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Nigeria’s foreign trade drops 27% to N6.24 trn

The total value of Nigeria’s foreign trade stood at N6.24 trillion in Q2, 2020 representing a sharp fall of 27.30 percent compared to Q1, 2020.

According to the National Bureau of Statistics report, the import component was valued at N4.02 trillion representing a drop of 10.69 percent in Q2, 2020 against the level recorded in Q1,2020.

While the export component accounted for N2.21 trillion of the total trade, indicating a decline of 45.64 percent against the value recorded in Q1, 2020.

Consequently, the trade balance recorded a deficit of N1.80 trillion, marking the third consecutive quarter of negative trade balance. As a deficit of N421.3 billion recorded in Q1, 2020 and N579.06billion recorded in Q4 2019.

According to the report, the total trade in Agricultural goods stood at N493.7billion, of which exported agricultural goods accounted for N78.1billion.

“Most Agricultural goods were exported to Asia, Europe and America valued at N43.6billion, N26.4billion, and N6.6billion.

“The key driver of agricultural products exports were Superior quality raw cocoa beans, Sesamum seeds,
Cashew nuts, well-fermented cocoa beans, and more”.

The main consumers of superior quality cocoa were The Netherlands (N9.3 billion), Indonesia (N3.7 billion), and the United States(N2.4 billion).

Other Agricultural exports were Sesamum seeds exported to Japan (N6.0 billion) and to China, worth N2.3billion. Also, cashew nuts were exported to Vietnam, worth N12billion.

In terms of imports, Durum wheat worth N41billion was imported from the United States, Russia
(N28.8billion) and Latvia (N24.5billion).

Similarly, the value of total trade in solid mineral goods stood at N30.5 billion in Q2, 2020, comprising the import component of N28.97 billion and an export component of N1.6 billion.

The major products exported under this sector were Cement clinkers, exported to Senegal, valued at N44 million, followed by Manganese ores and concentrates exported to China, worth N42 million and Lead ores and concentrate exported also to China, and worth N39 million.

The value of manufactured goods trade in Q2, 2020 stood at N3.040 trillion. Out of this, the export
component accounted for N254.2 billion.

The products that drove up Manufactured export were light vessels, Fire floats, floating Cranes exported to Spain in the value worth N129 billion.

“There were also exports of vessels and other Floating structures to Cameroun (N32.8 billion), Equatorial guinea (N36.9 billion), and Singapore(N7.5 billion)”.

The value of total trade in raw material stood at N585.4 billion with an import component valued at
N570.6billion while the export component stood at N14.8 billion.

During the quarter, Urea worth N3.5 billion was exported to Brazil, and leather further prepared after tanning worth N1.2billion was exported to Spain.

In terms of imports, Cane sugar worth N43.3 billion was imported from Brazil, Mixtures of Odoriferous
substances worth N17.2 billion was imported from Ireland, and Food preparation worth N21.9billion was
imported from India.

During the quarter, Nigeria imported goods mainly from Asia, which was valued at N2.12 trillion while other imports originated from Europe, valued at N1.070 trillion, imports from America and Africa amounted to N605.2billion and N174 billion respectively.

“Import from Oceania stood at N50.6billion while goods valued at N31.1billion originated from ECOWAS”.

“Nigeria’s imports, by country of origin, shows goods were imported mainly from China N1.263 trillion, United States N428.9 billion, India N322.3 billion and the Netherlands N202.9 billion respectively”.

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