Nigeria’s total foreign trade rose by 8.9% to N9.120 trillion 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, according to the Foreign Trade in Goods Statistics (Q4 2020) released by the National Bureau of Statistics
In Q4 2020, the total export was valued at N3.195 trillion, or 35% of total trade. The export value rose by 6.7% against the level recorded in Q3, 2020 but fell by 33% when compared to Q4,2019.
Mineral products export amounted to N2.963 trillion, or 92.7% of total export value. It was followed by Vehicles, Aircraft and parts, which was valued at N111.3 billion (or 3.48% of the value of total exports) and vegetable products worth N39.9 billion (or 1.25% of the value of total exports).
Nigeria exported most products to Asia, with goods valued at N1.159 trillion or 36% of total exports, Europe (N1,071.4 billion, or 34%) and America (N376.4 billion, or 12%).
The value of exports to Africa was N551.1 billion naira, out of which N144.8 billion worth of goods were exported to other ECOWAS countries.
Major export trading partners and percentage share in Q4, 2020 export trade. These five listed countries accounted for 46.39% of the value of total exports in Q4 2020.
- India: 17.12% (N547 billion)
- Spain: 9.81% (N313.4 billion)
- South Africa: 8.03% (N256.7 billion)
- Netherlands: 6.09% (N194.5 billion)
- United States: 5.30% (N170.4 billion)
Total imports rose by 10.1% to a record high at N5.926 trillion in Q4 2020, compared to Q3 2020, and a 10.8% increase compared to Q4 2019.
Petroleum oils and oils obtained from bituminous minerals, crude accounted for 78.93% of the total import in Q4 2020. It was followed by liquified natural gas (11.61% of total imports) and ordinary motor spirit (9.68% of total imports).
In Q4 2020 Nigeria imported goods mainly from Asia, valued at N2.848 trillion or 48.06% of total imports. This was followed by Europe at N2.163 trillion or 36.5%, America at N702.5 billion or 11.86%, Africa at N190.1 billion or 3.21% and Oceania at N22.3 billion or 0.38%.
Imports from ECOWAS countries accounted for N22.5 billion, or 0.4% of the value of total imports.
On an annual basis, Asia also accounted for the largest imports to Nigeria, representing 49.3% of total imports, valued at N9,808billion in 2020. This was followed by Europe with imports valued at N 6,626billion, or 33.3% of total imports, and America, which recorded N2,635.8billion or 13.2% of total imports.
Nigeria’s major import trading partners and percentage share in Q4, 2020 import trade:
- China: 28.28% (N1,675.6 billion)
- India: 8.54% (N506.billion)
- United States: 7.57% (N408.6 billion)
- Netherlands: 7.16% (424.5 billion)
- Denmark: 5.40% (319.9 billion)
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.