Africa News Bulletin

Nigeria: Merchandise trade deficit rises 171% to N1.9trn

The National Bureau of Statistics, NBS, said the country’s merchandise trade deficit rose year-on-year (YoY) by 171 percent to N1.93 trillion last year from N711.24 billion in 2020.

NBS also said that the total merchandise trade stood at N39.7 trillion in 2021, rising YoY by 57.5 percent from N25.2 trillion in 2020.

The bureau disclosed this in its Foreign Trade in Goods Statistics report for the fourth quarter of 2021 (Q4’21).

According to the report, the value of imports rose YoY by 64 percent to N20.84 trillion in 2021 from N12.68 trillion in 2020.

Similarly, the value of exports in 2021 rose by 51 percent to N18.9 trillion from N12.5 trillion in 2020.

The report stated:” In Q4’21, Nigeria’s total merchandise trade stood at N11.7 trillion, representing 11.79 percent over the level recorded in Q3’21 but was 74.71 percent higher when compared to the value recorded in Q4’20.

“ Export trade in the quarter under review stood at N5.76 trillion, indicating an increase of 12.27 percent over the preceding quarter, and the value in 2021 also grew by 80.5 percent over the corresponding period of the previous year.

“Furthermore, the share of exports in total trade stood at 49.26 percent in Q4’21.

“On the other hand, total imports stood at N5.94 trillion in Q4’21, indicating an increase of 11.33 percent over the preceding quarter and 69.41 percent over the corresponding period of 2020.

“Imports value in the fourth quarter of 2021 accounted for 50.74 percent of total trade.

“The balance of trade in the period under review stood at (N173.96 billion), this shows a deficit trade with an improvement of 12.72 percent over the preceding quarter.

“ In 2021, the value of total trade stood at N39.75 trillion which is 57.6 percent higher than the value recorded in 2020. “The value of total imports in 2021 stood at N20.84 trillion which is 64.11 percent higher than the value recorded in 2020, while total exports were valued at N18.9 trillion showing an increase of 50.9 percent than the value recorded in 2020. Overall in 2021, merchandise trade recorded a deficit of N1.93 trillion.”

On trade by Custom Ports and Post, NBS said:” In Q4’21, the bulk of exports transactions were carried through Apapa Port with goods valued at N5.16 trillion or 89.54 percent of total exports. This was followed by Port Harcourt which recorded N398.14 billion or 4.6 percent of total export.

“In terms of imports, Apapa Port also recorded the highest transactions valued at N3.53 trillion or 59.5 percent of total imports. This was followed by Tincan Island which accounted for goods valued at N774.18 billion or 13.03 percent while Port-Harcourt (3) handled N457.07 billion or 7.69 percent of total imports.”

Vanguard News

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