{"id":319791,"date":"2020-12-08T12:40:53","date_gmt":"2020-12-08T12:40:53","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=319791"},"modified":"2020-12-08T12:40:53","modified_gmt":"2020-12-08T12:40:53","slug":"nigerias-foreign-trade-hits-n8-4-trillion-in-q3-2020-as-import-rises-by-38","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2020\/12\/08\/nigerias-foreign-trade-hits-n8-4-trillion-in-q3-2020-as-import-rises-by-38\/","title":{"rendered":"Nigeria\u2019s foreign trade hits N8.4 trillion in Q3 2020, as import rises by 38%"},"content":{"rendered":"

\u00a0<\/strong>Nigeria\u2019s total foreign trade for the third quarter of 2020 rose by 34.15% to stand at N8.4 trillion compared to N6.24 trillion recorded in the previous quarter (Q2 2020).<\/p>\n

This is contained in the recently released foreign trade report by the National Bureau of Statistics (NBS).<\/p>\n

According to the report, total imports stood at N5.38 trillion in Q3 2020, representing 33.77% increase compared to N4.02 trillion recorded in Q2 2020. It also increased by 38.02% compared to N3.89 trillion recorded in the corresponding period of 2019.<\/p>\n

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.<\/p>\n

– 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.<\/p>\n

– \u00a0The 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.<\/p>\n

– Agricultural goods export dropped in value by 22.6% in Q3 2020 compared to Q2 2020, but increased by 43.7% year-on-year.<\/p>\n

– The 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.<\/p>\n

Top trade destinations<\/strong><\/p>\n

In the review period, Nigeria\u2019s major export trading partners include; India, Spain, Netherlands, South Africa, Turkey, while import trading partners include; China, United States, Netherlands, India, and Belgium.<\/p>\n

India accounted for 16.73% (N500.6 billion) of the total value of exported goods, followed by Spain with N328.5 billion (10.97%) and Netherlands with N227.8 billion (7.61%). Others include South Africa with N203.9 billion (6.81%) and Turkey N150.01 billion (5.01%).<\/p>\n

On the other hand, China accounted for 30.51% (N1.64 trillion) of Nigeria\u2019s total import followed by the United States with N482.3 billion (8.96%). Netherlands, India, and Belgium made up the rest of the list with N443.5 billion (8.24%), N354.1 billion (6.58%), and N212.3<\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0Nigeria\u2019s total foreign trade for the third quarter of 2020 rose by 34.15% to stand at N8.4 trillion compared to N6.24 trillion recorded in the previous quarter (Q2 2020).<\/p>\n","protected":false},"author":4,"featured_media":319792,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[28],"tags":[46],"class_list":["post-319791","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-import","tag-nigeria"],"yoast_head":"\nNigeria\u2019s foreign trade hits N8.4 trillion in Q3 2020, as import rises by 38% - egy-africa<\/title>\n<meta name=\"description\" content=\"\u00a0Nigeria\u2019s total foreign trade for the third quarter of 2020 rose by 34.15% to stand at N8.4 trillion compared to N6.24 trillion recorded in the previous quarter (Q2 2020).\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/egy-africa.com\/en\/2020\/12\/08\/nigerias-foreign-trade-hits-n8-4-trillion-in-q3-2020-as-import-rises-by-38\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria\u2019s foreign trade hits N8.4 trillion in Q3 2020, as import rises by 38% - 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