| Period | Imports | Exports | Trade Balance | Crude Oil Exports | Non Crude Oil Exports |
|---|---|---|---|---|---|
| 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 |
| Jun 2019 | 4007.40 | 4596.20 | 590.47 | 3934.6 | 661.6 |
| Mar 2019 | 3703.71 | 4535.33 | 8316.60 | 3376.73 | 1158.6 |
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
Nairametrics Exclusive Research!
