exports in Q4, 2020 increased by 6.7 percent against the level recorded in Q3, but decreased by 33. 3 percent compared to Q4, 2019.

It said that the value of agricultural exports fell by eight percent in Q4 compared to Q3 and 18.2 percent compared to Q4 2019.

On an annual basis, in 2020, the value of agricultural exports was 19.2 percent higher than the value recorded in 2019.

The report said the value of raw material goods exports in Q4 was 317.6 percent higher than the value in Q3 and 122 percent higher than the value recorded in Q4 2019.

In 2020, the value of raw material goods exports was only 0.7 percent higher than the value recorded in 2019, it said.

The NBS also said that the value of solid minerals exports decreased by 20.7 percent in Q4 against Q3 but increased by 135 percent against the corresponding quarter in 2019.

It added that in 2020, the value of solid mineral exports was 46.2 percent lower than the value recorded in 2019.

“The exports of energy goods increased in value by 13.3 percent in Q4 compared to Q3 but decreased by 15.5 percent compared to Q4, 2019.

“In 2020, the value of energy goods exports was 40.3 percent lower than the value recorded in 2019.

“The value of manufactured goods exports fell by 3.1 percent in Q4 compared to the value recorded in Q3 and 74.7 percent compared to Q4, 2019.

“In 2020, the value of manufactured exports was 53.7 percent lower than the value recorded in 2019,” it stated.

It however, said that the value of crude oil exports in Q4 increased by 4 percent compared to Q3 but decreased by 30.5 percent compared to Q4, 2019.

It added that for full year, the value of crude oil exports was 35.7 percent lower than what was recorded in 2019.

Meanwhile, for other oil products there was a 22.2 percent increase in value of exports in Q4 as against Q3, but decreased by 19.3 percent compared to Q4 2019.

On an annual basis however, the value of other oil products exports was 17.1 percent lower than the value recorded in 2019.

 

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