March 9, 2021/NBS

Total Trade

• Total trade was 8.9% higher in Q4,2020 compared to Q3,2020 but 9.9% lower than the value recorded in Q4, 2019. On an annual basis, total trade was 10.3% lower in 2020 than the value recorded in 2019.

Imports

• The value of total imports rose by 10.1% in Q4, 2020 compared to Q3,2020 and 10.77% compared to Q4,2019. For 2020, the value of total imports was 17.3% higher than the value recorded in 2019.
• The value of imported agricultural products was 5.75% higher in Q4,2020 than in Q3,2020 and 128.17% higher compared with the corresponding quarter of 2019. For 2020, the value of agricultural imports was 78.6% higher than recorded in 2019.                   
• The value of raw material imports grew marginally by 0.75% in Q4,2020 compared to Q3, 2020 but was 113.12% higher compared to Q4, 2019. For 2020, the value of raw material imports was 72.5% higher than the value recorded in 2019.
• The value of Solid minerals imports was 16.82% lower in Q4, 2020 than its value in Q3, 2020 but 58.59% higher than its value in Q4, 2019. On an annual basis, the value of solid mineral imports was 39.3% higher than the value recorded in 2019.
• The value of Energy goods imports was 236.20% in Q4, 2020 higher than in Q3,2020 and 199.51% higher than the value recorded in Q4, 2019. On an annual basis, the value of energy goods imports was 24.1% lower than recorded in 2019.
• The value of imported manufactured goods grew by 11.43% in Q4, 2020 against the value recorded in Q3, 2020 but decreased by 2.21% against its value in Q4, 2019. For 2020, the value of manufactured imports was 6.5% higher than the value recorded in 2019.
• The value of other oil products imported in Q4, 2020 was 17.40% higher than its value in Q3, 2020 but 3.23% less than the corresponding quarter of 2019. For 2020, the value of other oil products imports was 15.1% higher than the value recorded in 2019.

Exports

• The value of total exports in Q4, 2020 increased by 6.7% against the level recorded in Q3, 2020 but decreased by 33. 3% compared to Q4,2019. On an annual basis, total exports was 34.8% lower in 2020 than recorded in 2019.
• The value of agricultural exports fell by 8% in Q4 2020 compared to Q3 2020 and 18.2%            compared to Q4 2019. In 2020, the value of agricultural exports was 19.2% higher than the value recorded in 2019.
• The value of raw material goods exports in Q4,2020 was 317.6% higher than the value in Q3,2020 and 122% higher than the value recorded in Q4 2019. In 2020, the value of raw material goods exports was only 0.7% higher than the value recorded in 2019.
• The value of Solid minerals exports decreased by 20.7% in Q4,2020 against Q3 2020  but increased by 135% against the corresponding quarter in 2019. In 2020, the value of solid mineral exports was 46.2% lower than the value recorded in 2019.
• The exports of Energy goods increased in value by 13.3% in Q4 2020 compared to Q3 2020 but decreased by 15.5% compared to Q4,2019. In 2020, the value of energy goods exports was 40.3% lower than the value recorded in 2019.
• The value of Manufactured goods exports fell by 3.1% in Q4 2020 compared to the value recorded in Q3 2020  and 74.7% compared to Q4, 2019. In 2020, the value of manufactured exports was 53.7% lower than the value recorded in 2019.
• The value of Crude oil exports in Q4 2020 increased by 4% compared to Q3,2020 but decreased by 30.5%  compared to Q4,2019. In 2020, the value of crude oil exports was 35.7% lower than recorded in 2019.
• The  export value of Other oil products increased by 22.2% in Q4 2020 compared to Q3 2020, but decreased  by 19.3 % compared to Q4 2019. On an annual basis, the value of other oil products exports was 17.1% lower than the value recorded in 2019.

Major export trading partners and percentage share in Q4, 2020 export trade.

