TUE, JUN 09 2020-theG&BJournal- The trade data published today by the National Bureau of Statistics (NBS) shows that Nigeria’s merchandise trade declined in Q1 2020- 17.94% lower than the value recorded in Q4, 2019. The decline makes it two consecutive quarters of negative balance of trade with the value of imports surpassing exports.
The Q1 deficit reflects the impact of the COVID-19 pandemic on global economic activity. The performance was however 0.80% higher than the value recorded in Q1, 2019.
The import component of this trade was valued at N4,221.9 billion or 50.8% while the export component totaled N4,082.9 billion indicating 49.2% of the total trade. A trade deficit of N138.98billion was recorded during the quarter.
When compared with the preceding quarter, the deficit in Q1 2020 represented an improvement by 76%. On a year –on-year basis however, the deficit was lower by 116.71%.
Crude oil, Nigeria’s dominant export, accounted for N2,944.6 billion representing 72.12% of total exports in Q1,2020. The value of crude oil export was 18.86% less than the value recorded in Q4, 2019 and 12.80% lower than the value recorded in the corresponding quarter of 2019.
Non crude oil exports was valued at N1,138.3billion representing 27.9% of total exports during the period under review.
Nigeria’s imported goods came mainly from Asia, which was valued at N1,966.5 billion or 46.58%. Other major imports originated from Europe, valued at N1,534.7billion or 36.35% while imports from America and Africa amounted to N580.2billion or 13.74% and N118.95billion or 2.82% respectively. Import from Oceania stood at N21.6billion or 0.51% while goods valued at N28.3billion originated from ECOWAS.
Nigeria’s import from China dominated with N1,109.46 billion or 26.28% of goods imported from the country followed by Netherlands-N470.11billion or 11.14%, United States-N441.06 billion or 10.45%, India-N334.53 or 7.92% and Belgium N257.89 or 6.11%.
In the period under review, Nigeria exported most products to Europe (N1,569.21billion or 38.43% of total exports), followed by Asia (N1,277.21billion or 31.28%), Africa (N978.21billion or 23.96%), America (N214.12billion or 5.24%) and Oceania (N44.14billion or 1.08%). Within Africa, goods worth N296.3 billion was exported to ECOWAS member states.
But the country’s export went mostly to India valued at (N637.5billion or 15.61%) followed by Spain (N402.9billion or 9.87%), The Netherlands (N396.9billion or 9.72%), South Africa (N319.5 billion or 7.82%) and Cameroon (N301.8billion or 7.39%).
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