National Bureau of Statistics (NBS) foreign trade data released on tuesday shows Nigeria’s external imbalance continues to widen as the trade deficit for 2020 hit N7.38 trillion.
Of the total yearly foreign trade value of N32.42 trillion, export accounted for N12.52 trillion (or 39 per cent) as against N19.89 trillion import bills.
According to the data, the 2020 figure was 10.3 per cent lower than the 2019 record.
“On an annual basis, total trade was valued at N32, 420.7 billion in 2020 or 10.3 per cent less than the value recorded in 2019. The value of total imports in 2020 stood at N19, 898 billion, or 17.3 per cent higher than in 2019 while total exports were valued at N12, 522.7 billion or 34.8 per cent less than in 2019. The annual merchandise trade deficit in 2020 was recorded at -N7, 375.3 billion,” the report noted.
Nigeria’s total foreign trade for the fourth quarter (Q4) of 2020 rose to N9.12 trillion, representing an increase of 8.88 per cent compared to N8.38 trillion recorded in the previous quarter.
Crude oil has continued to dominate the country’s exports by a disturbing margin as it accounted for 9.44 trillion last year, an equivalent of 75 per cent of the total value of export.
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