|Period||Imports||Exports||Trade Balance||Crude Oil Exports||Non Crude Oil Exports|
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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