The worth of the building materials exported from Nigeria dropped by N222.26 million, falling to N459.31 million in Q4 2020 from N681.57 million recorded in Q4 2019.
The export data rose from N702.5 million in Q4 2017 to N1.09 billion in Q4 2018.
In the quarter under review, the total merchandise trade in the country stood at N9.12 trillion, representing 8.9% over the level recorded in Q3, 2020 but 9.9% lower when compared to Q4, 2019.
These were disclosed by the National Bureau of Statistics (NBS) in its Q4 2020 trade report.
It added that the value of cement, asbestos, articles of stone, mica, and ceramic imported in the fourth quarter of 2020 stood at N31.07 billion. The value of trade in Q4 was the highest recorded over the past year, the NBS stated.
“The export component of trade stood at N3.19 trillion, an increase of 6.7% over the preceding quarter but a drop of 33% over the previous year. The share of exports in total trade declined to 35% in Q4, 2020 from 47% a year earlier.
“The total imports reached a record high at N5.92 trillion in Q4 2020, an increase of 10.1% over the preceding quarter, and 10.8% over the preceding year,” the report stated.
The report also added that imports accounted for 65% of total trade in Q4 2020, compared to 53% the previous year.
What it means
- The value of imports nearly doubled the value of exports, as the trade deficit rose to its highest level and a fifth consecutive quarterly deficit of N2.73 trillion, an increase of 14.30% compared to the preceding quarter, was recorded.
- On an annual basis, total trade was valued at N32.42 trillion in 2020, or 10.3% less than the value recorded in 2019.