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The import and export report from the National Bureau of Statistics, NBS, show a decline of 18%, N8.3 trillion, in Q1 2020 in foreign trade in Nigeria. This is in comparison to the N10.12 trillion which was recorded in Q4 of 2019.
Marginally, it is an increase of 0.8% as the Q1 2019 recorded N8.23 trillion but N8.3 trillion in Q1 2020, according to the report.
Foreign Trade in Nigeria Q1 2020 Report – NBS
Imports – N4.22 trillion
The import total for foreign trade in Nigeria which is at N4.22 trillion is lower by 21.08% compared to the value recorded in Q4,2019. It is, however, 13.99% higher when compared with Q1, 2019.
Agricultural goods imported valued at 12.02% more than Q4, 2019 and 10.62% in Q1, 2019.
Raw material imported saw a decrease of 8.49% in Q1,2020 in comparison to Q4 2019, and 6.91% compared to Q1 2019.
Solid minerals imports in Q1,2020 is higher than Q4, 2019 by 15.65% and 20.05% compared to Q1, 2019.
Compared to Q4 2019, and 4.03% for Q1,2019, manufactured goods imports decreased by 31.98% in Q1,2020.
Export – N4.08 trillion
The export total for Q1, 2020 foreign trade in Nigeria which is at N4.08 trillion is lower by 14.42% compared to Q4,2019. It is also 9.98% compared to Q1, 2019.
NBS report also shows the percentage share by major trading partners and distributes them import and export.
Exports Trades
- India – 15.61%
- Spain – 9.87%
- Netherlands – 9.72%
- South Africa – 7.82%
- Cameroon – 7.39%
Import Trades
- China – 26.28%
- Netherlands – 11.14%
- United States – 10.45%
- India – 7.92%
- Belgium – 6.11%
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