The value of Nigeria’s foreign trade stood at N8,374.4billion in Q3 2020. This represents an increase of 34.15% in Q3, 2020 compared to Q2, 2020 but a decline of 8.85% compared to Q3, 2019.
Techeconomy.ng obtained this from a foreign trade report released by the National Bureau of Statistics (NBS).
The report stated that the total trade year to date amounted to N23,203.9 billion while the import component was valued at N5,381.4billion representing an increase of 33.77% in Q3, 2020 against the level recorded in Q2,2020 and 38.02% compared to Q3, 2019.
According to the report, the value of imports in Q3 2020 represented the highest level for any quarter since 2017.
The NBS, in its report also said the export component accounted for N2,993 billion of the total trade in Q3,2020 indicating an increase of 34.85% compared to the value recorded in Q2, 2020 but a decrease of 43.41% compared to Q3, 2019.
Aside from Q2 2020, National Bureau said the value of exports in Q3 2020 represented the lowest level of any quarter since 2017.
The report read in part: “Due to lower exports and higher imports compared to 2019, the trade balance recorded a deficit of N2,388.5billion during the third quarter.
This also represents the widest merchandise trade deficit since 2017. When compared to the deficit of N1,803.3 billion recorded in Q2, the Q3 deficit rose by 32.45%.
- Total trade grew by 34.15% in Q3, 2020 compared to Q2, 2020 but declined 8.85% compared to Q3 2019.
- Total imports rose by 33.77% in Q3, 2020 compared to Q2,2020 and 38.02% compared to Q3, 2019
- Imported Agricultural goods increased in value by 21.13% in Q3,2020 compared to Q2, 2020, and 109.82% compared to the corresponding quarter in 2019;
- The value of Raw material imports increased by 24.47% in Q3,2020 compared to Q2, 2020 and 114.95% compared to the same quarter the previous year
- Solid minerals imports increased in value by 21.57% in Q3,2020 compared to Q2, 2020 and 77.23% compared to Q3,2019.
- Manufactured goods imports increased in value by 23.18% in Q3 ,2020 compared to Q2, 2020 and 23.47% year-on-year
- The value of Energy goods imports decreased by 53.69% in Q3, 2020 compared to Q2, 2020 and a considerable decline of 69.06% year-on-year.
- Other oil products imports grew by 216.28% in Q3,2020 compared to Q2, 2020 and 32.38% when compared to Q3, 2019.
- Total exports was 34.85% higher in Q3,2020 than Q2,2020 but 43.41% less than in Q3, 2019.
- – Agricultural goods export dropped in value by 22.6% in Q3,2020 compared to Q2, 2020 but increased 43.7% year-on-year –
- The value of Raw material goods export recorded a decline of 24.6% in Q3,2020 compared to Q2, 2020 and a decline of 61.9% compared to the same quarter in 2019
- The value of Solid minerals exports registered an increase of 253% in Q3,2020 compared to Q2,2020 but a decrease of 12.2% compared to Q3,2019
- – Manufactured goods export decreased in value by 47.7% in Q3,2020 against the level recorded in Q2,2020 and a considerable decline of 86.7% compared with the corresponding quarter in 2019.
- – Crude oil exports grew in value by 56% in Q3,2020 compared to Q2, 2020 but decreased in value by 35.3% year-on-year.
- – Energy goods increased in value by 3.9% in Q3, 2020 compared to Q2, 2020 but decreased by 20% year –on-year.
- – Other oil products increased in value by 13.1% in Q3,2020 compared to Q2, 2020 but decreased by 23.2% compared to the same quarter, the previous year.
In the review period, Nigeria’s major export trading partners include; India, Spain, Netherlands, South Africa, Turkey, while import trading partners include; China, United States, Netherlands, India, and Belgium.
India accounted for 16.73% (N500.6 billion) of the total value of exported goods, followed by Spain with N328.5 billion (10.97%) and Netherlands with N227.8 billion (7.61%). Others include South Africa with N203.9 billion (6.81%) and Turkey N150.01 billion (5.01%).
On the other hand, China accounted for 30.51% (N1.64 trillion) of Nigeria’s total import followed by the United States with N482.3 billion (8.96%). Netherlands, India, and Belgium made up the rest of the list with N443.5 billion (8.24%), N354.1 billion (6.58%), and N212.3 billion (3.95%).
Nigeria’s import by region
- Asia – N2.59 trillion
- Europe – N1.81 trillion
- America – N746.4 billion
- Africa – N175.4 billion
- Oceania – N67.3 billion
Nigeria’s export by region
- Europe – N1.24 trillion
- Asia – N1.12 trillion
- Africa – N442.3 billion
- America – N150.8 billion
- Oceania – N44.7 billion