Nigeria’s total foreign trade rose by 8.9% to N9,120.2billion in the fourth quarter of 2020, from the level recorded in the third quarter of 2020. However, it was lower by 9.9% when compared to the fourth quarter of 2019. Nigeria trade deficit widened as the of export declined contrary to the surge in value of import, according to the Foreign Trade in Goods Statistics (Q4 2020) released by the National Bureau of Statistics (NBS) on Tuesday.
The value of total trade in agricultural goods in Q4 2020 stood at N588.2 billion representing 6.45% of total trade in Q4 2020. Exports of Agricultural goods was valued at N55.8billion or 1.75% of total exports in Q4 2020.
The value of agricultural exports fell by 8%, compared to N60.6 billion recorded in Q3 2020, and by 18.2% when compared to the corresponding quarter in 2019.
During Q4 2020 Export of agricultural products was dominated by
- Sesamum seeds, whether or not broken, N27.29 billion
- Good fermented Nigerian cocoa beans, N6.69 billion
- Sesame oil and its fractions, N4.42 billion
- Cashew nuts, in shell, N3.69 billion
- Superior quality raw cocoa beans, N3.20 billion
- Cashew nuts, shelled, N1.58 billion
- Shea nuts, N1.32 billion
- Palm nuts and kernels, N1.18 billion
The value of imported agricultural products valued at N532.4 billion in Q4 2020, was 5.75% higher than in Q3 2020 and 128.17% higher compared with the corresponding quarter of 2019. For 2020, the value of agricultural imports was 78.6% higher than recorded in 2019, according to NBS.
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The major agriculture imports in Q4 2020 included Durum wheat (not in seeds) worth N62.9 billion imported from Russia, Lithuania (N55.3 billion), the United States (N54.6 billion) and Canada (N51.8billion). Herrings (fish), was imported from the Netherlands valued at N14.8 billion and from Russia (at a value of N6.6billion). In addition, Palm Olein worth N22billion was imported from Malaysia.
Solid minerals exports in Q4 2020 stood at N4.5billion, a decrease of 20.7% compared to Q3, 2020 but increase of 134% compared to the corresponding quarter of 2019. The major exported solid mineral was Other Cement to Niger, valued N2.1 billion and Zinc ores and Concentrates worth N1.2 billion.
According to the report, The value of manufactured goods trade in Q4, 2020 stood at N3,955billion representing 43.4% of total trade. Of this, the export component accounted for N129billion. The major export goods in this category were Floating or submersible drilling platform exported to Cameroon and Equatorial Guinea in values worth N76.73 billion and N10.2 billion respectively, Helicopters of an Unladen weight exceeding 2000kg to Ghana, valued at N10.5billion, Dredgers worth N7.2billion exported to Indonesia, as well as Other machinery exported to Ivory Coast, worth N6.4billion
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.