Nigeria’s total foreign trade, that is import and export, has dropped by 27.46% year on year in Q2 2020, when compared to N8.61 trillion recorded in the corresponding quarter of 2019, according to the latest foreign trade report released by the National Bureau of Statistics.
According to the report, Nigeria’s total export during the quarter nosedived by 51.7% to stand at N2.22 trillion, a significant fall when compared to N4.59 trillion recorded in Q2 2019 and N4.08 trillion recorded in the previous quarter.
The report also showed that Nigeria’s total foreign trade recorded a decrease of 27.3% when compared to N8.59 trillion recorded in previous quarter (Q1 2020, a decline which is a reflection of the disruptions caused by the COVID-19 pandemic.
The value of total trade fell sharply by 27.30% in Q2 2020 compared to Q1, 2020 and 27.46% compared to Q2 2019.
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 while total exports dipped by 45.64% when compared to Q1 2020 and 51.73% as against N4.6 trillion recorded in Q2 2019.
Agricultural goods export also dropped by 38.2% in Q2,2020 compared to Q1, 2020 but rose 6.3% year-on-year.