The National Bureau of Statistics (NBS) says Nigeria recorded N36.152 trillion as value of total trade in 2019, representing a 14.05 percent increase over 2018.
The bureau said this in its “Foreign Trade in Goods Statistics, Quarter Four, 2019” adding that this was lower than 36.86 per cent recorded in 2018 over 2017.
“The level of imports stood at N16.959 trillion while exports were valued at N19.192 trillion, resulting in a trade balance of N2.232 trillion.
“While imports rose by 28.8 per cent in 2019 over 2018, exports rose by only 3.6 per cent and the trade balance was 58.4 per cent less than in 2018.” it revealed.
The NBS further said that in the fourth quarter of 2019, the value of total trade was N10.1 trillion, or 10.2 per cent higher than the value recorded in quarter three, 2019 and 25.9 per cent higher than in quarter four, 2018.
According to the report, Nigeria’s merchandise trade grew in quarter four, 2019 but imports rose faster, exceeding falling exports.
“The value of the export component (N4.770 trillion) fell by 9.79 per cent against quarter three, 2019 but rose by 7.06 per cent when compared with the corresponding quarter in 2018.
“On the other hand, the import component (valued at N5.349 trillion) increased by 37.20 per cent in quarter four against quarter three, 2019 and 49.34 per cent against quarter four, 2018.
“The faster increase in imports resulted in a negative trade balance of N579.06billion during the quarter under review, the first since mid- 2016,” the report stated.
Giving an overview of total imports in the fourth quarter of 2019, the NBS said it stood at N5.349.63 billion, representing an increase of 37.2 per cent over the value recorded in quarter three, 2019 and 49.34 per cent over the corresponding quarter of 2018.
It added that in 2019, total imports grew by 28.8 per cent compared to 2018.
“The value of imported agricultural goods decreased by 2.8 per cent in quarter four, 2019 compared to quarter three, but rose 6.6 per cent compared to the corresponding quarter in 2018.
“The value of agricultural imports in 2019 was 12.7 per cent higher than in 2018.
“Raw material imports were 1.63 per cent higher in quarter four, 2019 compared to quarter three and 8.47 per cent higher compared to quarter four, 2018.
“Imports of raw materials grew 19.2 per cent in 2019 compared to 2018,” it said.
The report said that solid minerals imports decreased in value by 6.98 per cent in quarter four, 2019 relative to quarter three, 2019 but were higher by 5.11 per cent relative to quarter four, 2018.
However, the value of solid minerals imports rose by 28.1 per cent in 2019 compared to 2018.
The NBS said that the value of imported manufactured goods was 40.74 per cent higher in quarter four, 2019 than the level attained in quarter three 2019 and 77.50 per cent more than in quarter four, 2018.
This, it said, was due to the importation of other electrodiagnostic apparatus during the quarter.
It added that for 2019, the value of imported manufactured goods imports was 60 per cent higher than in 2018.
According to the report, the value of energy goods imports decreased by 65.27 per cent in quarter four, 2019 compared to quarter three, 2019 and by 75.86 per cent compared to quarter four of 2018.
It added that for 2019, the value of energy goods imports fell by 56.2 per cent compared to 2018.
On other oil products imports, the NBS said that they were 60.59 per cent higher in value in quarter four, 2019 than in quarter three and 2.11 per cent higher than quarter four, 2018.
“For annual 2019, the value of other oil products imports fell by 34.3 per cent relative to 2018 levels.”
For export, the NBS said total export was 9.79 per cent lower in value in quarter four, 2019 compared to quarter three, 2019 but 7.06 per cent higher relative to quarter four of 2018.
It added that in 2019, the value of total exports was 3.56 per cent higher than in 2018.
The NBS reported that in quarter four, 2019, crude oil remained the dominant export valued at N3.629 trillion and accounting for 76.1 per cent of total exports, while non crude oil exports amounted to N1.141 trillion or 23.9 per cent.
“However the value of crude oil exports in quarter four, 2019 was 3.16 per cent lower than in quarter three, 2019 and 0.88 per cent lower than the corresponding quarter of 2018.
“On an annual basis, the value of crude oil exports at N14.690 trillion, was lower than in 2018 by 3.08 per cent.”
The NBS added that for 2019, the value of oil exports was lower than in 2018 by 3.08 per cent.
The report said that other oil products export were 16.13 per cent higher in value in quarter four, 2019 compared to quarter three, 2019, but 4.85 per cent lower than the level in 2018.
It added that the value of other oil exports was 9.2 per cent lower in 2019 than in 2018.
According to it, agricultural goods exports grew in value by 61.89 per cent in quarter four, 2019 compared to quarter three 2019 but decreased by 30.23 per cent when compared with quarter four, 2018.
However, in 2019, the value of agricultural goods exports fell 10.74 per cent relative to 2018.
For raw material exports, there was a decline in value by 27.99 per cent in quarter four, 2019 against the level in quarter three, 2019 and by 48.18 per cent against quarter four, 2018, the report said.
On an annual basis, raw material exports fell 14.02 per cent in 2019 compared to 2018.
The NBS said that solid minerals exports in quarter four, 2019 was 69.58 per cent lower than the value recorded in quarter three, 2019 and 75.10 per cent less than quarter four, 2018.
It added that the 2019 value of solid minerals exports was 61.52 per cent lower than in 2018.
For manufactured goods, it said exports in quarter four, 2019 was 48.9 per cent less in value than recorded in quarter three of 2019 and 573.19 per cent higher than quarter four, 2018.
It said that in 2019, the value of manufactured goods exports was over 200 per cent higher than in 2018.
For crude oil, exports in quarter four, 2019 were 3.16 per cent lower than the value in quarter three, 2019 and 0.88 per cent lower than quarter four, 2018.
According to the report, energy goods exports in quarter four, 2019 grew by 7.29 per cent against the level in quarter three, 2019, but declined by 44.36 per cent when compared with quarter four, 2018.
It however, said that in 2019, the value of energy goods exports was lower by 25.49 per cent compared to 2018.
Source: VON
