Value of trade in Nigeria falls by 27.30% in Q2 of 2020 — NBS

Value of trade in Nigeria falls by 27.30% in Q2 of 2020 — NBS
 

Peter Olaniyi    |  

The value of total trade fell sharply by 27.30% in Q2, 2020 compared to Q1, 2020 and 27.46% , according to the recent statistics of the National Bureau of Statistics.

According to the report, the value of total imports dropped by 10.69% in Q2, 2020 against the level recorded in Q1,2020 but increased by 0.39% year-on-year

Imported agricultural goods rose in value by 59.01% in Q2,2020 compared to Q1, 2020 and 66.28% compared to the corresponding quarter in 2019.

Raw material imports increased by 85.69% in Q2, 2020 compared to Q1, 2020 and 64.69% year –on-year.

 While total exports was 45.64% lower in Q2,2020 than Q1,2020 and 51.73% lower than Q2, 2019.

Agricultural goods export dropped 38.2% in Q2,2020 compared to Q1, 2020 but rose 6.3% year-on-year.

Raw material goods export recorded a decrease of 56.2% in Q2,2020 compared to Q1, 2020 and 52.4% compared with the same quarter in 2019.
 
 

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