Nigeria’s total foreign trade (import and export) dropped by 18% in Q1 2020, from N10.12 trillion in the fourth quarter (Q4) 2019 to N8.3 trillion at the end of Q1 2020. This was disclosed in the latest foreign trade report released by the National Bureau of Statistics (NBS).
According to the report, the year-on-year total foreign trade increased by 0.8%, from N8.23 trillion in Q1 2019 to N8.3 trillion in Q1 2020, reflecting the early effects of disruption caused by Covid-19 pandemic.
As at the end Q1 2020, Nigeria’s total foreign trade balance remained in the negative region. In Q1 2019, total import for the period stood at N4.22 trillion while total export was N4.08 trillion indicating a negative trade balance of N138.99 billion.
The value of total imports decreased by 21.08% in Q1, 2020 compared to the value recorded in Q4 2019 but was 13.99% higher when compared with Q1, 2019.
Also, the value of imported agricultural goods increased by 12.02% in Q1 2020 compared to Q4 2019 and 10.62% more than Q1 2019. The value of Agricultural goods exports grew 85.36% in Q1, 2020 compared to Q4, 2019.
Manufactured goods exports decreased by 12.72% in value in Q1, 2020 compared to Q4 2019.