Foreign Trade



Period Imports Exports Trade Balance Crude Oil Exports Non Crude Oil Exports
Dec 2020 5925.67 3194.50 -2731.18 2521.35 673.15
Sep 2020 5381.45 2992.99 -2388.46 2424.8 568.18
Jun 2020 4022.85 2219.54 -1803.31 1553.94 665.6
Mar 2020 4221.88 4082.89 -138.99 2944.59 1138.29
Dec 2019 5349.63 4770.57 -579.06 3629.24 1141.33
Sep 2019 3899.14 5228.46 1389.32 3747.76 1540.7




Insight

Nigeria's total foreign trade in Q3 2020 was estimated at N8.374 trillion. The country’s value of exports increased to N2.99 trillion from N2.22 trillion recorded in Q2 2020, indicating a 34.9% rise. Also, the country’s import stood at N5.39 trillion in Q3 2020 when compared with N4.02 trillion recorded in Q2 2020, indicating a 33.8% increase.

The rise recorded in the value of balance-of-trade could be attributed to the rise recorded in the value of crude oil exports (56.04% decline)  compared to Q1 2020.

The surge in the value of imports in Q3 2020 may be attributed to the significant increase in the value of food and live animals (25.8%) beverage and tobacco (16.3%) mineral fuels (219.1%), oil, fats and waxes (25.9%), chemical and related products (33.6) and miscellaneous and manufactured articles (38.9%) relative to their respective values in Q2 2020. In this instance, data from Q3 2020 indicates that mineral fuels (219.1%) accounted for the largest share of total imports in the period under consideration.

In Q3 2020, Crude oil exports stood at N2.425 trillion while Non-crude oil exports recorded was stated N568 billion.

Data Source: Nigeria Bureau Statistics

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