Friday, March 06, 2020   /05:00 PM/ By NBS/ Header Image Credit: NBS

Key Highlights

TotalTrade

• In Q4 2019, the value of total trade was N10.1trillion, or 10.2%  higher than the value recorded in Q3, 2019 and 25.9% higher than in Q4 2018. On an annual basis, the value of total trade in 2019 was recorded at N36,152.1 billion, representing a 14.05% increase over 2018.

Imports:

• Total imports stood at N5,349.63 billion in Q4, 2019 representing an increase  of 37.2% over the value recorded in Q3,2019 and 49.34% over the corresponding quarter of 2018. In 2019, total imports grew by 28.8% compared to 2018.
• The value of imported Agricultural goods decreased by 2.8% in Q4, 2019 compared to Q3 but rose 6.6% compared to the corresponding quarter in 2018. The value of agricultural imports in 2019 was 12.7% higher than in 2018.
• Raw material imports were 1.63% higher in Q4,2019 compared to Q3 and 8.47% higher compared to Q4,2018. Imports of raw materials grew 19.2% in 2019 compared to 2018.
• Solid  minerals imports decreased in value by 6.98% in Q4,2019 relative to Q3,2019 but were higher by 5.11% relative to Q4,2018. The value of solid minerals imports rose 28.1% in 2019 compared to 2018.
• The value of imported Manufactured goods was 40.74% higher in Q4,2019 than the  level attained in Q3,2019 and 77.50% more than in Q4,2018.This was due to the importation of other electrodiagnostic apparatus during the quarter. For 2019, the value of imported manufactured goods imports was 60% higher than in 2018.
• The value of energy goods imports decreased by 65.27% in Q4,2019 compared to Q3,2019 and by 75.86% compared to Q4,2018. For 2019, the value of energy goods imports fell by 56.2% compared to a year earlier.
• Other oil products imports were 60.59% higher in value in Q4,2019 than in Q3,2019 and 2.11% higher than Q4,2018. For annual 2019, the value of other oil products imports fell by 34.3% relative to 2018 levels.

Exports

• Total export value was 9.79% lower in value in Q4, 2019 compared to Q3,2019 but 7.06% higher relative to Q4,2018. In 2019, the value of total exports was 3.56% higher than in 2018.
• Agricultural goods exports grew in value by 61.89% in Q4, 2019 compared to Q3,2019 but decreased by 30.23%  when compared with  Q4,2018. In 2019, the value of agricultural goods exports fell 10.74% relative to 2018.
• Raw material exports declined in value by 27.99% in Q4,2019 against the level in Q3,2019 and by 48.18% against Q4 2018. On an annual basis, raw material exports fell 14.02% in 2019 compared to 2018.
• Solid minerals exports in Q4,2019 were 69.58% lower than the value  recorded in Q3,2019 and 75.10%  less than Q4,2018. The 2019 value of solid minerals exports was 61.52% lower than in 2018.
• Manufactured goods exports in Q4,2019 were 48.9% less in value than recorded in Q3,2019 and 573.19% higher than Q4,2018. In 2019, the value of manufactured goods exports was over 200% higher than in 2018.
• Crude oil exports in Q4,2019 were 3.16% lower than the value in Q3, 2019 and 0.88% lower than Q4,2018. For 2019, the value of oil exports was lower than in 2018 by 3.08%.
• Other oil products export were 16.13% higher in value in Q4,2019 compared to Q3,2019 but 4.85% lower than the level in Q4,2018. The value of other oil exports was 9.2% lower in 2019 than in 2018.
• Energy goods exports in Q4,2019 grew by 7.29% against the level in Q3,2019 but declined by 44.36% when compared with Q4,2018. In 2019, the value of energy goods exports was lower by 25.49% compared to 2018.

Overview

Thevalue of Nigeria's total trade stood at N10,120.20 billion in Q4,2019representing a 10.15% increase over the value recorded  in Q3, 2019 and25.9% increase  relative to Q4, 2018. The value of the export component(N4,770.57 billion) fell by 9.79% against Q3, 2019 but rose by  7.06% whencompared with  the corresponding quarter  in 2018. On the other hand,the import component (valued at N5,349.63 billion) increased by 37.20% in Q4against Q3,2019 and 49.34% against Q4,2018. The faster increase in importsresulted in a negative trade balance of N579.06billion during the quarter underreview, the first since mid-2016.

Onan annual basis, the value of total trade in 2019 was recorded at N36,152.1billion, representing a 14.05% increase over 2018. However, this was lower than36.86% recorded in 2018 over 2017. The level of imports stood at N16,959.9billion while exports were valued at N19,192.2 billion, resulting in a tradebalance of N2,232.4billion. While imports rose by 28.8% in 2019 over 2018,exports rose by only 3.6%, and the trade balance was 58.4% less than in 2018.

