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.
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The bureau said this in its “Foreign Trade in Goods Statistics, Quarter Four, 2019”, released on Friday in Abuja.
However, this was lower than 36.86 percent 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 percent less than in 2018.”
It said that in the fourth quarter of 2019, the value of total trade was N10.1 trillion, or 10.2 percent higher than the value recorded in quarter three, 2019 and 25.9 percent 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 percent against quarter three, 2019 but rose by 7.06 percent when compared with the corresponding quarter in 2018.
“On the other hand, the import component (valued at N5.349 trillion) increased by 37.20 percent in quarter four against quarter three, 2019 and 49.34 percent 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.”
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 percent over the value recorded in quarter three, 2019 and 49.34 percent over the corresponding quarter of 2018.
It added that in 2019, total imports grew by 28.8 percent compared to 2018.
“The value of imported agricultural goods decreased by 2.8 percent in quarter four, 2019 compared to quarter three, but rose 6.6 percent 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 percent higher in quarter four, 2019 compared to quarter three and 8.47 percent higher compared to quarter four, 2018.
“Imports of raw materials grew 19.2 percent 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 percent relative to quarter four, 2018.
However, the value of solid minerals imports rose by 28.1 percent in 2019 compared to 2018.
The NBS said that the value of imported manufactured goods was 40.74 percent higher in quarter four, 2019 than the level attained in quarter three 2019 and 77.50 percent 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 percent higher than in 2018.
According to the report, the value of energy goods imports decreased by 65.27 percent in quarter four, 2019 compared to quarter three, 2019 and by 75.86 percent compared to quarter four of 2018.
It added that for 2019, the value of energy goods imports fell by 56.2 percent compared to 2018.
On other oil products imports, the NBS said that they were 60.59 percent higher in value in quarter four, 2019 than in quarter three and 2.11 percent higher than quarter four, 2018.
“For annual 2019, the value of other oil products imports fell by 34.3 percent 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 percent higher relative to quarter four of 2018.
It added that in 2019, the value of total exports was 3.56 percent 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 percent of total exports, while non crude oil exports amounted to N1.141 trillion or 23.9 percent.
“However the value of crude oil exports in quarter four, 2019 was 3.16 percent lower than in quarter three, 2019 and 0.88 percent 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 percent.”
The NBS added that for 2019, the value of oil exports was lower than in 2018 by 3.08 percent.
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 percent lower than the level in 2018.
It added that the value of other oil exports was 9.2 percent lower in 2019 than in 2018.
According to it, agricultural goods exports grew in value by 61.89 percent in quarter four, 2019 compared to quarter three 2019 but decreased by 30.23 percent when compared with quarter four, 2018.
However, in 2019, the value of agricultural goods exports fell 10.74 percent relative to 2018.
For raw material exports, there was a decline in value by 27.99 percent 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 percent in 2019 compared to 2018.
The NBS said that solid minerals exports in quarter four, 2019 was 69.58 percent lower than the value recorded in quarter three, 2019 and 75.10 percent less than quarter four, 2018.
It added that the 2019 value of solid minerals exports was 61.52 percent lower than in 2018.
For manufactured goods, it said exports in quarter four, 2019 was 48.9 percent less in value than recorded in quarter three of 2019 and 573.19 percent higher than quarter four, 2018.
It said that in 2019, the value of manufactured goods exports was over 200 percent higher than in 2018.
For crude oil, exports in quarter four, 2019 were 3.16 percent lower than the value in quarter three, 2019 and 0.88 percent lower than quarter four, 2018.
According to the report, energy goods exports in quarter four, 2019 grew by 7.29 percent against the level in quarter three, 2019, but declined by 44.36 percent when compared with quarter four, 2018.
It however, said that in 2019, the value of energy goods exports was lower by 25.49 percent compared to 2018.