Data obtained from the National Bureau of Statistics revealed that the value of the Nigeria’s total trade to declined N6.24 trillion, representing 27.30% in Q2, against the 27.46% level recorded in Q1, and 27.46% year-on-year.
The import component was valued at N4.02 trillion representing a drop of 10.69% in Q2, 2020 against the level recorded in Q1,2020 but an increase of 0.39% year-on-year.
The export component accounted for N2.2 trillion of the total trade, indicating a decline of 45.64% against the value recorded in Q1, 2020 and 51.73% compared to Q2, 2019.
Consequently, the trade balance recorded a deficit of N1.8 trillion, marking the third consecutive quarter of negative trade balance. This compares with trade in goods deficit of N421.3 billion recorded in Q1, 2020 and N579.06 billion recorded in Q4 2019.