Foreign trade drops by 10.3% to N32.42trn in 2020 — NBS

The National Bureau of Statistics (NBS) said Nigeria’s total trade was valued at N32.42 trillion in 2020, signifying a 10.3 per cent 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 per cent higher than the N16.96 trillion recorded in 2019.

It added that total exports was valued at N12.522 trillion, or 34.8 per cent 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 per cent over the level recorded in Q3 but was 9.9 per cent 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 per cent over the preceding quarter but a drop of 33 per cent over the previous year.

“Further, the share of exports in total trade declined to 35 per cent in Q4 from 47 per cent 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 per cent over the preceding quarter, and 10.8 per cent over the preceding year.

It said that imports also accounted for 65 per cent of total trade in Q4 2020, compared to 53 per cent in 2019, while for 2020, the value of total imports was 17.3 per cent 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 per cent 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 per cent higher in Q4, 2020 than in Q3,2020 and 128.17 per cent higher compared with the corresponding quarter of 2019.

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

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

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

The NBS said that the value of solid minerals imports was 16.82 per cent lower in Q4, than its value in Q3, but 58.59 per cent higher than  in Q4, 2019. It added that on an annual basis, the value of solid mineral imports was 39.3 per cent higher than the value recorded in 2019.

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

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

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

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

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