Foreign trade (Q4, 2020): Nigeria records 8.9% more

In the fourth quarter of 2020, Nigeria’s total merchandise trade stood at N9,120.2billion, representing 8.9% over the level recorded in the third quarter of 2020 but was 9.9% lower when compared to the fourth quarter of 2019. This is according to the foreign trade statistics released by the National Bureau of Statistics (NBS).

Major traded Agricultural Products included palm nuts and kernels, sesame oil and its fractions, superior quality raw cocoa beans, good fermented Nigerian cocoa beans, cashew nuts, sesamum seeds and Shea nuts.

On an annual basis, total trade was valued at N32,420.7 billion in 2020, or 10.3% less than the value recorded in 2019. The value of total imports in 2020 stood at N19,898.0billion, or 17.3% higher than in 2019, while total exports was valued at N12,522.7billion, or 34.8% less than in 2019.

The value of trade in Q4 was the highest recorded over the past year. The export component of trade stood at N3,194.5 billion, an increase of 6.7% over the preceding quarter but a drop of 33% over the previous year.

Further, the share of exports in total trade declined to 35% in Q4 2020 from 47% a year earlier. On the other hand, total imports reached a record high at N5,925.7 in Q4 2020, an increase of 10.1% over the preceding quarter, and 10.8% over the preceding year.

Imports also accounted for 65% of total trade in Q4 2020, compared to 53% the previous year. As the value of imports nearly doubled the value of exports, the trade deficit rose to its highest level and a fifth consecutive quarterly deficit at -N2,731.2billion, an increase of 14.30% compared to the preceding quarter.

On an annual basis, total trade was valued at N32,420.7 billion in 2020, or 10.3% less than the value recorded in 2019. The value of total imports in 2020 stood at N19,898.0billion, or 17.3% higher than in 2019, while total exports was valued at N12,522.7billion, or 34.8% less than in 2019. The annual merchandise trade deficit in 2020 was recorded at -N7,375.3billion.

Major import trading partners and percentage share in Q4, 2020 were China 28.28%; India 8.54%; United States 7.57%; Netherlands 7.16% and Denmark 5.40% 4.

The predominant export remained crude oil, which was valued at N2,424.8billion, representing 81.02% of total exports while non-crude oil was valued at N568.2billion, or 18.98% of total export during the review period.

The annual merchandise trade deficit in 2020 was recorded at -N7,375.3billion.

Amaka E. Nliam