Nigeria’s foreign trade for the fourth quarter of 2020 grew by N9.12 trillion, showing an increase of 8.88% as compared to N8.38 trillion marked in the previous quarter.
This is according to the foreign trade report, recently released by the National Bureau of Statistics (NBS).
According to the report, total imports stood at N5.93 trillion, a 10.1% increase compared to N5.38 trillion recorded in Q3 2020, while total export rose by 6.72% from N2.99 trillion to N3.19 trillion.
Contrarily, Nigeria’s trade balance fall further by 14.3% from a N2.39 trillion deficit recorded in the third quarter of 2020 to an N2.73 trillion deficit in Q4 2020.
Recall that the foreign deficit worsens further amid an increase in import bill in the third quarter of 2020, merchandise goods worth N8.37 trillion were traded in Q3 2020, 34.15% higher than N6.24 trillion recorded in Q2 2020 (but 8.85% lower than N9.19 trillion printed in Q3 2019).
Out of the total goods traded, the value of exports increased quarter-on-quarter (q-o-q) by 34.85% (but decreased year-on-year, y-o-y, by 43.41%) to N2.99 trillion in Q3 2020, while the value of imports rose q-o-q by 33.77% (and surged y-o-y by 38.02%) to N5.38 trillion in Q3 2020, resulting in the higher trade deficit of N2.39 trillion in Q3 2020 (from an N0.42 trillion trade deficit in Q2 2020); a complete reversal from an N1.39 trillion trade surplus printed in Q3 2019). According to the report, crude oil exports which increased q-o-q by 56.04% (but fell y-o-y by 35.30%) to N2.42 trillion, constituted 81.02% of the total export value in Q3 2020.