Nigeria recorded trade deficit of N1.8tn at the end of the second quarter.
The National Bureau of Statistics disclosed this in its ‘Foreign trade in goods statistics’ report for the second quarter, which was released recently.
With the deficit, the country has recorded the third consecutive quarter of negative trade balance.
The NBS statistics also revealed that the value of Nigeria’s merchandise trade stood at N6.24tn in the second quarter of the year.
“The value of total trade year-to-date amounted to N14.82tn, indicating a drop of 11.96% compared to half-year 2019.
“The import component was valued at N4.02tn representing a drop of 10.69% in Q2. While the export component accounted N2.21tn of the total trade, indicating a decline of 45.64% against the value recorded in Q1.
“Consequently, the trade balance recorded a deficit of N1.8tn, marking the third consecutive quarter of negative trade balance”.
Crude oil, Nigeria’s dominant export, accounted for N2.94tn, representing 72.12% of total exports in Q1, 2020. Non oil exports were valued at N1.13tn, representing 27.9% of total exports during the period under review.
The value of total imports amounted to N4.02tn in Q2, 2020. This represented a drop of 1069% against the level recorded in Q1, 2020 but an increase of 0.39% year-on-year.
The fall in value of import in Q2, 2020 could be attributed to the decrease in the value of mineral fuels (N1.03tn or 82.35%), machinery and transport equipment (147.2bn or 47.94%) against their respective values in quarter 1, 2020.
The structure of imports under this category showed that machinery and transport equipments accounted for the largest share of imports at N1.59tn or 39.7% of total imports.
The Punch, September. 3, 2020
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