Nigeria recorded foreign trade of N39.8 trillion in 2021, representing a 58% surge compared to N25.22 trillion recorded in 2020. This is according to the recently released foreign trade report by the National Bureau of Statistics (NBS).
This is according to data released by the National Bureau of Statistics (NBS).
The trade balance improved in the fourth quarter, but it is still negative: Total commerce in Q4, 2021 was 11.79 percent greater than in Q3, 2021, and was 74.71 percent higher than in the same quarter of 2020. Total trade was 57.60 percent larger in 2021 than it was in 2020, according to an annual comparison.
IMPORTS
Total imports climbed by 11.33 percent in Q4, 2021 when compared to Q3, 2021, and by 69.41 percent when compared to the same quarter in 2020, while total imports were 64.11 percent higher in 2021 than they were in 2020.
Agricultural imports climbed by 38.35 percent in Q4, 2021 when compared to Q3, 2021, and by 118.51 percent when compared to the same quarter in 2020. The value of agricultural imports was 71.76 percent larger in 2021 than it was in 2020, owing to annual growth.
When compared to Q3, 2021, the value of raw material imports increased by 3.80 percent in Q4, 2021, but was 35.03 percent higher than the value in Q4, 2020. The value of raw material imports was 37.90 percent more in 2019 than it was in 2020, according to the annual comparison.
The value of solid mineral imports decreased by 0.42 percent in Q4, 2021 compared to Q3, 2021, but climbed by 69.73 percent compared to Q4, 2020, while the value of solid mineral imports increased by 54.12 percent in 2021 compared to 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
Total exports increased by 12.27 percent in Q4, 2021 when compared to Q3, 2021, and by 80.52 percent when compared to Q4, 2020. In 2021, total export values were 50.99 percent more than they were in 2020.
In Q4 2021, the value of agricultural goods exports increased by 67.12 percent over Q3 2021 and by 137.93 percent over Q4 2020. Agricultural exports were worth 57.02 percent more in 2021 than they were in 2020, according to an annual comparison.
In Q4, 2021, the value of raw material goods exports was 65.06 percent greater than the value in Q3, 2021. When compared to Q4 2020, the value recorded in Q4 2021 climbed by 429.85 percent.
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
