TUE 15 MARCH, 2022-theGBJournal| Nigeria’s total merchandise trade stood at N11,707.20 billion in Q4 2021, representing 11.79% over the level recorded in the third quarter of 2021, according to the National Bureau of Statistics (NBS) data on Foreign Trade in Goods Statistics published today.
The figure is 74.71% higher when compared to the value recorded in the fourth quarter of 2020.
Export trade in the quarter under review stood at N5,766.62 billion indicating an increase of 12.27% over the preceding quarter and the value in 2021 also grew by 80.52% over the corresponding period of previous year. Furthermore, the share of exports in total trade stood at 49.26% in Q4, 2021.
According to the NBS, total imports stood at N5,940.58 billion in Q4, 2021 indicating an increase of 11.33% over the preceding quarter and 69.41% over the corresponding period of 2020. Imports value in the fourth quarter of 2021 accounted for 50.74% of total trade. The balance of trade in the period under review stood at (N173.96 billion), this shows a deficit trade with an improvement of 12.72% over the preceding quarter.
In 2021, the value of total trade stood at N39,751.75 billion which is 57.60% higher than the value recorded in 2020. The value of total imports in 2021 stood at N20,843.96 billion which is 64.11% higher than the value recorded in 2020, while total exports was valued at N18,907.79 billion showing an increase of 50.99% than the value recorded in 2020. Overall in 2021, merchandise trade recorded a deficit of deficit (N1,936.18) billion.
During the quarter, Nigeria imported goods mainly from Asia, valued at N2,743.76 billion or 46.19% of total imports. This was followed by Europe at N 2,422.41 billion or 40.78%, America at N571.70billion or 9.62%, Africa at N161.47 billion or 2.72% and Oceania at N41.24 billion or 0.69%. Imports from ECOWAS countries accounted for N35.76 billion, or 0.6% of the value of total imports.
Asia also accounted for the largest imports to Nigeria, representing 46.47% of total imports, valued at N9,687.08 billion in 2021. This was followed by Europe with imports valued at N8,357.96 billion, or 40.10% of total imports, and America, with N2100.70 billion or 10.08% of total imports.
Export in the fourth quarter 2021 was still oil-dependent. Crude oil exports recorded N4,269.36 billion and it remained the major product in total exports (74.04%), while non-crude oil was valued at N1,497.26 billion or 25.96% of total exports of which Non-oil products contributed N810.88 billion representing 14.06% of total exports during the quarter under review.
By country of origin, imported goods originated mainly from China and was valued at N 1,652.65 billion, representing 27.82% of total imports. This was followed by Belgium valued at N613.27 billion or 10.32% of total imports, India (N430.38 billion or 7.24% of total imports), The Netherlands (N416.52 billion, or 7.01% of total imports) and the United States (N340.36billion or 5.73% of total imports).
Export trade by region in Q4 2021 shows that Nigeria exported most products to Europe with goods valued at N2,408.39 billion or 41.76% of total exports, Asia (N1,875.56 billion, or 32.52% of total exports) and Africa was N773.83 billion or 13.42% of total exports of which N250.52 billion worth of goods were exported to ECOWAS countries and exports to America amounted to (N702.74 billion, or 12.19% of total exports).
Export trade to trading partners shows that India remained the top export destination for Nigeria during the quarter under review. The top five export destinations were India, Spain, France, The Netherlands and Indonesia with goods valued at N874.86 billion or 15.17%, N789.23 billion or 13.69%, N485.35 billion or 8.42%, N425.85 billion or 7.38%, and N288.10 billion or 5.0% of export trade respectively. These five countries collectively accounted for 49.65% of the value of total exports in Q4, 2021
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