Nigeria’s total foreign trade (imports and exports) dropped by 28% to ₦6 trillion in Q2 2020, compared to ₦9 trillion in Q2 2019. Total export declined by 51.73% to ₦2 trillion—more than half of the ₦5 trillion recorded in Q2 2019. This widens Nigeria’s trade deficit (Imports higher than exports) to ₦1.8 trillion from ₦420 billion in the previous quarter.
Agricultural goods export dropped 38.2% in Q2,2020 compared to Q1, 2020 but rose 6.3% year-on-year while Raw material goods export recorded a decrease of 56.2% in Q2,2020 compared to Q1, 2020 and 52.4% compared with the same quarter in 2019.
Major export trading partners and percentage share in Q2, 2020 export trade.
Major Traded Agricultural Products
- Superior quality raw cocoa beans
- Sesamum seeds, whether or not broken
- Cashew nuts, in shell
- Good fermented Nigerian cocoa beans
- Cashew nuts shelled
- Other Frozen shrimps and prawns
- Natural cocoa butter
- Coconuts, desiccated, fresh or dried, whether or not shelled or peeled
- Shea nuts
In terms of solid minerals exports registered a decrease of 2.3% in Q2,2020 compared to Q1,2020 and 79.4% compared to Q2,2019.
The country’s manufactured goods export also decreased in value by 42.8% in Q2,2020 against the level recorded in Q1,2020 but increased 139.6% compared with the corresponding quarter in 2019.
Crude oil exports decreased in value by 47.2% in Q2,2020 compared to Q1, 2020 and 60.5% year-on-year.
Energy goods decreased by 13.7% in Q2, 2020 compared to Q1, 2020 and 53.8% year-on-year. Other oil products decreased by 40.7% in Q2,2020 compared to Q1, 2020 and 28% compared to Q2,2019.
Trade Intensity in Q2 2020
Export Intensity Index with Five Major Trading Partners
Spain emerged as the leading trading partner of Nigeria in terms of export trade due to the re-export of an expensive floating vessel. Spain registered export intensities of 11.41, 4.99 and 6,85 for the month of April, May and June. The second leading partner in terms of export was India which registered export intensities of 5.09, 1.77 and 2.19.
Export trade with France was intense in April (1.50) and May(3.18) but low in June (0.74). During the quarter, China registered 0.33, 0.78 and 1.19 for April, May and June. Similarly, the Netherlands recorded 0.56, 1.39 and 0.72 in April, May and June respectively.
Trade by Custom Ports and Post
In Q2, 2020, the bulk of export transactions was conducted through Apapa port, with goods worth N1,911.97billion or 86.1% of total exports, followed by Port-Harcourt (3) which recorded N222.3billion or 10% and Tin Can Island, which was responsible for goods worth N72.7billion or 3.3%.
In terms of imports, Apapa Port also recorded the highest transactions valued at N1,620.5billion or 40.3% of total imports. This was followed by Tin Can Island, for goods worth N871.2billion or 21.7% of total imports. Port-Harcourt (3) accounted for goods valued at N383.4billion or 9.5%.