Nigeria’s total foreign trade for third quarter of 2020 rose by 34.15% to N8.4 trillion compared to N6.24 trillion recorded in the previous quarter, Q2 2020.
This is according to a recently released foreign trade report by the National Bureau of Statistics (NBS).
The report said total imports rose by 33.77% in Q3 2020 compared to N4.02 trillion recorded in Q2 2020 to stand at N5.38 trillion, and 38.02% increase compared to N3.89 trillion recorded in Q3 2019.
Total export (N2.99 trillion) was 34.85% higher in Q3 2020 than N2.22 trillion recorded in Q2 2020, but 43.41% less than in N5.29 trillion recorded in Q3 2019.
Further breakdown of the report shows that imported Agricultural goods increased in value by 21.13% in Q3 2020 compared to Q2 2020, and 109.82% compared to the corresponding quarter in 2019.
Value of Raw material imports increased by 24.47% in Q3 2020 compared to Q2 2020 and 114.95% compared to the same quarter the previous year.
Agricultural goods export dropped in value by 22.6% in Q3 2020 compared to Q2 2020, but increased by 43.7% year-on-year.
Value of Raw material goods export recorded a decline of 24.6% in Q3 2020 compared to Q2 2020 and a decline of 61.9% compared to the same quarter in 2019.