BREAKING: Nigeria’s foreign trade hits N8.4 trillion in Q3 2020, as import rises by 38%

Nigeria’s total foreign trade for the third quarter of 2020 rose by 34.15% to stand at N8.4 trillion compared to N6.24 trillion recorded in the previous quarter (Q2 2020).

This is contained in the recently released foreign trade report by the National Bureau of Statistics (NBS).

According to the report, total imports rose by 33.77% in Q3 2020 compared to N4.02 trillion recorded in Q2 2020 to stand at N5.38 trillion, and 38.02% increase compared to N3.89 trillion recorded in Q3 2019.

Total export (N2.99 trillion) was 34.85% higher in Q3 2020 than N2.22 trillion recorded in Q2 2020, but 43.41% less than in N5.29 trillion recorded in Q3 2019.

Highlights

Imported Agricultural goods increased in value by 21.13% in Q3 2020 compared to Q2 2020, and 109.82% compared to the corresponding quarter in 2019.The value of Raw material imports increased by 24.47% in Q3 2020 compared to Q2 2020 and 114.95% compared to the same quarter the previous year.

Agricultural goods export dropped in value by 22.6% in Q3 2020 compared to Q2 2020, but increased by 43.7% year-on-year.The value of Raw material goods export recorded a decline of 24.6% in Q3 2020 compared to Q2 2020 and a decline of 61.9% compared to the same quarter in 2019.

More details shortly…