Nigeria’s foreign trade drops to N6.24 trillion, trade balance hits N1.8 trillion deficit in Q2 2020

Nigeria’s total foreign trade (import and export) drops by 27.46% year on year in Q2 2020, when compared to N8.61 trillion recorded in the corresponding quarter of 2019.

Also, it decreased by 27.3% compared to N8.59 trillion recorded in Q1 2020.

Total import for the period stood at N4.02 trillion while total export was N2.22 trillion indicating a negative trade balance of N1.8 trillion.

Key highlights

The value of total trade fell sharply by 27.30% in Q2 2020 compared to Q1, 2020 and 27.46% compared to Q2 2019.

The value of total imports dropped by 10.69% in Q2 2020 against the level recorded in Q1 2020 but increased by 0.39% year-on-year.

Imported Agricultural goods rose in value by 59.01% in Q2 2020 compared to Q1 2020 and 66.28% compared to the corresponding quarter in 2019.

Total exports was 45.64% lower in Q2 2020 than Q1 2020 and 51.73% lower than Q2 2019.

Agricultural goods export also dropped 38.2% in Q2,2020 compared to Q1, 2020 but rose 6.3% year-on-year.

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