Major import trading partners and percentage share in Q4, 2020 import trade

Overview

In the fourth quarter of 2020, Nigeria’s total merchandise trade stood at N9,120.2billion, representing 8.9% over the level recorded in the third quarter of 2020 but was 9.9% lower when compared to the fourth quarter of 2019. The value of trade in Q4 was the highest recorded over the past year. The export component of trade stood at N3,194.5 billion, an increase of 6.7% over the preceding quarter but a drop of 33% over the previous year. Further, the share of exports in total trade declined to 35% in Q4 2020 from 47% a year earlier.

On the other hand, total imports reached a record high at N5,925.7 in Q4 2020, an increase of 10.1% over the preceding quarter, and 10.8% over the preceding year. Imports also accounted for 65% of total trade in Q4 2020, compared to 53% the previous year. As the value of imports nearly doubled the value of exports, the trade deficit rose to its highest level and a fifth consecutive quarterly deficit at -N2,731.2billion, an increase of 14.30% compared to the preceding quarter.

On an annual basis, total trade was valued at N32,420.7 billion in 2020, or 10.3% less than the value recorded in 2019. The value of total imports in 2020 stood at N19,898.0billion, or 17.3% higher than in 2019, while total exports was valued at N12,522.7billion, or 34.8% less than in 2019. The annual merchandise trade deficit in 2020 was recorded at -N7,375.3billion.

Composition of total trade, Q4 2020

Imports Classified by Standard International Trade Classification and country of Origin

During the fourth quarter of 2020, total imports was valued at N5,925.7 billion accounting for 65% of total trade. The import value rose by 10.1% in Q4, 2020 compared to Q3,2020 and 10.8% compared to Q4,2019. On an annual basis, the value of imports rose to N19,898billion in 2020, which was 17.3% higher than in 2019 and more than twice its value in 2017. The value of imported Machinery stood at N2019.3 billion (or 34% of total imports) while Chemicals & related products recorded N1385.7billion (or 24% of total imports) and Mineral fuels recorded N821.1 billion (13.9% of total imports).

On an annual basis, total  imports was valued at N19,898 billion in 2020, with Machinery and transport equipment accounting for 36.6%, Chemicals and related products, 18.2% and Mineral fuels, 15.3%.

During the quarter, Nigeria imported goods mainly from Asia, valued at N2,847.8 billion or 48.06% of total imports. This was followed by Europe at N2,163.1 billion or 36.5%, America at N702.5 billion or 11.86%, Africa at N190.1 billion or 3.21% and Oceania at N22.3 billion or 0.38%. Imports from ECOWAS countries accounted for N22.5 billion, or 0.4% of the value of total imports.

Similarly, on an annual basis, Asia also accounted for the largest imports to Nigeria, representing 49.3% of total imports, valued at N9,808billion in 2020. This was followed by Europe with imports valued at N 6,626billion, or 33.3% of total imports, and America, which recorded N2,635.8billion or 13.2% of total imports.

By country of origin, imported goods originated mainly from China and was valued at N1,675.6 billion, representing 28.3% of total imports. This was followed by India (N506 billion or 8.5 %), the United States (N408.6 or 7.57%), the Netherlands (N424.5billion, or 7.2%) and Denmark (N319.9billion, or 5.4%).

Exports Classified by Standard International Trade Classification and Country of Destination

In Q4 2020, the value of total export stood at N3,194.5 billion, accounting for 35% of total trade. The export value rose by 6.7% against the level recorded in Q3, 2020 but fell by 33% when compared to Q4,2019.  Exports by section revealed that Nigeria exported mainly mineral products, which amounted to ₦2,962.6billion, or 92.7% of total export value. The second largest component was Vehicles, Aircraft and parts, which was valued at N111.3 billion (or 3.48% of the value of total exports) and vegetable products worth N39.9 billion (or 1.25% of the value of total exports).

