Business & Economy - News - March 10, 2021

Agricultural imports remain high as Nigeria’s foreign trade declines by 10.3% in 2020

The value of agricultural imports by Nigeria in 2020 remained high compared to the figure in 2019, as the National Bureau of Statistics (NBS) report a 10.3 percent decline in the country’s total foreign trade during the year.
The Statistics agency said in its latest “Foreign Trade in Goods Statistics Quarter Four (4th quarter) 2020” report published on its website on Tuesday in Abuja that the value of agricultural imports in the country in 2020 of 78.6 percent was higher than what was recorded in 2019.
The agency said the total value of foreign trade during the year was about N32.42 trillion, signifying a 10.3 percent decline compared to N36.15 trillion recorded in the corresponding period in 2019.
The NBS said the value of total imports in 2020 stood at N19.898 trillion, or 17.3 percent, which is higher than the N16.96 trillion recorded in 2019.
The total exports, on the other hand, the report said, was valued at N12.522 trillion, or 34.8 percent, which is less than the N19.19 trillion recorded in 2019, adding that the annual merchandise trade deficit in 2020 stood at -N7.375 trillion.
Giving an overview of the 4th quarter, 2020 merchandise, it said that total trade stood at N9.120 trillion, representing 8.9 percent over the level recorded in the third quarter of 2020, but was 9.9 percent lower when compared to fourth quarter of 2019.
“The value of trade in 4th quarter was the highest recorded over the past year. The export component of trade stood at N3.194 trillion, an increase of 6.7 percent over the preceding quarter but a drop of 33 percent over the previous year.
“Further, the share of exports in total trade declined to 35 percent in 4th quarter from 47 percent a year earlier.”
The Statistics Bureau said that on the other hand, total imports reached a record high at N5.925 trillion in 4th quarter, an increase of 10.1 percent over the preceding quarter, and 10.8 percent over the preceding year.
It said that imports also accounted for 65 percent of total trade in 4th quarter 2020, compared to 53 percent in 2019, while for 2020, the value of total imports was 17.3 percent higher than the value recorded in 2019.
The report said 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 percent compared to the preceding quarter.
Giving a breakdown of imports for 4th quarter 2020 and full year, the report said the value of imported agricultural products was 5.75 percent higher in 4th quarter, 2020 than in Q3,2020 and 128.17 percent higher compared with the corresponding quarter of 2019.
However, for 2020, the value of agricultural imports was 78.6 percent higher than what was recorded in 2019.
“The value of raw material imports grew marginally by 0.75 percent in 4th quarter, compared to Q3 but was 113.12 percent higher compared to 4th quarter, 2019.
“For 2020, the value of raw material imports was 72.5 percent higher than the value recorded in 2019.”
The NBS said that the value of solid minerals imports was 16.82 percent lower in 4th quarter, than its value in Q3, but 58.59 percent higher than in the 4th quarter, 2019.
It added that on an annual basis, the value of solid mineral imports was 39.3 percent higher than the value recorded in 2019.
The report also said that the value of energy goods imports was 236.2 percent in 4th quarter, higher than in Q3, and 199.51 percent higher than the value recorded in 4th quarter, 2019.
On an annual basis, the value of energy goods imports was 24.1 percent lower than recorded in 2019, it said.
For imported manufactured goods, the NBS said that its value grew by 11.43 percent in 4th quarter, against the value recorded in Q3, but decreased by 2.21 percent compared to 4th quarter, 2019.
For full year, it said the value of manufactured imports was 6.5 percent higher than the value recorded in 2019.
It also said that the value of other oil products imported in 4th quarter was 17.4 percent higher than its value in Q3 but 3.23 percent less than the corresponding quarter of 2019.
For 2020 however, the value of other oil products imports was 15.1 percent higher than the value recorded in 2019.
In its assessment of exports, the NBS said the value of total exports in 4th quarter, 2020 increased by 6.7 percent against the level recorded in Q3, but decreased by 33. 3 percent compared to 4th quarter, 2019.
It said that the value of agricultural exports fell by eight percent in 4th quarter compared to Q3 and 18.2 percent compared to 4th quarter 2019.
On an annual basis, in 2020, the value of agricultural exports was 19.2 percent higher than the value recorded in 2019.
The report said that the value of raw material goods exports in 4th quarter was 317.6 percent higher than the value in Q3 and 122 percent higher than the value recorded in 4th quarter 2019.
In 2020, the value of raw material goods exports was only 0.7 percent higher than the value recorded in 2019, it said.
The NBS also said that the value of solid minerals exports decreased by 20.7 percent in 4th quarter against Q3 but increased by 135 percent against the corresponding quarter in 2019.
It added that in 2020, the value of solid mineral exports was 46.2 percent lower than the value recorded in 2019.
“The exports of energy goods increased in value by 13.3 percent in 4th quarter compared to Q3 but decreased by 15.5 percent compared to 4th quarter, 2019.
“In 2020, the value of energy goods exports was 40.3 percent lower than the value recorded in 2019.
“The value of manufactured goods exports fell by 3.1 percent in 4th quarter compared to the value recorded in Q3 and 74.7 percent compared to 4th quarter, 2019.
“In 2020, the value of manufactured exports was 53.7 percent lower than the value recorded in 2019.”
It however, said that the value of crude oil exports in 4th quarter increased by 4 percent compared to Q3 but decreased by 30.5 percent compared to 4th quarter, 2019.
It added that for full year, the value of crude oil exports was 35.7 percent lower than what was recorded in 2019.
Meanwhile, for other oil products there was a 22.2 percent increase in value of exports in 4th quarter as against Q3, but decreased by 19.3 percent compared to 4th quarter 2019.
On an annual basis however, the value of other oil products exports was 17.1 percent lower than the value recorded in 2019. (NAN)

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