Nigeria records N126bn trade deficit in Q1’20 – NBS

As 3-month importation from china gulps N1.1trn

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Nigeria has recorded a trade deficit of N125.77 billion in the first quarter of 2020 after the country imported goods worth N1.9 trillion against exported commodities worth N1.8 trillion in the period under review.

This is revealed in the latest report by the National Bureau of Statistics (NBS) titled, ‘Commodity price indices and terms of trade Q1,’ which also indicated that said importation were higher than exports by N124.77 billion

The five countries with highest bilateral deal as sources of importation to Nigeria during the period under review were India, China, Spain, the Netherlands, and South Africa, according to the report.

NBS, in the report said Nigeria exported commodities worth N637.53 billion to India and imported items of about N395.53 billion from the country.

According to the report, Nigeria exported N111.06 billion commodities from China and imported N1.1 trillion worth of items from there in Q1.

To Spain, the report noted that Nigeria exported commodities worth N402.9 billion and recorded import of N39.9 billion.

The report further indicated that export to Netherlands in the quarter under review was N395. 9 billion while import record was N470.11 billion.

Nigeria exported commodities worth N319.47 billion to South Africa from where she imported N40.6 billion worth of commodities.

The NBS report added, “Between January and March 2020 (Jan 2018=100): footwear, headgear, umbrellas, sunshades, whips, etc.

“The all commodity group export price index decreased by 0.59 per cent due to decreases in boilers. Overall, the all products terms of trade (TOT) index rose 0.26 per cent driven by increase in the prices of plastic, rubber and articles thereof, vegetable products and wood and articles of wood, wood charcoal and articles.

“The all region group export index decreased by 0.59 per cent due to decreases in the prices of exports to all regions. Europe, Asia and Oceania, Asia and Europe.

“The major exports to these countries were crude petroleum and natural gas while the major imports were Motor spirits, motor cycles and gas oil. The major trading markets for Nigeria in Q1, 2020 were India, Spain, China, the Netherlands and South Africa. The all region terms of trade on average increased by 0.26 per cent due to improved export prices to South Africa.”