In terms of regional trade, Nigeria exported most products to Asia, with goods valued at N1,158.9 billion or 36% of total exports, Europe (N1,071.4 billion, or 34%) and America (N376.4 billion, or 12%). The value of exports to Africa was N551.1 billion naira, out of which N144.8 billion worth of goods were exported to other ECOWAS countries.

India remained the top export destination for Nigeria during the quarter under review. The top five export destinations were India, Spain, South Africa, the Netherlands and the U.S.A. with goods valued at N547.0 billion or 17.12 % of the value of total exports, N313.4 billion or 9.8 %, N256.7 billion or 8.03 %, N194.5 billion or 6.09 %, and N170.4 billion or 5.33% respectively. These five countries collectively accounted for 46.39% of the value of total exports in Q4 2020.

Export/Imports Products Classified by Sectors Q4, 2020

 Agricultural Goods Sector

 The value of total trade in agricultural goods in Q4 2020 stood at N588.2 billion representing 6.45%                 of total trade in Q4 2020.  Exports of Agricultural goods was valued at N55.8billion or 1.75% of total exports in Q4 2020. Compared to N60.6 billion recorded in Q3 2020, the value of agricultural exports fell by 8% and by 18.2% when compared to the corresponding quarter in 2019. During the quarter, most agricultural products were exported to Asia (valued at N43.4 billion) and Europe (valued at N9.4billion). Export of agricultural products was dominated by Sesamum seeds (valued at N27.3billion), Good fermented cocoa beans (valued at N6.7 billion) and Sesamum oil and fractions (N4.4billion). Further, sesamum seeds worth N18.1billion were exported to China and N4 billion to Japan. Good fermented cocoa beans worth N1.4 billion was exported to the Netherlands and N1.3 billion to Indonesia. Sesame oil and its fractions worth N4.3 billion was also exported to China.

With regards to imports, agricultural goods valued at N532.4 billion were imported in Q4 2020 compared to N503.4 billion in Q32020, an increase of 5.75%. The major agriculture imports in Q4 2020 included Durum wheat (not in seeds) worth N62.9 billion imported from Russia, Lithuania (N55.3 billion), the United States (N54.6 billion) and Canada (N51.8billion). Herrings (fish), was imported from the Netherlands valued at N14.8 billion and from Russia (at a value of N6.6billion). In addition, Palm Olein worth N22billion was imported from Malaysia.

Solid Minerals Sector

The total value of solid minerals trade in Q4 2020 stood at N33.8 billion representing 0.37% of total trade in Q4 2020.

Solid minerals exports in Q4 2020 stood at N4.5billion,  a decrease of 20.7% compared to Q3, 2020 but increase of  134% compared to the corresponding quarter of 2019.  The major exported solid mineral was Other Cement to Niger, valued N2.1 billion and Zinc ores and Concentrates worth N1.2 billion.

With regards to imports, Gypsum anhydrite was imported from Spain worth N5.6 billion and from Turkey, worth N4,2billion. Other products imported under this category were Plasters of Calcined Gypsum worth N5.0 billion from Turkey and Egypt (N2.3 billion), as well as Other salt worth N4.2 billion from Brazil.

Manufactured Goods Sector

 The value of manufactured goods trade in Q4, 2020 stood at N3,955billion representing 43.4% of total trade. Of this, the   export component accounted for N129billion. The major export goods in this category were Floating or submersible drilling platform exported to Cameroon and Equatorial Guinea in values worth N76.73 billion and N10.2 billion respectively, Helicopters of an Unladen weight exceeding 2000kg to Ghana, valued at N10.5billion, Dredgers worth N7.2billion exported to Indonesia, as well as Other machinery exported to Ivory Coast, worth N6.4billion. By region, manufactured goods were exported to Africa, Asia and Europe, valued at N110.7billion, N11.5billion and N5.4 billion respectively.

