Europe, Asia Countries top Nigeria’s Exports Destinations
Europe, Asia Countries were Nigeria’s top export destinations in the first quarter of 2020, data provided by the Bureau of Statistics stated.
The National Bureau of Statistics (NBS) recently releases foreign trade report which showed that merchandise goods worth ₦8.30 trillion were traded in Q1 2020.
Though export value dropped off, both Europe and Asia still accounted for large chunk of foreign receipts from trades.
Total value of exports to these destinations was valued at ₦2.85 trillion in the first quarter amidst the global economic lockdown.
The data shows that export value to the Europe declined sharply by 20.28% to ₦1.57 trillion in Q1 2020 from ₦1.97 trillion in Q4 2019.
Also, exports to Asia moderated by 9.89% to ₦1.28 trillion in Q1 2020 from ₦1.42 trillion in Q4 2019 (and from ₦1.32 trillion in Q1 2019).
Of the total exports to the Europe and Asia, Spain and India recorded the highest trades.
Specifically, exports to Spain and India were ₦0.42 trillion and ₦0.64 trillion respectively.
Meanwhile, value of exports to African countries increased to ₦0.99 trillion in Q1 2020, from ₦0.95 trillion in Q4 2019, chiefly on exports of crude oil and manufactured goods.
This was 17.94% lower than ₦10.12 trillion recorded in Q4 2019 (but 0.80% higher than ₦8.24 trillion printed in Q1 2019).
Of the total goods traded, value of exports decreased quarter-on-quarter (q-o-q) by 14.42% (and fell year-on-year, y-o-y, by 9.98%) to ₦4.08 trillion in Q1 2020.
However, the value of imports plunged quarter on quarter by 21.08% to ₦4.22 trillion in Q1 2020.
Compare to the comparable period on year on year, it by 13.99%.
This resulted to trade deficit of ₦0.14 trillion in Q1 2020 (from an ₦0.83 trillion trade surplus in Q1 2019).
In the same vein, crude oil exports which contracted q-o-q by 18.86% (and fell y-o-y by 12.80%) to ₦2.94 trillion, constituted 72.12% of total export value in Q1 2020.
Also, non-crude oil exports decreased quarter on quarter by 0.27% to ₦1.14 trillion in Q1 2020, constituting 27.88% of the total export value.
But, it moderated year on year basis by 1.75%.
Further breakdown of the non-crude oil exports showed that manufactured goods registered a decline of 12.72% to ₦444.46 billion from ₦509.23 billion and ₦462.33 billion in Q4 2019 and Q1 2019 respectively.
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On the import side, capital goods, machinery for the production of other goods and transport equipment, constituted 41.36% of the total imports in Q1 2020.
This translated to a decline from 50.64% in Q4 2019, but up from 40.66% in Q1 2019.
Europe, Asia Countries top Nigeria’s Exports Destinations
