|Period||Imports||Exports||Trade Balance||Crude Oil Exports||Non Crude Oil Exports|
Nigeria's total foreign trade in Q1 2020 was estimated at N8.3 trillion. The country’s value of exports reduced to N4.08 trillion from N4.77 trillion recorded in Q4 2019. Also, the country’s import stood at N4.22 trillion in Q1 2020 when compared to N5.35 trillion recorded in Q4 2019, indicating a 21.08% decrease
The country’s trade balance continued in negative region as it stood at (N138.99 billion), a trend which started in Q4 2019 when the Country's trade balance was (N579.06 billion).
The downturn recorded in the value of balance-of-trade could be attributed to the decline recorded in the value of both crude oil exports and non-crude oil exports.
In Q1 2020 Crude oil exports stood at N2.944 trillion while Non-crude oil exports recorded was stated N1.14 trillion.
Data Source: Nigeria Bureau Statistics
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