COVID-19: Nigeria’s Foreign Trade Declines to N8.30 trillion in Q1
Nigeria has recorded a decline in foreign trade from N10.12 trillion which was recorded in Q4 of 2019 to N8.30 trillion in the first quarter of 2020.
According to the National Bureau of Statistics (NBS) the present figure was higher than N8.24 trillion recorded in the first quarter of 2019 by 0.80 per cent .
NBS attributed the decline in total merchandise to the coronavirus pandemic which has been ravaging the entire globe.
The NBS report showed that total imports was N4.22 trillion while total exports stood at N4.08 trillion.
The report also showed that trade deficit of N138.98 billion was recorded in the quarter under in what became two negative balance of trade in the quarter.
The NBS said that when compared to the records for the preceding quarter, the Q1 deficit was a representation of an improvement by 76 per cent, but lower by 116.71 per cent year-on-year.
Crude oil export was N2.94 trillion or 72.12 per cent of total exports in Q1, however this was 18.86 per cent lower than the value recorded in Q4 2019 and 12.8 per cent lower than Q1 2019 figure.
The report further showed that the sum of N1.13 billion was recorded from non-crude oil which represented 27.9 per cent of total exports in Q1.
On the other hand, total export value showed a decrease of 14.42 per cent in Q1 when compared to the value recorded in Q4 2019.
Similarly, imports also showed a decrease by 21.08 per cent in the first quarter compared to Q4 2019, 13.99 per cent higher when compared to Q1 2019.
According to the National Bureau of Statistics (NBS) the present figure was higher than N8.24 trillion recorded in the first quarter of 2019 by 0.80 per cent .
NBS attributed the decline in total merchandise to the coronavirus pandemic which has been ravaging the entire globe.
The NBS report showed that total imports was N4.22 trillion while total exports stood at N4.08 trillion.
The report also showed that trade deficit of N138.98 billion was recorded in the quarter under in what became two negative balance of trade in the quarter.
The NBS said that when compared to the records for the preceding quarter, the Q1 deficit was a representation of an improvement by 76 per cent, but lower by 116.71 per cent year-on-year.
Crude oil export was N2.94 trillion or 72.12 per cent of total exports in Q1, however this was 18.86 per cent lower than the value recorded in Q4 2019 and 12.8 per cent lower than Q1 2019 figure.
The report further showed that the sum of N1.13 billion was recorded from non-crude oil which represented 27.9 per cent of total exports in Q1.
On the other hand, total export value showed a decrease of 14.42 per cent in Q1 when compared to the value recorded in Q4 2019.
Similarly, imports also showed a decrease by 21.08 per cent in the first quarter compared to Q4 2019, 13.99 per cent higher when compared to Q1 2019.
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