… As Nigeria’s foreign trade hit N9.12trn

National Bureau of Statistics NBS has disclosed that India accounted for 17.12% N547.01 billion of total merchandise exported in Q4 2020, followed by Spain with N313.38 billion 9.81% and South Africa with N256.65 billion 8.03%.

The information was obtained from the NBS foreign trade report posted on its website. The report also revealed that other designations on the list include, Netherlands with N194.5 billion 6.09% and the United States with N170.36 billion 5.33%.

Nigeria however, imported merchandise worth N1.68 trillion from China in Q4 2020 28.28%, followed by imports from India worth N506.01 billion 8.54% and the United States worth N448.64 billion 7.57%.

Other major import trading partners are Netherlands with N424.49 billion 7.16% and Denmark with N319.96 billion 5.40%.

According to the NBS report, Nigeria’s top export by region are as follows: Asia – N1.16 trillion 36.3%, Europe – N1.07 trillion 33.5%, Africa – N551.1 billion 17.3%, America – N376.4 billion 11.8%, Oceania – N36.7 billion 1.1%/. Also, the top import region stands as following: Asia – N2.85 trillion 48.6%, Europe – N2.16 trillion 36.5%, America – N702.5 billion 11.86%, Africa – N190.1 billion 3.21%, Oceania – N22.5 billion 0.38%.

The report also showed that the country’s total foreign trade for the fourth quarter Q4 of 2020 rose 8.8% to N9.12 trillion in Q4 2020.

Breakdown of the report indicates that the total imports stood at N5.93 trillion, 10.1% increase compared to N5.38 trillion recorded in Q3 2020, while total export rose by 6.72% from N2.99 trillion to N3.19 trillion.

However, Nigeria’s trade balance lurched further by 14.3% from N2.39 trillion deficits recorded in the third quarter of 2020 to N2.73 trillion deficits in Q4 2020.

Energy goods imported increased by 236.20% in Q4 2020 compared to Q3 2020 but dropped by 24.1% when compared to Q4 2019.

The value of other oil products imported in Q4 2020 increased by 17.40% compared to Q3 2020 but was 3.23% less than recorded in Q4 2019.

Agricultural products imported increased by 5.75% in Q4 2020 than Q3 2020 and were 128.17% higher compared with the corresponding quarter of 2019.

Raw materials exported in Q4 2020 rose by 317.6% than recorded in Q3 2020 and was 122% higher than the value exported in Q4 2019.

Exported energy goods increased by 13.3% in Q4 2020 compared to Q3 2020, but declined 15.5% when compared to the value exported in the corresponding quarter in 2019.

The value of crude oil exported increased by 4% in Q4 2020 compared to Q3 2020 but decreased by 30.5% compared to Q4 2019.

Although Nigeria’s total foreign trade in Q4 2020 was the highest in 2020, the economy reached another highest trade deficit in Q4 2020 (-N2. 73 trillion) since it came out of recession due to the faster growth in its imports than exports.

A further look at the data shows that crude oil exports, which contribute the highest to total exports increased by 3.98% between Q3 2020 and Q4 2020 while the non-crude oil exports and non-oil exports rose by 18.37% and 12.14% respectively.

In Q4 2020, Nigeria’s major export trading partners were India, Spain, South Africa, Netherlands, and United States; while the major import trading partners during the period were China, India, United States, Netherlands, and Denmark.

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