Nigeria’s total merchandise trade in the fourth quarter of 2020 declined by 9.9 per cent year-on-year compared to the fourth quarter of 2019.
In its Foreign Trade in Goods Statistics (Q4 2020) report released on Tuesday, the National Bureau of Statistics stated that total merchandise trade stood at N9,120.2billion, representing 8.9 per cent over the level recorded in the third quarter of 2020
The NBS noted that the value of trade in Q4 was the highest recorded over the past year.
The export component of trade stood at N3,194.5 billion, an increase of 6.7 percent over the preceding quarter. However, it was a drop of 33 per cent over the 2019 figures.
In addition, the share of exports in total trade declined to 35 per cent in Q4 2020 from 47 per cent a year earlier.