National Bureau of Statistic has said that in Q4 2019, the value of total trade was N10.1 trillion, or10.2 per cent higher than the value recorded in Q3, 2019 and 25.9 per cent higher than in Q4 2018. On an annual basis, the value of total trade in 2019 was recorded at N36,152.1 billion, representing a 14.05 per cent increase over 2018. Total imports stood at N5,349.63 billion in Q4,2019 representing an increase of 37.2 per cent over the value recorded in Q3,2019 and 49.34 per cent over the corresponding quarter of 2018.
According to the Bureau, “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 Q4, 2019 compared to Q3 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 Q4,2019 compared to Q3 and 8.47 per cent higher compared to Q4,2018. Imports of raw materials grew 19.2% in 2019 compared to 2018. Solid minerals imports decreased in value by 6.98 per cent in Q4,2019 relative to Q3,2019 but were higher by 5.11% relative to Q4,2018. The value of solid minerals imports rose 28.1% in 2019 compared to 2018.
“The value of imported Manufactured goods was 40.74 per cent higher in Q4, 2019 than the level attained in Q3,2019 and 77.50% more than in Q4,2018.This was due to the importation of other electro diagnostic apparatus during the quarter. For 2019, the value of imported manufactured goods imports was 60 per cent higher than in 2018. The value of energy goods imports decreased by 65.27 per cent in Q4,2019 compared to Q3,2019 and by 75.86% compared to Q4,2018. For 2019, the value of energy goods imports fell by 56.2% compared to a year earlier. Other oil products imports were 60.59% higher in value in Q4,2019 than in Q3,2019 and 2.11% higher than Q4,2018. For annual 2019, the value of other oil products imports fell by 34.3% relative to 2018 levels”.
It said “Crude oil remained the dominant export valued at N3,629.24 billion and accounting for 76.1 per cent of total exports, while non crude oil exports amounted to N1,141.3billion or 23.9 per cent. However the value of crude oil exports in Q4,2019 was 3.16% lower than in Q3,2019 and 0.88% lower than the corresponding quarter of 2018. On an annual basis, the value of crude oil exports at N14,690.02billion, was lower than in 2018 by 3.08%. During the quarter, Nigeria imported goods mainly from Asia, valued at N3,008.69 billion or 56.24% of total imports. Other major imports originated from Europe, valued at N1,550.36billion or 28.98% while imports from America and Africa amounted to N668.57billion or 12.50% and N113.99 billion or 2.13% respectively. Import from Oceania stood at N8.01billion or 0.15% of total imports while goods valued at N22.8billion originated from ECOWAS. By country of origin, goods were imported mainly from India, valued at N1,207.24 billion or 22.57%, China (N1,096.14 or 20.49%), the United States (N484.34billion or 9.05%), the Netherlands (N460.58billion or 8.61%) and Belgium (N308.30billion or 5.76%)”.
