Business & Finance

Nigeria’s foreign trade drops to N6.24 trillion, trade balance hits N1.8 trillion deficit in Q2 2020

Nigeria’s total foreign trade (import and export) drops by 27.46% year on year in Q2 2020, when compared to N8.61 trillion

Nigeria’s foreign trade drops to N6.24 trillion, trade balance hits N1.8 trillion deficit in Q2 2020

Nigeria’s total foreign trade (import and export) drops by 27.46% year on year in Q2 2020, when compared to N8.61 trillion recorded in the corresponding quarter of 2019. Also, it decreased by 27.3% compared to N8.59 trillion recorded in Q1 2020.


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Total import for the period stood at N4.02 trillion while total export was N2.22 trillion indicating a negative trade balance of N1.8 trillion.

Key Highlights

  • The value of total trade fell sharply by 27.30% in Q2 2020 compared to Q1, 2020 and 27.46% compared to Q2 2019
  • 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
  • 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.
  • Total exports was 45.64% lower in Q2 2020 than Q1 2020 and 51.73% lower than Q2 2019.
  • Agricultural goods export also dropped 38.2% in Q2,2020 compared to Q1, 2020 but rose 6.3% year-on-year

More details shortly…

 

 

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