By Audrey Lotechukwu
TUE, 08 DEC, 2020-theGBJournal- Nigeria ended Q3 2020 with record quarterly import of agricultural goods, raw material and manufactured goods as well as other oil products imports, while it saw a disheartening decrease in export value across board.
China enjoyed 30.51% (N1,641.87 billion) share in Q3, 2020 import trade with Nigeria, followed by the U.S with 8.96% (N482.3billion). 8.24% (N443.5 billion) was from the Netherlands, 6.58% (N354.1billion) from India and 3.95% from Belgium.
During the quarter, Nigeria imported goods mainly from Asia, valued at N2,587.3 billion Other major imports originated from Europe, valued at N1,805.0billion while imports from America and Africa amounted to N746.4 billion and N175.4 billion respectively. Import from Oceania stood at N532.4 billion while goods valued at N12.5billion originated from ECOWAS.
Exports by Country of destination showed that Nigeria exported goods to India valued at N500.6billion (or 16.73%), Spain (N328.5billion or 10.97%), The Netherlands (N227.8billion or 7.61%) , and South Africa (N203.9 or 6.81%).
The predominant export remained crude oil, which was valued at N2,424.8billion, representing 81.02% of total exports while non-crude oil was valued at N568.2billion, or 18.98% of total export during the review period.
Overall, the value of Nigeria’s merchandise trade stood at N8,374.4 billion in Q3 2020, according the National Bureau of Statistics (NBS) data published Monday. The value represents a decline of 8.85% compared to Q3, 2019 but an increase of 34.15% in Q3, 2020 compared to Q2, 2020. Total trade year to date amounted to N23,203.9 billion.
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. The value of imports in Q3 2020 represented the highest level for any quarter since 2017.
The NBS attributed the increase in the value of imports in Q3, 2020 to the increases in the value of mineral fuels (N484.4billion or 219%), Machinery and transport equipment (N314.9billion or 20%) and chemicals and related products (N261.0billion or 34%) against their respective values in Q2 2020.
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, the value of exports in Q3 2020 represented the lowest level of any quarter since 2017.
Due to lower exports and higher imports compared to 2019, the trade balance recorded a deficit of N2,388.5 billion 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%.
Mineral products accounted for the largest proportion of exports, amounting to N2,788.3billion or 93.1%, due to the crude oil component of this section.
This was followed by Vehicles aircraft and parts (N103.4billion or 3.5%) and others. Analysis of export by region revealed that Nigeria exported mostly to Europe (N1,236 billion or 41.3%), followed by Asia N1,119.3billion or 37%), Africa (N442.3billion or 15%), and America (N150.86billion or 5%). Within Africa, goods worth N182.4 billion was exported to ECOWAS member states.
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