Nigeria’s total foreign trade for the third quarter of 2020 rose by 33.77% to stand at N8.4 trillion compared to N6.24 trillion recorded in the second quarter (Q2 2020). This fact is contained in the foreign trade report by the National Bureau of Statistics (NBS) on its website. NBS report said “Total imports rose by 33.77% in Q3, 2020 compared to Q2,2020 and 38.02% compared to Q3, 2019. 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. Solid minerals imports increased in value by 21.57% in Q3, 2020 compared to Q2, 2020 and 77.23% compared to Q3,2019”.
According to the NBS report “Manufactured goods imports increased in value by 23.18% in Q3 ,2020 compared to Q2, 2020 and 23.47% year-on-year. The value of energy goods imports decreased by 53.69% in Q3, 2020 compared to Q2, 2020 and a considerable decline of 69.06% year-on-year. Other oil products imports grew by 216.28% in Q3,2020 compared to Q2, 2020 and 32.38% when compared to Q3,2019. Total exports was 34.85% higher in Q3,2020 than Q2,2020 but 43.41% less than in Q3, 2019. Agricultural goods export dropped in value by 22.6% in Q3, 2020 compared to Q2, 2020 but increased 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. The value of Solid minerals exports registered an increase of 253% in Q3,2020 compared to Q2,2020 but a decrease of 12.2% compared to Q3,2019. Manufactured goods export decreased in value by 47.7% in Q3,2020 against the level recorded in Q2,2020 and a considerable decline of 86.7% compared with the corresponding quarter in 2019. Crude oil exports grew in value by 56% in Q3,2020 compared to Q2, 2020 but decreased in value by 35.3% year-on-year. Energy goods increased in value by 3.9% in Q3, 2020 compared to Q2, 2020 but decreased by 20% year –on-year. Other oil products increased in value by 13.1% in Q3,2020 compared to Q2, 2020 but decreased by 23.2% compared to the same quarter, the previous year”.
