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NBS: Nigeria’s trade deficit widens by N2.38trn in Q3

Nigeria’s low volume of export and higher import has widened her trade deficit by N2.38 trillion, National Bureau of Statistics (NBS) confirmed yesterday in a merchandise report for third quarter 2020. NBS said the deficit represents wildest deficit since 2017.

 

“Aside from Q2 2020, the value of exports in Q3 2020 represented the lowest level of any quarter since 2017. Due to lower exports and higher imports compared to 2019, the trade balance recorded a deficit of N2,388.5 billion during the third quarter.

 

This also represents the widest merchandise trade deficit since 2017. When compared to the deficit of N1,803.3 billion recorded in Q2, the Q3 deficit rose by 32.45%,”

 

NBS explained. The data put the country’s merchandise trade at N8.37 trillion The N8.37 trillion represents an increase of 34.15 per cent, compared to the second quarter of this year, but a decline of 8.85 per cent compared to the third quarter of last year.

The NBS report stated that the import component was valued at N5.38 trillion, representing an increase of 33.77 per cent, against the level recorded in the second quarter of this year and 38.02 per cent, compared to the third quarter of last year. The value of imports in the third quarter of this year represented the highest level for any quarter since 2017.

The report said that the export component accounted for N2.99 trillion of the total trade, indicating an increase of 34.85 per cent compared to the value recorded in the second quarter, 2020. Aside from the second quarter of this year, the value of exports in the third quarter represented the lowest level of any quarter since 2017.

“Due to lower exports and higher imports compared to 2019, the trade balance recorded a deficit of N2.38 trillion during the third quarter. This also represents the widest merchandise trade deficit since 2017. When compared to the deficit of N1.8 trillion recorded in Q2, the Q3 deficit rose by 32.45 per cent.”

The report said the predominant export remained crude oil, which was valued at N2.42 trillion, representing 81.02 per cent of total exports while non-crude oil was valued at N568.2 billion, or 18.98 per cent of total export during the review period. Total imports amounted to N5.38 trillion in the third quarter of this year compared to N4.02 trillion recorded in the second quarter. This indicated an increase of 33.77 per cent and an increase of 38.02 per cent, when compared with the third quarter 2019.

 

During the quarter, Nigeria imported goods mainly from Asia, valued at N2.58 trillion. Other major imports originated from Europe, valued at N1.8 trillion, while imports from America and Africa amounted to N746.4 billion and N175.4 billion respectively. Import from Oceania stood at N532.4 billion while goods valued at N12.5 billion originated from ECOWAS. Nigeria’s imports, by country of origin, showed that goods were imported mainly from China (N1.64 trillion or 30.51 per cent), United States (N482.3 billion or 8.96 per cent),

The Netherlands (N443.5 billion or 8.24 per cent) and India (N354.1 billion or 6.58 per cent) respectively. The import component was valued at N5,381.4 billion, representing an increase of 33.77% in Q3, 2020 against the level recorded in Q2 2020 and 38.02% compared to Q3 2019. The value of imports in Q3 2020 represented the highest level for any quarter since 2017. On export, NBS said: “Total exports was 34.85% higher in Q3 2020 than Q2 2020, but 43.41% less than in Q3 2019.

 

Agricultural goods export dropped in value by 22.6% in Q3 2020 compared to Q2 2020, but increased 43.7% year-on-year. “The value of raw material goods export recorded a decline of 24.6% in Q3 2020 compared to Q2 2020 and a decline of 61.9% compared to the same quarter in 2019. “The value of solid minerals exports registered an increase of 253% in Q3 2020 compared to Q2 2020, but a decrease of 12.2% compared to Q3 2019.” Manufactured goods export decreased in value by 47.7% in Q3 2020 against the level recorded in Q2 2020 and a considerable decline of 86.7% compared with the

 

 

Nigecorresponding quarter in 2019. Crude oil exports grew in value by 56% in Q3 2020 compared to Q2 2020, but decreased in value by 35.3% year-on-year. Energy goods increased in value by 3.9% in Q3 2020 compared to Q2 2020, but decreased by 20% year-onyear. Other oil products increased in value by 13.1% in Q3 2020 compared to Q2 2020, but decreased by 23.2% compared to the same quarter, the previous year.

During the quarter under review, total trade in agricultural goods stood at N563.9 billion, out of which exported agricultural goods accounted for N60.5 billion. Analysis by economic region showed that agricultural goods were exported to Asia (N32.2 billion), Europe (N16.7 billion), Africa (N9.1 billion) and America (N2.4 billion).

The key drivers of agricultural products exports were Sesamum seeds, Cashew nuts, good fermented cocoa beans and superior quality raw cocoa beans. Sesamum seeds were exported mainly to Japan (N5.3 billion) and China (N4.7 billion), while cashew nuts, worth N8.3 billion and N2.2 billion, were exported to Vietnam and India respectively.

In terms of imports, Durum wheat, worth N55.5 billion was imported from the United States, N46.6 billion value from Russia and N46.5 billion value from Canada. This was followed by Mackerel, imported from Russia worth N13.8 billion, Netherlands (N5.8 billion) and Japan (N2.6 billion). Also in this category was maize seed worth N25.9 billion imported from Argentina

 

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