Recent international trade report published by the National Bureau of Statistics (NBS) revealed 10.3% decline in total trade year on year.
According to the report, total trade was 8.9% higher in Q4,2020 compared to Q3,2020 but 9.9% lower than the value recorded in Q4, 2019. On an annual basis, total trade was 10.3% lower in 2020 than the value recorded in 2019.
Imports
- The value of total imports rose by 10.1% in Q4, 2020 compared to Q3,2020 and 10.77% compared to Q4,2019. For 2020, the value of total imports was 17.3% higher than the value recorded in 2019.
- The value of imported agricultural products was 5.75% higher in Q4,2020 than in Q3,2020 and 128.17% higher compared with the corresponding quarter of 2019. For 2020, the value of agricultural imports was 78.6% higher than recorded in 2019.
- The value of raw material imports grew marginally by 0.75% in Q4,2020 compared to Q3, 2020 but was 113.12% higher compared to Q4, 2019. For 2020, the value of raw material imports was 72.5% higher than the value recorded in 2019.
- The value of Solid minerals imports was 16.82% lower in Q4, 2020 than its value in Q3, 2020 but 58.59% higher than its value in Q4, 2019. On an annual basis, the value of solid mineral imports was 39.3% higher than the value recorded in 2019.
- The value of Energy goods imports was 236.20% in Q4, 2020 higher than in Q3,2020 and 199.51% higher than the value recorded in Q4, 2019. On an annual basis, the value of energy goods imports was 24.1% lower than recorded in 2019.
- The value of imported manufactured goods grew by 11.43% in Q4, 2020 against the value recorded in Q3, 2020 but decreased by 2.21% against its value in Q4, 2019. For 2020, the value of manufactured imports was 6.5% higher than the value recorded in 2019.
- The value of other oil products imported in Q4, 2020 was 17.40% higher than its value in Q3, 2020 but 3.23% less than the corresponding quarter of 2019. For 2020, the value of other oil products imports was 15.1% higher than the value recorded in 2019.
Exports
- The value of total exports in Q4, 2020 increased by 6.7% against the level recorded in Q3, 2020 but decreased by 33. 3% compared to Q4,2019. On an annual basis, total exports was 34.8% lower in 2020 than recorded in 2019.
- The value of agricultural exports fell by 8% in Q4 2020 compared to Q3 2020 and 18.2% compared to Q4 2019. In 2020, the value of agricultural exports was 19.2% higher than the value recorded in 2019.
- The value of raw material goods exports in Q4,2020 was 317.6% higher than the value in Q3,2020 and 122% higher than the value recorded in Q4 2019. In 2020, the value of raw material goods exports was only 0.7% higher than the value recorded in 2019.
- The value of Solid minerals exports decreased by 20.7% in Q4,2020 against Q3 2020 but increased by 135% against the corresponding quarter in 2019. In 2020, the value of solid mineral exports was 46.2% lower than the value recorded in 2019.
- The exports of Energy goods increased in value by 13.3% in Q4 2020 compared to Q3 2020 but decreased by 15.5% compared to Q4,2019. In 2020, the value of energy goods exports was 40.3% lower than the value recorded in 2019.
- The value of manufactured goods exports fell by 3.1% in Q4 2020 compared to the value recorded in Q3 2020 and 74.7% compared to Q4, 2019. In 2020, the value of manufactured exports was 53.7% lower than the value recorded in 2019.
- The value of Crude oil exports in Q4 2020 increased by 4% compared to Q3,2020 but decreased by 30.5% compared to Q4,2019. In 2020, the value of crude oil exports was 35.7% lower than recorded in 2019.
- The export value of other oil products increased by 22.2% in Q4 2020 compared to Q3 2020, but decreased by 19.3 % compared to Q4 2019. On an annual basis, the value of other oil products exports was 17.1% lower than the value recorded in 2019.