*******The Nigerian merchandise trade declined 17.94% in Q1,2020.
The National Bureau of Statistics confirmed this in its quarterly report released on Tuesday.
The NBS said the merchandise trade slowed down in the quarter by 17.94%, compared to the value recorded in Q4,2019 but increased marginally by 0.80% year on year.
It also indicated that the value of total imports decreased by 21.08% in Q1, 2020 compared to the value recorded in Q4,2019 but was 13.99% higher when compared with Q1, 2019.
The value of other oil products imports according to the NBS was 14.21% higher in Q1, 2020 than in Q4, 2019, and 180.05% higher when compared with the corresponding quarter of 2019.
The report further showed that the value of imported Agricultural goods was 12.02% more in Q1 2020 than in Q4, 2019, and 10.62% more than Q1, 2019.
Similarly, the value of raw material imports decreased by 8.49% in Q1,2020 relative to Q4 2019, and 6.91% compared to the corresponding quarter in 2019.
Meanwhile, the value of solid mineral imports was 15.65%, higher in Q1,2020 than the preceding quarter, and 20.05% compared to the corresponding quarter in 2019.
Also, the value of raw material imports decreased by 8.49% in Q1,2020 relative to Q4 2019, and 6.91% compared to the corresponding quarter in 2019.
The bureau also indicated that the value of solid mineral imports was 15.65% higher in Q1,2020 than the preceding quarter and 91.58% year on year.
The value of other oil products imports was 14.21% higher in Q1, 2020 than in Q4, 2019, and 180.05% higher when compared with the corresponding quarter of 2019.
Export
For export, the report showed that the total export value decreased 14.42% in Q1,2020 compared to the value recorded in Q4,2019 and 9.98%, compared to Q1,2019.
The value of Raw material exports increased 60.17% in Q1,2020 relative to last quarter but the value of Agricultural goods exports grew 85.36% in Q1,2020 compared to Q4,2019 and 46.76% compared to Q1, 20.
Crude oil exports, in the same way, decreased by 18.86% in Q1, 2020 compared to Q4, 2019, and 12.80% compared to Q1, 2019.
Other oil products export decreased by 1.47% in value in Q1,2020 compared to Q4, 2019, and 4.89% compared to Q1, 2019.
Energy goods exports were 16.76% lower in Q1, 2020 than the value recorded in Q4,2019 and 53.05% lower than the value recorded in Q1, 2019.
Major Traded Agricultural products within the quarter under review include cashew nuts, shelled – Other frozen shrimps and prawns, Sesamum seeds, whether or not broken, natural cocoa butter – cashew nuts, in the shell – Other flours and meal of oil seeds or oleaginous fruit, Ginger and Nigerian cotton lint among others.
Meanwhile, the value of Nigeria’s total trade stood at N8,304.8billion in Q1,2020. This was 17.94% lower than the value recorded in Q4, 2019 but 0.80% higher than the value recorded in Q1,2019.
The import component of this trade was valued at N4,221.9billion or 50.8%, while the export component totaled N4,082.9 billion indicating 49.2% of the total trade.
A trade deficit of N138.98billion was recorded during the quarter, marking two consecutive quarters of the negative balance of trade, as the value of imports surpassed exports.
Crude oil, Nigeria’s dominant export, accounted for N2,944.6billion representing 72.12% of total exports in Q1,2020. The value of crude oil export within the quarter was 18.86% less than the value recorded in Q4, 2019, and 12.80% lower than the value recorded in the corresponding quarter of 2019. Non-crude oil exports were valued at N1,138.3billion representing 27.9% of total exports during the period under review.
However, the report observed that the consecutive quarters of negative trade balances (and lower imports and exports) occurred against the backdrop of a global slowdown in economic activity as a result of the COVID-19 pandemic.
The global health crisis resulted in several countries implementing varying degrees of restrictions concerning international trade, travel, and tourism.
Over, NBS said the deficit in Q1 2020 represented an improvement by 76% when compared with the preceding quarter.
On a year-on-year basis, however, the deficit was lower by 116.71%.
