Merchandise Trade Deficit Rises By 171% in 2021

The National Bureau of Statistics had said the country’s merchandise trade deficit rose year-on-year to N1.93 trillion.

This is an increase by 171 percent from N711.24 billion in 2020.

NBS also said that total merchandise trade stood at N39.7 trillion in 2021, rising YoY by 57.5 percent from N25.2 trillion in 2020.

The bureau disclosed this in its Foreign Trade in Goods Statistics report for the fourth quarter of 2021 (Q4’21).

According to the report, the value of imports rose YoY by 64 per cent to N20.84 trillion in 2021 from N12.68 trillion in 2020.

Similarly, the value of exports in 2021 rose by 51 per cent to N18.9 trillion from N12.5 trillion in 2020.

The report stated:”In Q4’21, Nigeria’s total merchandise trade stood at ₦11.7 trillion, representing 11.79 per cent over the level recorded in Q3’21 but was 74.71 per cent higher when compared to the value recorded in Q4’20.

“Export trade in the quarter under review stood at ₦5.76 trillion indicating an increase of 12.27 per cent over the preceding quarter and the value in 2021 also grew by 80.5 per cent over the corresponding period of  the previous year.

“Furthermore, the share of exports in total trade stood at 49.26 per cent in Q4’21.

“On the other hand, total imports stood at ₦5.94 trillion in Q4’21 indicating an increase of 11.33 per cent over the preceding quarter and 69.41 per cent over the corresponding period of 2020.

“Imports value in the fourth quarter of 2021 accounted for 50.74 per cent of total trade. “The balance of trade in the period under review stood at (₦173.96 billion), this shows a deficit trade with an improvement of 12.72 per cent over the preceding quarter.

” In 2021, the value of total trade stood at ₦39.75 trillion which is 57.6 per cent higher than the value recorded in 2020. “The value of total imports in 2021 stood at ₦20.84  trillion which is 64.11 per cent higher than the value recorded in 2020, while total exports was valued at ₦18.9 trillion showing an increase of 50.9 percent than the value recorded in 2020.

“Overall in 2021, merchandise trade recorded a deficit ₦1.93  trillion.”

On trade by Custom Ports and Post , NBS said:” In Q4’21, the bulk of exports transactions were carried through Apapa Port with goods valued at ₦5.16 trillion or 89.54 per cent  of total exports. This was followed by Port Harcourt  which recorded ₦398.14 billion or 4.6 per cent of total export.

“In terms of imports, Apapa Port also recorded the highest transactions valued at ₦3.53 trillion or 59.5 per cent of total imports. This was followed by Tin Can Island which accounted for goods valued at ₦774.18 billion or 13.03 per cent while PortHarcourt (3) handled ₦457.07 billion or 7.69 per cent of total imports.”

Kehinde Ogunyale

Reporting on the data-driven economy, and investigations.

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