The National Bureau of Statistics (NBS) has revealed Nigeria’s major trading export partners for the first quarter of the Q1 2020.
According to the recent data from the bureau, India has the highest percentage share in export trade for the first three months of 2020.
Below is a list showcasing 5 of Nigeria’s top trading partners, countries that imported the most Nigerian shipments by dollar value during Q1 2020. Also shown is each import country’s percentage consumption of total Nigerian exports.
Merchandise Trade By Top Five Partners And By Major Commodities (N millions) Q1, 2020
Nigeria’s exports to India were valued at N637.53 billion or 15.61% of total exports during the period under review. Export trade was largely dominated by Petroleum oils and oils obtained from bituminous minerals, Crude (N526.87 billion), Natural gas, liquefied (N91.34 billion) and Sesamum seeds whether or not broken (N7.97 billion).
On the other hand, the value of imports from India stood at N334.53 billion representing 7.92% of total imports. The largest import commodity from India was motorcycles and cycles, imported CKD by established manufacturers >50cc<=250cc, Kerosene type jet fuel and Vaccines for human medicine valued respectively at N93.97 billion, N24.32 billion and N20.45 billion.
Exports to China in Q1 2020 was valued at N113.06 billion. The largest export commodity to China was Petroleum oils and oils obtained from bituminous minerals, crude valued at N54.19 billion, followed by Natural gas, liquefied and Sesamum seeds, whether or not broken valued at N42.16 billion and N9.31 billion respectively.
On the other hand, the value of import trade from China was valued at N1,109.46 billion accounting for 26.28 % of total import. Import trade with China was dominated by fully automatic rifles and carbines with single smooth-bore barrels (valued at N51.97 billion), motorcycles and cycles, imported CKD by established manufacturers >50cc<=250cc (N44.82 billion) and Other machine-tools for working stone, ceramics, concrete, etc (N39.72 billion).
Nigeria’s total export to Spain was valued at N402.9 billion in the first quarter of 2020. The dominant export commodity was Petroleum oils and oils obtained from bituminous minerals, crude valued at N360.44 billion, accounting for 89.46% of total export. This was followed by Natural gas, liquefied worth N31.97 billion and Partially Refined Oil including Crude oil having undergone primary refinement, valued at N5.29 billion. Imports from Spain, on the other hand, stood at N39.99 billion. While Mixed alkylbenzenes & mixed alkyl naphthalenes, valued at N11.41 billion ranked first in imports, Gypsum; anhydrite whether or not coloured, with/without small quantities of accelerators and Other agricultural, horticultural, forestry or bee-keeping machinery n.e.s, worth N2.89 billion and N2.61 billion respectively, were imported during the period under review.
4. The Netherlands
Nigeria’s export trade with the Netherlands, in Q1 2020, was valued at N396.93 billion. The major export commodities were: Petroleum oils and oils obtained from bituminous minerals, crude valued at N360.70 billion, as well as Good fermented Nigerian cocoa beans, and Superior quality raw cocoa beans, respectively valued at N16.53 billion and N11.22 billion.
Conversely, the value of imports stood at N470.11 billion, with the main commodity imported being Motor Spirits ordinary, valued at N303.65 billion. Other products imported were Gas oils (N102.82 billion) and Kerosene type jet fuel (N4.52 billion).
5. South Africa.
In Q1 2020, Nigeria’s exports to South Africa was valued at N319.47billion, representing 7.8% of total exports. The major commodities exported during the period were Petroleum oils and oils obtained from bituminous minerals, crude (N318.5 billion), Technically specified natural rubber, in primary forms or in plates (N0.3billion), Sesamum seeds, whether or not broken (N0.3billion), Ginger, neither crushed nor ground (N0.2 billion) and Refined lead, unwrought (N0.1billion).
On the import side, imports from South Africa were valued at N40.6 billion or 0.96% of total imports during the period under review. The main commodities imported were Polypropylene, in primary forms (N9.02 billion), Apples, fresh (N2.66billion), Chassis fitted with engines for assembly plants (N2.14billion), Other ships’ derricks; cranes, including cable cranes; mobile lifting frames (N1.54billion) and Others imported by MV assemblers and manufacturers (N1.33 billion).