Nigeria records N2.23 trillion positive trade balance as imports grow 28.8%

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Dr. Yemi Kale Statistician General, NBS
Dr. Yemi Kale Statistician General, NBS

Nigeria records N2.23 trillion positive trade balance as imports grow 28.8%

The Nigerian economy has recorded a favourable trade balance of N2.232 trillion in 2019, data provided by the National Bureau of Statistics has shown.

Though, the economy witnessed increased importation activities compare to exporting which resulted to negative trade balance of N579 billion in the fourth quarter of 2019.

NBS said on an annual basis, the value of total trade in year 2019 hits N36.15 trillion, representing a 14.05% increase over 2018.

However, this growth was lower than 36.86% recorded in 2018 over 2017.

In 2019, the level of imports stood at N16.96 trillion while exports were valued at N19.19 trillion, resulting in a trade balance of N2.232 trillion.

In its foreign trade in goods statistics for the fourth quarter, NBS revealed that value of Nigeria’s total trade stood at N10.12 trillion.

This represents a 10.15% increase over the value recorded in the third quarter of the same year. It is also 25.9% increase relative to fourth quarter of 2018.

However, the value of the export component which closed at N4.77 trillion fell by 9.79% against third quarter, 2019 but rose by 7.06% when compared with the corresponding quarter in 2018.

On the other hand, the import component valued which settled at N5.349 trillion increased by 37.20% in Q4 against third quarter of 2019 and 49.34% against fourth quarter of 2018.

NBS noted that the faster increase in imports resulted in a negative trade balance of N579.06 billion during the quarter under review, the first since mid-2016.

“While imports rose by 28.8% in 2019 over 2018, exports rose by only 3.6%, and the trade balance was 58.4% less than in 2018.

“Total imports stood at N5.349 trillion in the fourth quarter of 2019 representing an increase of 37.2% over the value recorded in the third quarter and 49.34% over the corresponding quarter of 2018”, the Bureau noted.

It said in 2019, total imports grew by 28.8% compared to 2018.

Meanwhile, the value of imported Agricultural goods decreased by 2.8% in the fourth quarter of 2019 compared to third quarter but rose 6.6% compared to the corresponding quarter in 2018.

According to data provided by NBS, the value of agricultural imports in 2019 was 12.7% higher than in 2018.

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The data revealed that raw material imports were 1.63% higher in the fourth quarter of 2019 compared to third quarter and 8.47% higher compared to fourth quarter of 2018.

Raw materials imported grew 19.2% in 2019 compared to 2018, NBS reckoned.

Analysis shows that solid minerals imports decreased in value by 6.98% in the fourth quarter of 2019 relative to third quarter of 2019 but were higher by 5.11% relative to the fourth quarter of 2018.

The value of solid minerals imports rose 28.1% in 2019 compared to 2018.

The numbers also pointed that the value of imported manufactured goods was 40.74% higher in the fourth quarter of 2019 than the level attained in the third quarter.

This was 77.50% more than in the fourth quarter of 2018, the Bureau stated. It then attributes this to the importation of other electro diagnostic apparatus during the quarter.

For 2019, the value of imported manufactured goods imports was 60% higher than in 2018.

NBS noted that the value of energy goods imports decreased by 65.27% in the fourth quarter of 2019 compared to third quarter and by 75.86% compared to fourth quarter of 2018.

For 2019, the value of energy goods imports fell by 56.2% compared to a year earlier.

NBS added that the value of imported manufactured goods was 40.74% higher in the fourth quarter of 2019 than the level attained in the third quarter and 77.50% more than in fourth quarter of 2018.

“This was due to the importation of other electro diagnostic apparatus during the quarter”, it said.

NBS also acknowledge that for 2019, the value of imported manufactured goods imports was 60% higher than in 2018.

It said other oil products imports were 60.59% higher in value in the fourth quarter of 2019 than in the third quarter of 2019 and 2.11% higher than fourth quarter of2018.

For annual 2019, the value of other oil products imports fell by 34.3% relative to 2018 levels, NBS held.

On the export side of the trade record, total export value was 9.79% lower in value in the fourth quarter of 2019 compared to third quarter of 2019 but 7.06% higher relative to fourth quarter of 2018.

In 2019, the value of total exports was 3.56% higher than in 2018.

NBS stated that agricultural goods exports grew in value by 61.89% in the fourth quarter of 2019 compared to the third quarter but decreased by 30.23% when compared with the fourth quarter of 2018.

In 2019, the value of agricultural goods exports fell 10.74% relative to 2018, it added.

“Raw material exports declined in value by 27.99% in fourth quarter of 2019 against the level in the third quarter of 2019 and by 48.18% against fourth quarter of 2018”, the data reads.

On an annual basis, raw material exports fell 14.02% in 2019 compared to 2018.

According to NBS, solid minerals exports in the fourth quarter of 2019 were 69.58% lower than the value recorded in the previous quarter and 75.10% less than fourth quarter of 2018.

The 2019 value of solid minerals exports was 61.52% lower than in 2018.

It revealed that manufactured goods exports in the fourth quarter of 2019 were 48.9% less in value than recorded in the third quarter and 573.19% higher than fourth quarter of 2018.

In 2019, the value of manufactured goods exports was over 200% higher than in 2018, the data shows.

Meanwhile, the Bureau stated that crude oil exports in the fourth quarter of 2019 were 3.16% lower than the value in the third quarter and 0.88% lower than the fourth quarter of 2018.

For 2019, the value of oil exports was lower than in 2018 by 3.08%.

Data shows that total export value was 9.79% lower in value in the fourth quarter of 2019 compared to third quarter of 2019 but 7.06% higher relative to fourth quarter of 2018, NBS revealed.

In 2019, the value of total exports was 3.56% higher than in 2018.

It held that other oil products export were 16.13% higher in value in the fourth quarter of 2019 compared to third quarter of 2019 but 4.85% lower than the level in the fourth quarter of 2018.

The value of other oil exports was 9.2% lower in 2019 than in 2018.

Also, data revealed that energy goods exports in the fourth quarter of 2019 grew by 7.29% against the level in the third quarter but declined by 44.36% when compared with the fourth quarter of 2018.

NBS stated that in 2019, the value of energy goods exports was lower by 25.49% compared to 2018.

Nigeria records N2.23 trillion positive trade balance as imports grow 28.8%

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