Nigeria’s total trade hits N32.42trn, annual merchandise trade deficit hits N7.37trn in 2020

The National Bureau of Statistics (NBS) said the value of Nigeria’s total trade for the twelve months period of last year was N32.42 trillion. This is 10.3 percent lower than the value recorded in 2019.

In a breakdown of the total trade by Nigeria, NBS stated that import value in 2020 stood at N19.89 billion, 17.3 percent above the value of 2019. Import value was above export, which valued at N12.52 billion last year.

This was contained in the NBS report ‘Foreign trade statistics report for fourth quarter of 2020’, which stated that export trade in 2020 was 34.8 percent less than the value recorded in 2019.

NBS reported that Nigeria’s annual merchandise trade recorded N7.37 trillion deficit in 2020 in the foreign trade statistics report released on Monday.

Import Breakdown For Q4/2020

In the import category, NBS stated that, “The value of total imports rose by 10.1 percent in Q4, 2020 compared to Q3,2020 and 10.77 percent compared to Q4, 2019.

“The value of imported agricultural products was 5.75% higher in Q4, 2020 than in Q3, 2020 and 128.17 percent higher compared with the corresponding quarter of 2019. For 2020, the value of agricultural imports was 78.6 percent higher than recorded in 2019.

“The value of raw material imports grew marginally by 0.75 percent in Q4,2020 compared to Q3, 2020 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 value of imported manufactured goods grew by 11.43 percent in Q4, 2020 against the value recorded in Q3, 2020 but decreased by 2.21 percent against its value in Q4, 2019. For 2020, the value of manufactured imports was 6.5 percent higher than the value recorded in 2019.

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“The value of other oil products imported in Q4, 2020 was 17.40 percent higher than its value in Q3, 2020 but 3.23 percent less than the corresponding quarter of 2019. For 2020, the value of other oil products imports was 15.1 percent higher than the value recorded in 2019.” part of the NBS import report stated.

Export Breakdown For Q4/2020

Breaking Nigeria’s trade activities down further, NBS stated that, “The value of total exports in Q4, 2020 increased by 6.7 percent against the level recorded in Q3, 2020 but decreased by 33. 3 percent compared to Q4, 2019. On an annual basis, total exports was 34.8 percent lower in 2020 than recorded in 2019.

“The value of agricultural exports fell by 8 percent in Q4 2020 compared to Q3 2020 and 18.2 percent compared to Q4 2019. In 2020, the value of agricultural exports was 19.2 percent higher than the value recorded in 2019.

“The value of raw material goods exports in Q4, 2020 was 317.6 percent higher than the value in Q3, 2020 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.

“The value of Manufactured goods exports fell by 3.1 percent in Q4 2020 compared to the value recorded in Q3 2020 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.

“The export value of Other oil products increased by 22.2 percent in Q4 2020 compared to Q3 2020, but decreased by 19.3 percent compared to Q4 2019. On an annual basis, the value of other oil products exports was 17.1 percent lower than the value recorded in 2019.” NBS stated in its export report.

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