Nigeria’s Foreign Trade Jumps 57.6% To N39.8trn In 2021
Nigeria’s total foreign trade for the fourth quarter of 2021 grew by 57.6 percent to N39.8 trillion, up from N25.22 trillion recorded in 2020.
Foreign trade is the exchange of capital, goods, and services between two or more countries. It’s important to a country because it provides foreign exchange and availability of market for a nation’s goods.
The Foreign Trade in Goods Statistics Q4 2021 report released by the National Bureau of Statistics (NBS) on Tuesday, shows that Nigeria imported goods worth N20.84 trillion in the review period, 64 percent higher than the N12.7 trillion recorded in the previous year.
However, the country recorded a foreign trade deficit of N1.94 trillion, rising from a deficit of N178.3 billion recorded in the previous year.
The Bureau noted that Crude oil export increased by 53 percent to N14.41 trillion in 2021 from N9.44 trillion recorded in 2020, while non-crude oil exports stood at N4.49 trillion, 46 percent higher than the N3.08 trillion recorded in 2020.
“In 2021, the value of total trade stood at N39.751 trillion which is 57.60 percent higher than the value recorded in 2020. The value of total imports in 2021 stood at N20.843 trillion which is 64.119 percent higher than the value recorded in 2020, while total exports was valued at N18.907 trillion showing anincrease of 50.99 percent than the value recorded in 2020. Overall in 2021, merchandise trade recorded a deficit of deficit (N1.936 trillion,” the report stated.
“Export in the fourth quarter 2021 was still oil-dependent. Crude oil exports recorded N4.269 trillion and it remained the major product in total exports (74.04 percent), while non-crude oil was valued at N1.497 trillion or 25.96% of total exports of which Non-oil products contributed N810.88 billion representing 14.06 percent of total exports during the quarter under review.
“The Balance of Trade improved in the Fourth Quarter though it remains negative: Total trade in Q4, 2021 was 11.79% higher when compared to the value recorded in Q3, 2021 and rose by 74.71 percent compared to the value recorded in the corresponding quarter of 2020. Annual comparison shows that total trade was 57.60 percent higher in 2021 than the value recorded in 2020.
“The value of total imports in Q4, 2021 increased by 11.33 percent compared to the value recorded in Q3, 2021 and by 69.41 percent against the same quarter in 2020 while total imports was 64.11 percent higher in 2021 than the value recorded in 2020.”
According to NBS, “value of agricultural imports grew by 38.35 percent in Q4, 2021 compared to the value recorded in Q3, 2021 and it also increased by 118.51 percent than the value recorded in the corresponding quarter of 2020. Annual growth shows that the value of agricultural imports was 71.76 percent higher in 2021 than the value recorded in 2020.
“The value of raw material imports grew marginally by 3.80% in Q4, 2021 when compared to the value in Q3, 2021 but was 35.03 percent higher compared to the value in Q4, 2020. The annual comparison reveals that the value of raw material imports was 37.90 percent higher than the value recorded in 2020.
“The value of Solid minerals imports was 0.42 percent lower in Q4, 2021 than the value in Q3, 2021 but increased by 69.73 percent than the value recorded in Q4, 2020 while the value of solid mineral imports was 54.12 percent higher in 2021 than the value recorded in 2020.
“The value of Energy goods imports was 507.38 percent in Q4, 2021 higher than in Q3, 2021 and 124.10 percent higher than the value recorded in Q4, 2020 while the value of energy goods imports was 86.19 percent higher in 2021 than the value recorded in 2020.
“The value of total exports in Q4, 2021 increased by 12.27 percent when compared to the value recorded in Q3, 2021; it also rose by 80.52 percent compared to the value Q4, 2020. Annual values of total export were 50.99 percent higher in 2021 than recorded in 2020.
“The value of agricultural goods exports in Q4. 2021 grew by 67.12 percent compared to Q3 2021 and by137.93 percent compared to Q4 2020. Annual comparison shows that the value of agricultural exports was 57.02 percent higher in 2021 than the value recorded in 2020.
“The value of raw material goods exports in Q4, 2021 was 65.06 percent higher than the value the recorded in Q3, 2021. The value recorded in Q4 2021 increased by 429.85 percent when compared to its value in Q4 2020. In addition, the value of raw material goods exports was 325.54 percent higher in 2021 than the value recorded in 2020.
“The value of Solid minerals exports in Q4 2021 decreased by 25.95 percent compared to the value recorded in Q3, 2021 but increased by 201.41 percent against the corresponding quarter in 2020. The annual comparison of the value of solid mineral exports in 2021 was 320.27 percent higher than the value recorded in 2020.
“The value of exports of Energy goods in Q4, 2021 rose by 7.17 percent compared to its value in Q3 2021. This also increased by 308.04 percent compared to the value recorded in Q4, 2020. In 2021, the value of energy goods exports was 376.52 percent higher than the value recorded in 2020 “
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