Nigeria – Q4 2020 foreign trade stats from the NBS
Nigeria recorded a trade deficit of N2.73trn in the fourth quarter of 2020, representing one more negative balance since 2016 after the N579.06 billion of Q4 2019.
In comparing the trade deficits further, -N2.73 is 14.3% lower N2.39 trillion deficit recorded in the Q3 of 2020.
Reports by the National Bureau of Statistics (NBS) shows that the sharp drops in the export of crude oil had a profound effect on Nigeria’s import and export scene.
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According to stats for Q4 2020, the total value of imports for Q4 2020 stood at N5.93trn, indicating an increase of 10.08% against Q3 and 10.77% against Q4, 2019. Exports figures for Q4 2020 was at N3.19trn.
The value of total trade for the period under review stood at N9.12trn trillion, which represents 8.88% increase over the N8.38 trillion recorded in Q3.
The NBS report further shows that Nigeria recorded a deficit and trade balance of N7.38trn in 2020 as imports for the year stood at N19.89trn while exports were at N12.52trn.
While imports rose by 10.77% in 2020 over 2019, exports fell -33.04% less than the 2019 figure. The trade balance for both entities was a deficit of N7.38trn in 2020 less than N2.23trn in 2019.
Total trade for 2020 stood at 34.75%, 10.32% less than the 2019 total trade figure.
Summary of Nigeria’s Q4 2020 foreign trade stats
Crude oil is the major contributor to Nigeria’s export, saw a slight increase of 3.98% between Q3 2020 and Q4 2020.
- Nigeria’s non-oil income generated N2.9 trillion in VAT & CIT in 2020
- Non-Oil Sector in Nigeria – Finance, IT, Agriculture – Takes Q3 2020 GDP
Top trade destinations
The major export trade partners with Nigeria in Q4 2020 include the United States, India, South Africa, India and the Netherlands. They also constitute Nigeria’s major import trade partners at the same period with the inclusion of Denmark and China.
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