Nigeria’s foreign trade falls by 8.8% in Q3 2020

Nigeria’s total foreign trade for the third quarter of 2020 declined 8.85% compared to the third quarter of last year even though it rose by 34.15% on a quarterly basis, according to the recently released foreign trade report by the National Bureau of Statistics (NBS).

Also from the report, total imports rose by 33.77% in third quarter of 2020 compared to N4.02 trillion recorded in second quarter of 2020 to stand at N5.38 trillion, and 38.02% increase compared to N3.89 trillion recorded in third quarter of 2019.

Read also: Five things we learnt from Nigeria’s Q3 foreign trade report

Total export (N2.99 trillion) was 34.85% higher in the third quarter of 2020 compared to N2.22 trillion recorded in Q2 2020, but 43.41% less than the N5.29 trillion recorded in the third quarter of 2019.