The National Bureau of Statistics (NBS) says Nigeria recorded N36.152 trillion as value of total trade in 2019, representing a 14.05 per cent increase over 2018.
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 per cent 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 per cent 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 per cent higher than the value recorded in quarter three, 2019 and 25.9 per cent 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 per cent against quarter three, 2019 but rose by 7.06 per cent when compared with the corresponding quarter in 2018.
“On the other hand, the import component (valued at N5.349 trillion) increased by 37.20 per cent in quarter four against quarter three, 2019 and 49.34 per cent 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 per cent over the value recorded in quarter three, 2019 and 49.34 per cent over the corresponding quarter of 2018.
It added that in 2019, total imports grew by 28.8 per cent compared to 2018.
“The value of imported agricultural goods decreased by 2.8 per cent in quarter four, 2019 compared to quarter three, but rose 6.6 per cent 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 per cent higher in quarter four, 2019 compared to quarter three and 8.47 per cent higher compared to quarter four, 2018.
“Imports of raw materials grew 19.2 per cent 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 per cent relative to quarter four, 2018.
However, the value of solid minerals imports rose by 28.1 per cent in 2019 compared to 2018.
The NBS said that the value of imported manufactured goods was 40.74 per cent higher in quarter four, 2019 than the level attained in quarter three 2019 and 77.50 per cent 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 per cent higher than in 2018. (NAN)
