Friday, February 23, 2024

Merchandise trade grew in Q4’21 with steady rise in exports, imports trade

Uba Group

BY BAMIDELE FAMOOFO

The Balance of Trade improved in the fourth quarter though it remains negative as total trade in Q4, 2021 stood at 11.79 percent higher when compared to the value recorded in Q3, 2021 and rose by 74.71 percent compared to the value recorded in the corresponding quarter of 2020.

Annual comparison shows that total trade was 57.60 percent higher in 2021 than the value recorded in 2020.

The foreign trade statistics released by the National Bureau of Statistics on Thursday showed that value of total imports in Q4, 2021 increased by 11.33 percent compared to the value recorded in Q3, 2021 and by 69.41 percent against the same quarter in 2020 while total imports was 64.11 percent higher in 2021 than the value recorded in 2020.

According to the report, the value of agricultural imports grew by 38.35 percent in Q4, 2021 compared to the value recorded in Q3, 2021 and it also increased by 118.51 percent than the value recorded in the corresponding quarter of 2020. Annual growth shows that the value of agricultural imports was 71.76 percent higher in 2021 than the value recorded in 2020.

The value of raw material imports grew marginally by 3.80 percent in Q4, 2021 when compared to the value in Q3, 2021 but was 35.03 percent higher compared to the value in Q4, 2020. The annual comparison reveals that the value of raw material imports was 37.90 percent higher than the value recorded in 2020.

The value of Solid minerals imports was 0.42 percent lower in Q4, 2021 than the value in Q3, 2021 but increased by 69.73 percent than the value recorded in Q4, 2020 while the value of solid mineral imports was 54.12 percent higher in 2021 than the value recorded in 2020.

The value of Energy goods imports was 507.38 percent in Q4, 2021 higher than in Q3, 2021 and 124.10 percent higher than the value recorded in Q4, 2020 while the value of energy goods imports was 86.19 percent higher in 2021 than the value recorded in 2020.

The value of total exports in Q4, 2021 increased by 12.27 percent when compared to the value recorded in Q3, 2021; it also rose by 80.52 percent compared to the value Q4, 2020. Annual values of total export were 50.99 percent higher in 2021 than recorded in 2020.

The value of agricultural goods exports in Q4. 2021 grew by 67.12 percent compared to Q3 2021 and by137.93 percent compared to Q4 2020. Annual comparison shows that the value of agricultural exports was 57.02 percent higher in 2021 than the value recorded in 2020. The value of raw material goods exports in Q4, 2021 was 65.06 percent higher than the value recorded in Q3, 2021. The value recorded in Q4 2021 increased by 429.85 percent when compared to its value in Q4 2020. In addition, the value of raw material goods exports was 325.54 percent higher in 2021 than the value recorded in 2020.

Meanwhile, the value of Solid minerals exports in Q4 2021 decreased by 25.95 percent compared to the value recorded in Q3, 2021 but increased by 201.41 percent against the corresponding quarter in 2020. The annual comparison of the value of solid mineral exports in 2021 was 320.27 percent higher than the value recorded in 2020.

The value of exports of Energy goods in Q4, 2021 rose by 7.17 percent compared to its value in Q3 2021. This also increased by 308.04 percent compared to the value recorded in Q4, 2020. In 2021, the value of energy goods exports was 376.52 percent higher than the value recorded in 2020.

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