The National Bureau of statistics(NBS) said that Nigeria recorded a trade balance deficit of N1.8 trillion at the end of the second quarter, making the third consecutive quarter of negative trade balance.
This was disclosed by NBS ‘Foreign trade in goods statistics’ report for the second quarter, which was released on Wednesday.
It also stated 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,” said the report.
“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.
“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.
Source: Voice of Nigeria