NESG Q3 2020 Foreign Trade Alert, December 2020,The Nigerian Economic Summit Group, The NESG, think-tank, think, tank, nigeria, policy, nesg, africa, number one think in africa, best think in nigeria, the best think tank in africa, top 10 think tanks in nigeria, think tank nigeria, economy, business, PPD, public, private, dialogue, Nigeria, Nigeria PPD, NIGERIA, PPD, The Nigerian Economic Summit Group
Dec 2020

External Trade in Goods fell to N8.4 trillion in Q3’2020 (year-on-year) as Trade deficit widens

The value of Nigeria’s external trade declined by 8.7% to N8.4 trillion in Q3’2020 from N9.2 trillion in the corresponding period of 2019 (Q3’2019). However, on a quarterly basis, the external trade for Q3’2020 represented a 35.5% increase when compared with its level in Q2’2020 (N6.2 trillion). The quarter-on-quarter growth in external trade could be attributed to the relaxation of lockdown restrictions and the resumption of international travels in the third quarter of 2020. Cumulatively, in the first three quarters of 2020, the value of external trade stood at N23.2 trillion, which is 10.8% lower than its level in the corresponding period of 2019 (N26 trillion).