NBS Data: Cement tops Nigeria’s N5.4bn solid mineral export in 3 months
Cement was the major solid item of exportation from Nigeria in the third quarter of 2020 during which the country exported N5.4 billion solid mineral goods while the import component stood at N35.2 billion.
This was disclosed in the foreign trade statistics report for the third quarter of 2020 obtained from the National Bureau of Statistics (NBS).
Part of the report read, “The total trade in solid mineral goods stood at N40.8bn in Q3, 2020, comprising an import component of N35.2 billion and export component of N5.5 billion.
“The major products exported under this sector were other cement exported to Niger Republic, worth N1.4 billion.
“This was followed by cement clinkers exported to Cameroon, worth N1.2 billion as well as lead ores and concentrate exported to China, worth N1.0 billion.”
It added, “In terms of imports, plasters of calcined gypsum were mainly imported from Turkey, worth N4.0 billion and Egypt (N1.9 billion).
“This was followed by gypsum, imported from Spain worth N4.4 billion.
“Crude salt was also imported from Brazil and Namibia worth N3.2 billion and N1.9 billion respectively.”
According to the NBS, the value of Nigeria’s merchandise trade stood at N8.37 trillion in Q3 2020.
This represents an increase of 34.15 per cent in Q3, 2020 compared to Q2, 2020 but a decline of 8.85 per cent compared to Q3, 2019.
The import component was valued at N5.38 trillion, representing an increase of 33.77 per cent in Q3, 2020 against the level recorded in Q2, 2020 and 38.02 per cent compared to Q3, 2019.
The value of imports in Q3, 2020 represented the highest level for any quarter since 2017.
The export component accounted for N2.99 trillion of the total trade in Q3, 2020 indicating an increase of 34.85 per cent compared to the value recorded in Q2, 2020 but a decrease of 43.41 per cent compared to Q3, 2019.
Apart from Q2 2020, the value of exports in Q3 2020 represented the lowest level of any quarter since 2017.