Written by Godfrey AKON

Trade declines by 17.94% in Q1, 2020

Nigeria’s foreign trade declined by 17.94 per cent in Quarter 1, 2020, compared to the value recorded in Quarter 4, 2019.

This was disclosed in a report by the National Bureau of Statistics, NBS, on “Foreign Trade in Goods Statistics Q1, 2020.”

The report noted that the country’s merchandise trade slowed during the period due to a decline in import and export activities as imports surpassed exports.

According to the statistics office, the value of total imports decreased by 21.08 per cent in Q1, 2020 compared to the value recorded in Q4, 2019 but was 13.99 per cent higher when compared with Q1, 2019.

NBS further gave a breakdown of percentage export activities between Nigeria and its major trading partners during the period as follows: India 15.61 per cent, Spain 9.87 per cent, Netherlands 9.72 per cent, South Africa 7.82 per cent and Cameroon 7.39 per cent.

It noted that major import trading partners with the country were: China recording 26.28 per cent in trade, Netherlands 11.14 per cent, United States 10.45 per cent, India 7.92 per cent and Belgium 6.11 per cent.

According to report, the value of other oil products imports was 14.21 per cent higher in Q1, 2020 than in Q4, 2019 and 180.05 per cent higher when compared with the corresponding quarter of 2019.

“Total export value decreased 14.42% in Q1, 2020 compared to the value recorded in Q4,2019 and 9.98% compared to Q1,2019.

“The value of Raw material exports increased 60.17% in Q1, 2020 relative to last quarter but the value of Agricultural goods exports grew 85.36% in Q1,2020 compared to Q4,2019 and 46.76% compared to Q1, 2019.

“The value of Solid minerals exports was 16.31% lower in Q1,2020 relative to Q4 2019 and 82.17% less than the value recorded in Q1, 2019. Manufactured goods exports decreased by 12.72% in value in Q1,2020 compared to Q4,2019 and 3.86% compared to Q1, 2019

 “Crude oil exports decreased by 18.86% in Q1, 2020 compared to Q4, 2019 and 12.80% compared to Q1, 2019. Other oil products export decreased by 1.47% in value in Q1,2020 compared to Q4, 2019 and 4.89% compared to Q1, 2019.

“Energy goods exports were 16.76% lower in Q1, 2020 than the value recorded in Q4,2019 and 53.05% lower than the value recorded in Q1, 2019,” the report said.

The report further noted that “the value of imported Agricultural goods was 12.02% more in Q1 2020 than in Q4, 2019 and 10.62% more than Q1, 2019. The value of raw material imports decreased by 8.49% in Q1, 2020 relative to Q4 2019, and 6.91% compared to the corresponding quarter in 2019.

“The value of solid minerals imports was 15.65% higher in Q1, 2020 than the preceding quarter and 20.05% compared to the corresponding quarter in 2019. The value of raw material imports decreased by 8.49% in Q1, 2020 relative to Q4 2019, and 6.91% compared to the corresponding quarter in 2019.

“The value of manufactured goods imports decreased by 31.98% in Q1, 2020 compared to Q4 2019, and 4.03% when compared with Q1,2019.

“The value of energy goods decreased by 72.18% in Q1,2020 on a quarter on quarter basis, and 91.58% year on year.

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