In terms of imported manufactured goods, vaccines for human medicine worth N302.7billion was imported from Denmark. Vaccines were also imported from Singapore, India and Belgium worth N50.7 billion, N24.2 billion and N14.4billion. Other Antibiotics  was also imported from the Netherlands (worth N107.8 billion) and India (worth N39.6 billion). Other goods imported in this category were Used vehicles from the United States (worth N155.1 billion), Used Motorcycles from India (worth N87.9 billion ) and from China (N24.1 billion). There was also imports of Machine for reception worth  N51.8 billion from China.

Raw Material Goods Sector

The value of total trade in raw material stood at N762.6billion. The import component was valued at N715.7billion while the export component stood at N46.9billion. During the quarter, Urea whether or not in aqueous solution was exported to Brazil, at a value of N11.2 billion. This was followed by Leather further prepared after tanning exported to Spain, India and Italy valued at N2.4billion, N2.1billion and N1.9 billion respectively. Ammonium Sulphate valued at N3.3 billion was also exported to Brazil.

In terms of imports, cane sugar worth N102.5billion was imported from Brazil, followed by Preparations for infant use imported from China and the United Kingdom valued at N16.7 billion and N12.8 billion respectively. Other products imported under this category were Mixtures of odoriferous substance imported from Swaziland and Ireland and valued at N15.9billion and N13.1 billion respectively. In addition, Milk preparation valued at N10.3billion was imported from Ireland while Other Glutamic acid and its salts worth N10.4billion was imported from China..

Trade Intensity in Q4 2020

Export Intensity Index with Five Major Trading Partners

The export intensity index compares the share of exports to each country in Nigeria’s total exports, with the share of world exports going to that country, and therefore gives a measure of the importance of that country to Nigeria as an export destination. A higher number denotes a stronger relationship, and an index of one indicates that exports to that country are what would be expected given global trade patterns.

The export intensities of Nigeria in Q4 2020 showed Nigeria had a strong export relationship with India, with export intensities of 3.1, 4.3 and 5.6 for October, November and December respectively. Spain also recorded relatively higher export intensity index than the other three major trading partners at 4.8, 3.4, and 2.9 in each month of the fourth quarter respectively. During the quarter, the Netherlands registered 0.4, 2.9 and 0.2 for October, November and December while the United States recorded low export intensities all through the quarter. However, bilateral trade with France was intense in October and December at 1.1, and 1.0  with a down swing  in November (0.4) .

Import Intensity Index with five Major Trading Partners

During the quarter, the import intensity of Nigeria with the top two import origin countries (China and India) showed similar pattern with strong indices of 1.6,1.3 and 1.4 for China and index of 4.4,2.6 and 3.9 for India. The Netherlands also recorded higher intensity index of 2.0, 1.6 and 1.3 for the month of October, November and December while the United states and Belgium registered lower intensity index in all months except in October where Belgium recorded 2.4.

Trade by Mode of Transport

The majority of commodity exported out of Nigeria were transported via water, as reflected in the value of exports by water in Q4,2020. Water transport accounted for N3,176billion or 99.42% of total exports. Air transport accounted for N15.7billion or o.49% while Road transport accounted for N2.8billion or 0.09%. Similarly, for imports, most goods brought into the country arrived via water transportation means. Water transport accounted for N5,107.5billion or 86% of the value of total imports. Another mode of transport used was Air transport, which accounted for goods valued at N788.6billion or 13% of the value of total imports.

Trade by Custom Ports and Post

In Q4, 2020, the bulk of export transactions was conducted through Apapa port, which was responsible for goods valued at N3,000 billion or 93.9% of total exports. This was followed by Port Harcourt (3) which recorded N145.7billion or 4.6%. In terms of imports, Apapa Port also recorded the highest transactions valued at N2,535.4billion or 42.8% of total imports. This was followed by Tin Can Island which accounted for goods valued at N1,033.4billion or 17.4% while Port-Harcourt (3) handled N613.5billion or 10.35% of total imports. 

Click here to read full PDF copy of report