From Isaac Anumihe, Abuja
National Bureau of Statistics (NBS) yesterday, said that the export value of exports in Q3, 2020 represented the lowest level of any quarter since 2017. Due to lower exports and higher imports compared to 2019, the trade balance recorded a deficit of N2,388.5 billion during the third quarter.
This also represents the widest merchandise trade deficit since 2017. When compared to the deficit of N1,803.3 billion recorded in Q2, the Q3 deficit rose by 32.45 per cent. The value of Nigeria’s merchandise trade, NBS, also noted, stood at N8,374. 4billion in Q3 2020. This represents an increase of 34.15 per cent in Q3, 2020 compared to Q2, 2020 but a decline of 8.85 per cent compared to Q3, 2019. Total trade year to date amounted to N23,203.9 billion.
The import component was valued at N5,381. 4 billion representing an increase of 33.77 per cent in Q3, 2020 against the level recorded in Q2,2020 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.
NBS also put the value of Nigeria’s merchandise trade in the Q3 at N8,374.4 billion, so representing an increase of 34.15 per cent in Q3, 2020 compared to Q2, 2020. But a decline of 8.85 per cent compared to Q3, 2019. Total trade year to date, it said, amounted to N23,203.9 billion.
According to NBS, the import component was valued at N5,381. 4 billion representing an increase of 33.77 per cent in Q3, 2020 against the level recorded in Q2,2020 and 38.02 per cent compared to Q3, 2019.
It said that the value of imports in Q3 2020 represented the highest level for any quarter since 2017. The major traded agriculture projects include Sesamum seeds, (whether or not broken), Cashew nuts, in shell, Good Fermented Nigerian Cocoa Beans, superior quality raw cocoa beans, shea nuts and soya beans, whether or not broken.
However, the value of solid minerals exports registered an increase of 253 per cent in Q3,2020 compared to Q2, 2020 but a decrease of 12.2 per cent compared to Q3,2019.
“Manufactured goods export decreased in value by 47.7 per cent in Q3,2020 against the level recorded in Q2,2020 and a considerable decline of 86.7 per cent compared with the corresponding quarter in 2019. “Crude oil exports grew in value by 56 per cent in Q3,2020 compared to Q2, 2020 but decreased in value by 35.3 per cent year-on-year.
“Energy goods increased in value by 3.9 per cent in Q3, 2020 compared to Q2, 2020 but decreased by 20 per cent year–on-year.