In Q4, 2019, Crude oil remained the dominant exportvalued at N3,629.24 billion and accounting for 76.1% of total  exports, while non crude oil exports amounted to N1,141.3billion or23.9%. However the value of crude oil exports in Q4,2019 was 3.16% lower thanin Q3,2019 and 0.88% lower than  the corresponding quarter of 2018. On anannual basis, the value of crude oil exports at N14,690.02billion,  waslower than in 2018 by 3.08%.

Imports Classified by Standard International TradeClassification and country of Origin

Total imports stood at N5,349.63 billion in Q4, 2019representing an increase  of 37.2% over the value recorded in Q3,2019 and49.34% over the corresponding quarter of 2018. This was due to increases in thevalues of imported machinery and transport equipment (which increased byN866.5billion or 47.03%) and Mineral fuels (N320.3billion or 60.68%) in Q4,2019over their values in Q3,2019.

Duringthe quarter, Nigeria imported goods mainly from Asia, valued at N3,008.69billion or 56.24% of total imports. Other major imports originated from Europe,valued at N1,550.36billion or 28.98% while imports from America and Africaamounted to N668.57billion or 12.50% and N113.99 billion or 2.13% respectively.Import from Oceania stood at N8.01billion or 0.15% of total imports while goodsvalued at N22.8billion originated from ECOWAS.

Bycountry of origin, goods were imported mainly from India, valued at N1,207.24billion or 22.57%, China (N1,096.14 or 20.49%), the United States(N484.34billion or 9.05%), the Netherlands (N460.58billion or 8.61%) andBelgium (N308.30billion or 5.76%).

Exports Classified by Standard International TradeClassification and Country of Destination

Thevalue of total exports in Q4, 2019 stood at N4770.57 billion. This indicates adecrease of 9.79% against the level recorded in Q3,2019 but an increase of7.06% when compared with its value in Q4, 2018. The Crude oil component ofexport amounted to N3,629.24 billion or 76.08% of total exports during theperiod under review while Non-crude oil export accounted for N1,141.33 billion,or 23.92%. For 2019, the share of crude oil exports in total exports stood at76.5%, maintaining its downward trend from 2016 as the share of non-oil exportscontinued to increase.

Exportsby section revealed that mineral products accounted for the largest proportionof exports, amounting to (N4,171.95 billion or 87.45%). This was followed byVehicles aircraft and parts (N477.06billion or 10%) and others.

Duringthe quarter, analysis of trade by region revealed that Nigeria exported mostlyto Europe (N1,968.50billion or 41.2%), followed by Asia (N1417.31billion or29.71%), Africa (N949.45billion or 19.9%), America (N359.49billion or 7.54%)and Oceania (N75.83billion or 1.5%). Within Africa, goods worth N582.3 billionwas exported to ECOWAS member states. Similarly, on an annual basis, mostexports went to Europe (39.69%), Asia (28.25%), Africa (20.44%), the Americas(10.67%) and Oceania (0.53%).

Bycountry of destination, Nigeria exported goods to India (valued atN628.4billion or 13.17%), Spain (N493.88billion or 10.35%), France(N371.37billion or 7.78%), the Netherlands  (N356.3 billion or 7.47%) andGhana (N352.88billion or 7.4%).

Export/Imports Products Classified by SectorsQ4 2019

Agricultural Goods Sector

Duringthe quarter, total trade in Agricultural goods stood at N301.49billion, out ofwhich exported agricultural goods accounted for N68.2billion. Analysis byeconomic region showed that most Agricultural goods were exported to Asia andEurope, and valued at N34.54billion and N29.2billion respectively.  Thekey driver of agricultural products exports was Sesamum seeds exported mainlyto India (N6.6billion), China (N5.4billion) and Turkey (N5.3billion). Other keyagricultural exports were Good Fermented Nigerian Cocoa Beans exported mainlyto the Netherlands (N12.3billion) and Germany (N5.9billion), as well as frozenshrimps exported to the Netherlands and valued at N1.5billion respectively.

Importedagricultural products accounted for N233.3billion of total agricultural tradein Q4, 2019. The major product was Durum wheat (not in seeds) imported mainlyfrom Latvia (N11.58billion) and Canada (N11.15billion).  Durum wheat(seeds) was also imported from Singapore and Russia valued at N14.9billion andN6.78billion  respectively.

