By John Ofikhenua, Abuja
Nigeria recorded a commerce deficit of N125. 77billion within the First Quarter(Q1) of 2020, the Nationwide Bureau of Statistics (NBS) has disclosed.
Its report titled “Commodity worth indices and phrases of commerce Q1” posted on its web site on Wednesday, stated Nigeria exported objects value N1.8trillion within the interval underneath evaluation.
The report stated within the Q1 2020, the nation spent N1.9trillion on importation of commodities. It signifies that import was larger than export by N124.77billion.
In different phrases, the distinction from the commerce transaction was N124.77bilion, which is in any other case often known as commerce deficit.
The 5 international locations the report listed have been India, China, Spain, the Netherlands, and South Africa.
NBS, within the report stated within the interval underneath evaluation, it exported commodities value N637.53 to India and imported objects of about N395. 53 billion from there.
Based on the report, Nigeria exported N111. 06 billion commodities from China and imported N1.1trillion value of things from there within the Q1.
To Spain, the report famous that Nigeria exported commodities value N402.9 billion and recorded import of N39.9 billion.
The NBS stated export to Netherlands within the quarter underneath evaluation was N395. 9 billion whereas import document was N470.11 billion.
Nigeria, stated the report, exported commodities value N319.47 billion to South Africa from the place she imported N40.6 billion value of commodities.
The NBS report famous that “Between January and March 2020 (Jan 2018=100): Footwear, headgear, umbrellas, sunshades, whips and so forth.
“The All commodity group export worth index decreased by 0.59 per cent on account of decreases in Boilers, – Total, the all merchandise phrases of commerce (TOT) index rose 0.26 per cent pushed by improve within the costs of Plastic, rubber and articles thereof, Vegetable merchandise and Wooden and articles of wooden, wooden charcoal and articles.
“The All area group export index decreased by 0.59 per cent on account of decreases within the costs of exports to
all areas. Europe, Asia and Oceania, Asia and Europe.
“The most important export to those international locations have been crude petroleum and pure gasoline whereas the key imports have been Motor spirits, motor cycles and Fuel oil.
“The most important buying and selling markets for Nigeria in Q1, 2020 have been India, Spain, China, the Netherlands and South Africa
The All area phrases of commerce on common elevated by 0.26 per cent on account of improved export costs to South Africa.”