Nigeria’s importation from China hits N1.26trn in Q2 – NBS

The National Bureau of Statistics (NBS) has revealed that a total of 31.41 percent or N1.26 trillion of goods imported into Nigeria in the second quarter of 2020 are from China, Daily Times reports.

The NBS in its latest report on ‘Foreign trade in goods statistics’ for the second quarter of 2020, stated that Nigeria’s imports, by country of origin, shows goods were imported mainly from China (N1.26tn or 31.41%), United States (N428.9bn or 10.66%), India (N322.3bn or 8.01%), and the Netherlands (N202.9bn or 5.04%) respectively.

On the other hand, the report stated that Spain topped the list of Nigeria’s exported goods within the period. According to NBS, the value of exports in Q2, 2020 stood at N2.22trillion, which represented a decline of 45.64 per cent compared to Q1, 2020 and 51.73 per cent compared to Q2, 2019.

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“The year to date export amounted to N6.3tn, representing a 31 per cent decline compared to 2019.

“Exports by section revealed that mineral products accounted for the largest portion of exports, amounting to N1.87trillion or 84.35 per cent, mainly due to the crude oil component.”

This section, it noted, was followed by vehicles aircraft and parts (N221.2bn or 9.96 per cent) and others. Analysis of export by region revealed that Nigeria exported most products to Europe (N976.5bn or 44 per cent), followed by Asia (N734.1bn or 33.08 per cent), Africa (N401.4bn or 18.1 per cent), America (N105.8bn or 4.8 per cent) and Oceania (N1.7bn or 0.08 per cent). Within Africa, goods worth N149.3bn were exported to ECOWAS member states.

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The NBS stated, “Exports by country of destination showed that Nigeria exported goods to Spain valued at (N310.8bn or 14 per cent), Netherlands (N243.7bn or 10.98 per cent), China (N220.4bn or 9.9 per cent), India (N195.6bn or 8.8 per cent) and South Africa (N172.2 or 7.7 per cent).”

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