Nigeria’s merchandise trade grew in Q4 2021 with a steady rise in exports and imports trade- NBS

The foreign trade in goods statistics recently published by the National Bureau of Statistics revealed that the Balance of Trade improved in the Fourth Quarter of 2021 though it remains negative.

According to NBS report, Total trade in Q4 2021 was 11.79% higher when compared to the value recorded in Q3, 2021 and rose by 74.71% compared to the value recorded in the corresponding quarter of 2020. Annual comparison shows that total trade was 57.60% higher in 2021 than the value recorded in 2020.

IMPORTS

The value of total imports in Q4, 2021 increased by 11.33% compared to the value recorded in Q3, 2021 and by 69.41% against the same quarter in 2020 while total imports was 64.11% higher in 2021 than the value recorded in 2020.

  • The value of agricultural imports grew by 38.35% in Q4, 2021 compared to the value recorded in Q3, 2021 and it also increased by 118.51% than the value recorded in the corresponding quarter of 2020. Annual growth shows that the value of agricultural imports was 71.76% higher in 2021 than the value recorded in 2020.
  • The value of raw material imports grew marginally by 3.80% in Q4, 2021 when compared to the value in Q3, 2021 but was 35.03% higher compared to the value in Q4, 2020. The annual comparison reveals that the value of raw material imports was 37.90% higher than the value recorded in 2020.
  • The value of Solid minerals imports was 0.42% lower in Q4, 2021 than the value in Q3, 2021 but increased by 69.73% than the value recorded in Q4, 2020 while the value of solid mineral imports was 54.12% higher in 2021 than the value recorded in 2020.
  • The value of Energy goods imports was 507.38% in Q4, 2021 higher than in Q3, 2021 and 124.10% higher than the value recorded in Q4, 2020 while the value of energy goods imports was 86.19% higher in 2021 than the value recorded in 2020.

EXPORTS

The value of total exports in Q4, 2021 increased by 12.27% when compared to the value recorded in Q3, 2021; it also rose by 80.52% compared to the value Q4, 2020. Annual values of total export were 50.99% higher in 2021 than recorded in 2020.

  • The value of agricultural goods exports in Q4. 2021 grew by 67.12% compared to Q3 2021 and by137.93% compared to Q4 2020. Annual comparison shows that the value of agricultural exports was 57.02% higher in 2021 than the value recorded in 2020.
  • The value of raw material goods exports in Q4, 2021 was 65.06% higher than the value the recorded in Q3, 2021. The value recorded in Q4 2021 increased by 429.85% when compared to its value in Q4 2020. In addition, the value of raw material goods exports was 325.54% higher in 2021 than the value recorded in 2020.
  • The value of Solid minerals exports in Q4 2021 decreased by 25.95% compared to the value recorded in Q3, 2021 but increased by 201.41% against the corresponding quarter in 2020. The annual comparison of the value of solid mineral exports in 2021 was 320.27% higher than the value recorded in 2020.
  • The value of exports of Energy goods in Q4, 2021 rose by 7.17% compared to its value in Q3 2021. This also increased by 308.04% compared to the value recorded in Q4, 2020. In 2021, the value of energy goods exports was 376.52% higher than the value recorded in 2020.

Source: Nigeria’s merchandise trade grew in Q4 2021 with a steady rise in exports and imports trade- NBS – StocksWatch (stocksng.com)

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