Solid Minerals Sector

Thetotal trade in solid mineral goods stood at N20.4 billion in Q4, 2019,comprising an import component of N18.5 billion and export component ofN1.9billion. The major products exported under this sector were Lead ores andconcentrates exported to China valued at N1.2billion;  Zinc ores andconcentrates also to China at a value of N0.3billion, and to Malaysia with avalue of N0.2 billion. In terms of imports, Nigeria imported Other salt,including crude salt worth N2.5 billion and N2.3billion from Brazil and Namibiarespectively. Plasters of calcined Gypsum were imported from Turkey  at avalue of N2.1billion, Gypsum; anhydrite worth N1.7billion was imported fromSpain while Granite worth N1.8billion was imported from China.

ManufacturedGoods Sector

Thevalue of manufactured goods trade in Q4, 2019 stood at N4,421.4 billion or43.69% of total trade. Of this, the export component accounted for N509.2billion The products that drove up Manufactured export were Vessels and otherfloating Structures exported to Ghana, Germany, Cameroun and Singapore, valuedat N302.7billion, N63.7billion, N13.2billion and N13.1billion respectively.Floating and submersible drilling platforms were also exported to Camerounduring the period under review, valued at N65.5billion.

Interms of imports, Other electro-diagnostic apparatus was imported from India,worth N845.6billion. Unused postage stamps of current issue worth N245billionwas imported from United Arab Emirate . Other products imported included UsedVehicles worth N129 billion from the United States; Motorcycles worth N90.5billion from India, and Antibiotics worth N80.4billion from France.

RawMaterial Goods Sector

Thevalue of total trade in raw material stood at N356.9billion. The importcomponent was valued at N335.8billion while the export component stood at N21.1billion. During the quarter, sugar for industrial use worth N0.02 billion wasexported to Ghana; Other cane or beet Sugar worth N.04billion was exported toTurkey. However, cane sugar worth N59.8 billion was imported from Brazil. Otherproducts imported were milk preparations imported from Ireland, Malaysia andAustralia respectively worth N7.6 billion, N2.5billion and N2.3billion. Inaddition, Mixtures of odoriferous substances were imported from Ireland andSwaziland, worth N8.5billion and N2.6billion respectively.

Trade Intensity in Q4 2019

ExportIntensity Index with Five Major Trading Partners

Theexport intensities in Q4, 2019 showed Nigeria's export trade with India wasintense in October, November and December with the index recording 4.3, 4.3 and3.5 respectively. There was also intense trade between Nigeria and its majortrading partners (Spain, France, Netherlands and South Africa) in all months ofthe fourth quarter: Spain recorded 4.9, 5.0 and 3.2 in October, November andDecember respectively, while France recorded 1.8, 2.1 and 1.8; the Netherlands2.2, 1.2 and 1.7 and South Africa 6.0, 13.6 and 11.6 in those monthsrespectively.

ImportIntensity Index with five Major Trading Partners

InQ4 2019, India ranked highest in Nigeria's import trade. It recorded an indexof 17.2 in October, 4.4 in November and 1.8 in December. The high index inOctober can be attributed to the importation of electro-diagnostic apparatusand other machinery from India that month. China, which had always beenNigeria's leading partner in terms of imports, recorded 1.0, 1.5 and 0.6 in themonths of October, November and December 2019. A similar trade pattern wasrecorded for the Netherlands (1.7, 2.9 and 0.3) and Belgium (2.8, 1.9 and 0.3).However, trade with the United States was not as intense during those months,as shown by the recorded import intensities of 0.7, 0.8 and 0.6 respectively.

Trade by Mode of Transport

Watertransport remained the major mode of conveying goods between Nigeria andtrading partners. In Q4, 2019, water transport accounted for N4,747.46 billionor 99.52% of total exports. Air transport contributed N17.03 billion and othermode of transport contributed N5.89billion. Similarly for imports, most goodsbrought into the country arrived via water transportation means. Watertransport accounted for N4,049.17billion or 75.69% of the value of totalimports. Goods imported by road and air were valued at N16.76 billion andN1283.69 billion respectively.

Trade by Custom Ports and Post

In Q4, 2019, the bulk of export transactions wasconducted through Apapa port, valued at N4,201.52billion or 88.07% of total exports, followedby PortHarcourt (3) which recorded N497.45billion or 10.43%, and Tin Can Island which recorded N53.76billionor 1.13%. In terms of imports, Apapa Port also recorded the highesttransactions valued at N1,923.5billion or 35.96% of total imports. This was followed by MuhammedMurtala Cargo (N1193.77billionor 22.31%) and Tin can (N702billion or 13.2%).

Click Here to Download Q4 2019Foreign Trade Statistics Report PDF Report

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