The National Bureau of Statistics (NBS) has disclosed that the country recorded a total trade value of N32.26 trillion year-on-year in 2018, representing a 39.3 percent increase over the corresponding period in 2017.
The trade value for 2017 stood at N23.16 trillion.
The NBS said this in Foreign Trade in Goods Statistics for the Fourth Quarter of 2018 posted on its website.
The bureau said the volume of total merchandise trade in 2018 was the highest recorded since 2014, nearly double pre-recession levels.
The Bureau said during the fourth quarter of 2018, total merchandise trade stood at N8.60 trillion compared to its value of N9.06 trillion recorded in the third quarter of the year.
It said the total export component of the trade recorded N5.02 trillion, representing an increase of 3.5 percent over the third quarter of 2018 and 28.5 percent over the fourth quarter of 2017.
Meanwhile, NBS said the import component stood at N3.58 trillion in fourth quarters 2018.
The figure showed a drop of N631.6 billion or 15.0 percent compared to the third quarter, 2018 but an increase of 69.6 percent when compared with the corresponding quarter in 2017.
However, it said the increase in export value and the decrease in import value (relative to third quarter 2018) resulted in a favorable trade balance of N1441 billion, or 125.5 percent over the preceding quarter.
According to the report, crude oil export has been the main stay of the economy; it accounted for the largest share of total exports (84.2 percent) in the fourth quarter of 2018 at N4.228 billion.
Non-oil products accounted for 4.6 percent of total exports while other oil products accounted for 11.2 percent of total exports in the quarter under review.
The report said that the value of crude oil exports in the fourth quarter, 2018 was 1.98 percent higher than in the third quarter of 2018 and 29.95 percent higher than in the fourth quarter of 2017.
It said the value of other oil products exports increased by 3.5 percent in the fourth quarter of 2018 when compared with the third quarter of 2018 and 15.99 percent compared to the fourth quarter of 2017.
Also, the value of manufactured goods exports rose by 14.97 percent in the fourth quarter of 2018 when compared with the value recorded in the third quarter of 2018 but decreased 36.6 percent against the corresponding quarter in 2017.
India, Spain, France, South Africa, and the Netherlands were the country’s major export trading partners in the quarter under review while China, US, Netherlands, India and Belgium were the major import trading partners.