• Privacy Policy
  • Terms
  • About us
  • Contact Us
Friday, May 13, 2022
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Special News
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Special News
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy

Nigeria records trade deficit

The Matters Press by The Matters Press
September 2, 2020
Reading Time: 2 mins read
0
China’s trade surplus with U.S dips

Trade

Trade

By Tanko Mohammed

RELATED POSTS

Osinbajo advocates African plan on energy transition

Buhari’s war against money laundering, financial crimes peaks

Stakeholders seek political will to revive textile sector

The Nigeria’s National Bureau of Statisitics (NBS) has released data indication that the country recorded a trade balance deficit of N1.8 trillion at the end of the second quarter.

The deficit is making the third consecutive quarter of negative trade balance.

Foreign trade in goods statistics’ report for the second quarter, was released on Wednesday; showing that the value of Nigeria’s merchandise trade stood at N6.24 trillion in the second quarter of 2020.

“This indicated a sharp fall of 27.30 per cent in Q2, 2020 compared to Q1, 2020 and 27.46 per cent compared to Q2, 2019.

“The value of total trade year to date amounted to N14.82tn, indicating a drop of 11.96 per cent compared to half-year 2019.

ALSO READ  OPEC lauds bonds with Africa in energy industry

“The import component was valued at N4.02tn representing a drop of 10.69 per cent in Q2, 2020 against the level recorded in Q1, 2020 but an increase of 0.39 per cent year-on-year.

“The export component accounted for N2.21tn of the total trade, indicating a decline of 45.64 per cent against the value recorded in Q1, 2020 and 51.73 per cent compared to Q2, 2019.

“Consequently, the trade balance recorded a deficit of N1.8tn, marking the third consecutive quarter of negative trade balance.”

This compares with the trade in goods deficit of N421.3bn recorded in Q1, 2020 and N579.06bn recorded in Q4 2019.

Crude oil, Nigeria’s dominant export, accounted for N2.94tn representing 72.12 per cent of total exports in Q1,2020.

The value of crude oil export was 18.86 per cent less than the value recorded in Q4, 2019 and 12.80 per cent lower than the value recorded in the corresponding quarter of 2019.

ALSO READ  Council sensitises exporters on Nigeria’s products internationally

Non-crude oil exports were valued at N1.13 trillion representing 27.9 per cent of total exports during the period under review.

The value of total imports amounted to N4.02 trillion in Q2, 2020.

This represented a drop of 10.69 per cent against the level recorded in Q1,2020 but an increase of just 0.39 per cent year-on-year.

The year to date import value amounted to N8.52 trillion, or 10.58 per cent over half year 2019.

The fall in value of import in Q2, 2020 could be attributed to the decrease in the value of mineral fuels (N1.03 trillion or 82.35 per cent), machinery and transport equipment (N147.2 billion or 8.43 per cent) and miscellaneous manufactured articles (N157.5 billion or 47.94 per cent) against their respective values in quarter 1, 2020.

ALSO READ  Korea, Nigeria trade hits $2bn

The structure of imports under this category showed that machinery and transport equipment accounted for the largest share of imports at N1.59 trillion or 39.7 per cent of total imports, followed by chemicals and related products, valued at N776.3 billion or 19.30 per cent and food and live animals worth N648.6 billion or 16.1 per cent among others.

During the quarter, Nigeria imported goods mainly from Asia, which was valued at N2.12 trillion or 52.8 per cent.

Other imports originated from Europe, valued at N1.07tn or 26.6 per cent, while imports from America and Africa amounted to N605.2bn or 15 per cent and N174bn or 4.3 per cent respectively.

Import from Oceania stood at N50.6 billion or 1.3 per cent, while goods valued at N31.1 billion originated from ECOWAS.

Tags: Trade
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Nigeria emerges Africa biggest energy sector
Economy

Osinbajo advocates African plan on energy transition

May 13, 2022
Nigeria gets petroleum law to edge out 50 years archaic laws
News

Buhari’s war against money laundering, financial crimes peaks

May 13, 2022
25 textile clusters get a boost through SMEDAN
Economy

Stakeholders seek political will to revive textile sector

May 12, 2022
Nigeria floats $4bn Eurobonds
Economy

DMO lists N225bn FGN bond for subscription by auction

May 12, 2022
Price of bread to be reviewed upwards again
Economy

Cost of bread beyond reach of many Africans – AfDB

May 12, 2022
Buhari meets with governors of APC
News

Buhari gives resignation deadline to political office holders seeking to contest elections

May 11, 2022
Next Post

Recession hits Brazil, records heavy covid-19 cases

Nigeria loses $25b to foreign ship owners

Port congestion costs Nigeria $55m daily

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

Swiss Bank expects profit of $50bn

BDC suspension worsens dollar scarcity

April 13, 2022
Minister pledges support to BPSR on good governance

Minister pledges support to BPSR on good governance

February 10, 2022
5G network for launch 2020

NCC sets fresh operational fees, spectrum prices for telecom operators

July 30, 2021

Popular Stories

  • 79 candidates for presidential election

    INEC wants to make you rich, bid for new jobs

    0 shares
    Share 0 Tweet 0
  • Universities approved to operate distance learning centres

    0 shares
    Share 0 Tweet 0
  • IMF’s reasons for Nigeria’s economic recovery

    0 shares
    Share 0 Tweet 0
  • Missing fighter jet found dead

    0 shares
    Share 0 Tweet 0
  • PawaPlus launches app to make access to electricity easy

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Osinbajo advocates African plan on energy transition
  • Buhari’s war against money laundering, financial crimes peaks
  • Stakeholders seek political will to revive textile sector

Categories

  • Agriculture
  • Business
  • Culture
  • Economy
  • Economy
  • Entertainment
  • Features
  • Finance, Money
  • Foreign
  • Health
  • Lifestyle
  • Multimedia
  • News
  • Oil, Gas
  • Opinion
  • Photo
  • Politics
  • Politics/Social
  • Religion
  • Security
  • Special News
  • Sports
  • Tech
  • Thematterspress
  • Trade, Industry, Technology
  • Travel
  • Uncategorized
  • Video
  • World

© 2022 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Special News
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2022 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?