By, Joy Okeke, Lagos
The National Bureau of Statistics (NBS) in its latest reports, said that the value of total foreign trade Nigeria recorded in 2019 stood at N36.
The amount represents an increase of 14.05 per cent over the level reported in 2018. This was lower than 36.86 per cent reported in 2018 and 2017.
Also, the level of imports stood at N16.959 trillion while exports were valued at N19.192 trillion, resulting in a trade balance of N2.232 trillion.
As the imports rose by 28.8 per cent in 2019 over the 2018, exports increased only by 3.6 per cent, bringing the trade balance to 58.4 per cent which is less than the level in 2018.
Statistics on foreign trade showed that value of trade in last quarter of 2019 was N10.1 trillion, indicating 10.2 per cent higher than the value in the third quarter and 25.9 per cent above the level in fourth quarter of 2018.
The report showed that total imports stood at N5.349 triillion in fourth quarter of 2019, representing a surge of 37.2 per cent over the value recorded in Q3,2019 and 49.34 per cent against the corresponding quarter of 2018.
In 2019, total imports grew by 28.8 per cent compared to 2018.
Analysis of the imports within the period showed that Imports of raw materials grew by 19.2 per cent in 2019 compared to 2018, growing by 1.63 per cent compared to third quarter and 8.47 per cent against the level reported in fourth of 2018.
But solid minerals imports rose by 28.1 per cent in 2019 and decreased in value by 6.98 per cent relative to third quarter of 2019 but were higher by 5.11 per cent in fouth quarter of 2018.
The NBS recent report also revealed that the total export valued in the last quarter of last year was 9.79 per cent lower against what reported in third quarter but 7.06 per cent higher relative to 4Q of 2018.
The agricultural goods exports according to NBS grew in value to 61.88 per cent in the reviewed period compared to third quarter but decreased by 39.23 per cent when camp are with fourth quarter of 2018.
It said for the 2019 financial year raw material exports fell by 14.02 per cent but declined in value by 27.99 per cent against last year’s third quarter and 48.18 per cent over the level in fourth quarter 2018.