The value of Nigeria’s merchandise trade stood at N6.242 trillion in Q2, 2020. This indicates a sharp fall of 27.30% in Q2, 2020 compared to Q1, 2020 and 27.46% compared to Q2, 2019.
This is according to the Q2 2020 foreign trade in goods statistics report, released by the National Bureau of Statistics (NBS).
The value of total trade year to date amounted to N14.829 trillion, indicating a drop of 11.96% compared to half year 2019.
The import component was valued at N4.022 trillion representing a drop of 10.69% in Q2, 2020 against the level recorded in Q1,2020 but an increase of 0.39% year-on-year.
The export component accounted for N2.219 trillion of the total trade, indicating a decline of 45.64% against the value recorded in Q1, 2020 and 51.73% compared to Q2, 2019.
Consequently, the trade balance recorded a deficit of N1.803 trillion, marking the third consecutive quarter of negative trade balance.
The Q2 2020 deficit is significantly higher than the trade in goods deficit of N421.3 billion recorded in Q1, 2020 and N579.06 billion recorded in Q4 2019.
Crude oil, Nigeria’s dominant export, represents over 70% (N1.55 trillion) of total exports. Overall mineral products accounted for 84.35% (N1.872 trillion) or of the total exports.
Within Africa, goods worth N149.3 billion were exported to ECOWAS member states.
Source – NBS
Imports
The value of total imports dropped by 10.69% in Q2, 2020 against the level recorded in Q1,2020 but increased by 0.39% year-on-year.
The fall in value of import in Q2,2020 is due to the decrease in the value of mineral fuels (N1.031 trillion or 82.35%), Machinery and Transport equipment (N147.2 billion or 8.43%) and Miscellaneous manufactured articles (N157.5 billion or 47.94%) against their respective values in Q1, 2020.
Imported Agricultural goods rose in value by 59.01% in Q2,2020 compared to Q1, 2020 and 66.28% compared to the corresponding quarter in 2019.
Raw material imports increased by 85.69% in Q2,2020 compared to Q1, 2020 and 64.69% year –on-year.
Solid minerals imports increased in value by 35.51% in Q2,2020 compared to Q1, 2020 but decreased 0.47% compared to Q2,2019.
Manufactured goods imports increased in value by 4.69% in Q2 ,2020 compared to Q1, 2020 and 12.72% year-on-year
Energy goods imports increased tremendously by 591.47% in Q2, 2020 compared to Q1, 2020 and 129.78% year-on-year
Other oil products imports decreased by 82.32% in Q2,2020 compared to Q1, 2020 and 75.66% when compared to Q2, 2019.
Exports
Total exports was 45.64% lower in Q2,2020 than Q1,2020 and 51.73% lower than Q2, 2019.
Agricultural goods export dropped 38.2% in Q2,2020 compared to Q1, 2020 but rose 6.3% year on-year
Raw material goods export recorded a decrease of 56.2% in Q2,2020 compared to Q1, 2020 and 52.4% compared with the same quarter in 2019
Solid minerals exports registered a decrease of 2.3% in Q2,2020 compared to Q1,2020 and 79.4% compared to Q2,2019
Manufactured goods export decreased in value by 42.8% in Q2,2020 against the level recorded in Q1,2020 but increased 139.6% compared with the corresponding quarter in 2019
Crude oil exports decreased in value by 47.2% in Q2,2020 compared to Q1, 2020 and 60.5% yearon-year.
Energy goods decreased by 13.7% in Q2, 2020 compared to Q1, 2020 and 53.8% year –on-year.
Other oil products decreased by 40.7% in Q2,2020 compared to Q1, 2020 and 28% compared to Q2,2019.
Major export trading partners and percentage share in Q2, 2020 export trade
- SPAIN – 14.00%
- NETHERLANDS – 10.98%
- CHINA – 9.93%
- INDIA – 8.81%
- SOUTH AFRICA – 7.76%
Major import trading partners and percentage share in Q2, 2020 import trade
- CHINA – 31.41%
- UNITED STATES – 10.66%
- INDIA – 8.01%
- NETHERLANDS – 5.04%
- GERMANY – 3.91%
Major Traded Agricultural Products
Superior quality raw cocoa beans – Sesamum seeds, whether or not broken – Cashew nuts, in shell – Good fermented Nigerian cocoa beans – Cashew nuts, shelled – Other Frozen shrimps and prawns – Natural cocoa butter – Ginger – Coconuts, desiccated, fresh or dried, whether or not shelled or peeled – Shea nuts
Written by;
Ifunanya Ikueze