NBS says Nigeria total trade decline by 10.3 percent in 2020

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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 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.

It added that the value of total imports in 2020 stood at N19, 898.0billion or 17.3 per cent higher than in 2019, “while total exports was valued at N12,522.7billion, or 34.8 per cent less than in 2019. The annual merchandise trade deficit in 2020 was recorded at -N7, 375.3billion”.

In the period under review, NBS noted that major export trading partners and percentage share in Q4, 2020 export trade India was 17.12 per cent, Spain 9.81 per cent, South Africa 8.03 percent, Netherlands 6.09 per cent and the United States 5.30 per cent. The data noted in the Q4, 2020, Nigeria’s merchandise trade grew sharply due to faster increase in imports but slower recovery in exports.

Continuing, the NBS said total trade was 8.9 per cent in Q4 2020 but 9.9 per cent lower than the value recorded in Q4 2019. On annual basis, according to the data, total Trade was 10.3 per cent lower in 2020 that the value recorded in 2019.

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The document explained the value of raw material imports grew marginally by 0.75 per cent in Q4,2020 compared to Q3, 2020 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.

It noted that the value of total imports rose by 10.1 per cent in Q4, 2020 compared to Q3,2020 and 10.77 per cent compared to Q4,2019. It said for 2020, the value of total imports was 17.3 per cent higher than the value recorded in 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.”