By John Ofikhenua, Abuja

The National Bureau of Statistics (NBS) on Tuesday revealed the annual merchandise trade deficit in 2020 was recorded at -N7,375.3billion.

According to its Foreign Trade in Goods Statistics Q4 2020 that The Nation obtained from Abuja, the value of total imports in 2020 stood at N19, 898.0billion or 17.3 per cent higher than in

2019 while total export was valued at N12, 522.7 billion or 34.8 per cent less than in 2019.

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

NBS disclosed on an annual basis, total trade was valued at N32, 420.7 billion in 2020 or 10.3 per cent less than the value recorded in 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.

ADVERTISEMENT

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.

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.

You may be interested

APC North West meet Tinubu over VP candidate nominee
News
2 views
News
2 views

APC North West meet Tinubu over VP candidate nominee

Webby - June 30, 2022

<!-- APC North West Meet Tinubu Over VP Candidate Nominee – Independent Newspaper Nigeria HomeFeaturedAPC North West Meet Tinubu Over…

Gunmen strike at Enugu checkpoint, kill two policemen
News
3 views
News
3 views

Gunmen strike at Enugu checkpoint, kill two policemen

Webby - June 30, 2022

Unknown gunmen Thursday morning struck in the serene Enugu state capital, the Coal City and reportedly shot and killed two…

Military airstrikes neutralise 82 terrorists in Zamfara
News
3 views
News
3 views

Military airstrikes neutralise 82 terrorists in Zamfara

Webby - June 30, 2022

No fewer than 82 terrorists have been killed by the military airstrikes at Rafin Dankura in Bakura Local Government Area…

Leave a Comment

Your email address will not be published.