The demand for goods and services from China is still on the high as the Asian country tops the list of import trading partners by 31.41% in the second quarter of 2020, the latest data from Nigeria’s statistics agency shows.
This is despite the sharp fall in the value of the country’s total trade to N6.24 billion, representing 27.30% in Q2, against the 27.46% level recorded in the corresponding quarter, and 27.46% year-on-year.
According to the National Bureau of Statistics Foreign Trade in Goods Statistics released on Wednesday, the value of total imports dropped by 10.69% in the quarter in review, against the level recorded in Q1, but increased by 0.39% year-on-year.
The report however stated that imported goods in agriculture, raw material, solid minerals, manufacturing, and energy all increased by 59.01%, 85.69%, 35.51%, 4.69%, and 591.47% respectively, with other oil products imports recording a decrease by 82.32% in Q2.
Decline In Exports
It is a different tale for export items as the total goods which left the shores of the country dropped by 45.64% in Q2, lower than the 51.73% recorded in the corresponding year.
Unlike their performances in the import segment, export in agricultural goods, raw material, solid minerals, manufactured goods, crude oil, and energy goods all decreased significantly.
“Total exports were 45.64% lower in Q2, 2020 than Q1, 2020 and 51.73% lower than Q2, 2019.
“Agricultural goods export dropped 38.2% in Q2, 2020 compared to Q1, 2020 but rose 6.3% year-on-year. 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.
“Solid minerals exports registered a decrease of 2.3% in Q2, 2020 compared to Q1, 2020 and 79.4% compared to Q2, 2019. Manufactured goods export 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.
However, despite the decrease on a quarterly basis, “crude oil exports decreased in value by 47.2% in Q2, 2020 compared to Q1. Energy goods decreased by 13.7% in Q2, 2020 compared to Q1, 2020. Other oil products decreased by 40.7% in Q2, 2020 compared to Q1, 2020, and failed to increase year-on-year.
Meanwhile, Spain topped the export trading countries by 14.00%, followed by Netherlands, China India, and South Africa.
China, United States, India. Netherlands and Germany made the top five list of major import trading partners in Q2, 2020.