Earlier today (9th of March), the National Bureau of Statistics (NBS) disclosed the annual merchandise trade deficit in 2020 was recorded at -N7,375.3billion.
According to its Foreign Trade in Goods Statistics Q4 2020, the value of total imports in 2020 was 17.3% higher than the previous year. It stood at N19, 898.0billion. The total export was valued at N12, 522.7 billion, which was 34.8% percent less than the export in 2019. For trade, the total annual trade was valued at N32, 420.7 billion in 2020 (10.3% (percent) less than the value recorded in 2019).
The predominant export for 2020 was crude oil, which was valued at N2, 424.8billion, representing 81.02 percent of total exports while non-crude oil was valued at N568.2billion or 18.98 percent of total export during the review period.
In the period under review, NBS noted that major export trading partners and percentage share in Q4, 2020 export trade India was 17.12 percent, Spain 9.81 percent, South Africa 8.03 percent, Netherlands 6.09 percent and the United States 5.30 percent.
The document explained the value of raw material imports grew marginally by 0.75 per cent in Q4,2020 compared to Q3, 2020 but was 113.12 per cent higher compared to Q4, 2019. For 2020, the value of raw material imports was 72.5 per cent higher than the value recorded in 2019.