Nigeria’s foreign trade bill stands at N23.2trn – NBS

The total value of Nigeria’s merchandise trade from January to date is to N23.2 trillion, while trade in the third quarter of 2020 (Q3 2020) stood at N8.37 trillion.

The National Bureau of Statistics (NBS) said this in its “Foreign Trade in Goods Statistics Q3, 2020” published on its website on Monday.

According to the report, the Q3 figure represents an increase of 34.15 per cent, compared to Q2, but a decline of 8.85 per cent, compared to Q3 2019.

Giving details, the NBS said that the import component was valued at N5.38 trillion, representing an increase of 33.77 per cent in Q3, against the level recorded in Q2 and 38.02 per cent compared to Q3 2019.

The value of imports in Q3 2020 represented the highest level for any quarter since 2017, it said.

On the other hand, export component accounted for N2.99 trillion of the total trade in Q3, indicating an increase of 34.85 per cent compared to the value recorded in Q2, but a decrease of 43.43 per cent compared to Q3 2019.

Aside from Q2 2020, the value of exports in Q3 2020 represented the lowest level of any quarter since 2017, it added.

“Due to lower exports and higher imports compared to 2019, the trade balance recorded a deficit of N2.38 trillion during the third quarter.

“This also represents the widest merchandise trade deficit since 2017. When compared to the deficit of N1.8 trillion recorded in Q2, the Q3 deficit rose by 32.45 per cent.”

The report, however stated that the predominant export, remained crude oil, which was valued at N2.42 trillion, representing 81.02 per cent of total exports.

It said that non-crude oil was valued at N568.2 billion, or 18.98 per cent of total export during the period under review.

Categorising the imported goods, the report said that imported agricultural goods, increased in value by 21.13 per cent in Q3, compared to Q2 and 109.82 per cent compared to the corresponding quarter in 2019.

“The value of raw material imports increased by 24.47 per cent in Q3, compared to Q2 and 114.95 per cent compared to the same quarter in 2019.

“Solid minerals imports increased in value by 21.57 per cent in Q3 compared to Q2 and 77.23 per cent compared to Q3, 2019.

“Manufactured goods imports increased in value by 23.18 per cent in Q3 compared to Q2 and 23.47 per cent year-on-year.”

The NBS said that the value of energy goods imports decreased by 53.69 per cent in Q3 compared to Q2 and a considerable decline of 69.06 per cent year-on-year.

It added that other oil products imports, grew by 216.28 per cent in Q3 compared to Q2 and 32.38 per cent when compared to Q3 2019.

As for exports, agricultural goods export dropped in value by 22.6 per cent in Q3 compared to Q2 but increased 43.7 per cent year-on-year.

It added that the value of raw material goods export recorded a decline of 24.6 per cent in Q3 compared to Q2 and a decline of 61.9 per cent compared to the same quarter in 2019.

“The value of solid minerals exports registered an increase of 253 per cent in Q3 compared to Q2, but a decrease of 12.2 per cent compared to Q3 2019.

“Manufactured goods export decreased in value by 47.7 per cent in Q3 against the level recorded in Q2 and a considerable decline of 86.7 per cent compared with the corresponding quarter in 2019.”

Meanwhile crude oil exports grew in value by 56 per cent in Q3 compared to Q2, but decreased in value by 35.3 per cent year-on-year.

Also, energy goods increased in value by 3.9 per cent in Q3 compared to Q2, but decreased by 20 per cent year –on-year.

It added that other oil products increased in value by 13.1 per cent in the quarter under review compared to Q2, but decreased by 23.2 per cent compared to the same quarter in 2019.

According to the NBS, Nigeria’s imports by country of origin shows goods were imported mainly from China (N1.64 trillion worth or 30.51 per cent), United States (N482.3 billion or 8.96 per cent), the Netherlands (N443.5 billion or 8.24 per cent) and India (N354.1 billion or 6.58 per cent).

For exports by country of destination, Nigeria exported goods valued at N500.6 billion or 16.73 per cent to India, Spain N328.5 billion or 10.97 per cent, the Netherlands N227.8 billion or 7.61 per cent and South Africa N203.9 billion or 6.81 per cent.

By continent, during the quarter, Nigeria imported goods mainly from Asia, valued at N2.58 trillion.

Other major imports originated from Europe, valued at N1.8 trillion while imports from America amounted to N746.4billion and Africa N175.4 billion.

Imports from Oceania stood at N532.4 billion while goods valued at N12.5 billion originated from ECOWAS, the report said.