The National Bureau of Statistics says Nigeria has recorded a trade deficit of N125.77bn in the first quarter of 2020 after the country imported goods worth N1.9tn and exported commodities worth N1.8tn in the period under review.
In its report titled, ‘Commodity price indices and terms of trade Q1,’ posted on its website, the NBS said importation were higher than exports by N124.77bn.
In other words, the difference from the trade transaction was N124.77bn, which is otherwise known as trade deficit.
The five countries the report listed were India, China, Spain, the Netherlands, and South Africa.
NBS, in the report said Nigeria exported commodities worth N637.53bn to India and imported items of about N395. 53bn from the country.
According to the report, Nigeria exported N111.06bn commodities from China and imported N1.1tn worth of items from there in Q1.
To Spain, the report noted that Nigeria exported commodities worth N402.9bn and recorded import of N39.9bn.
The NBS said export to Netherlands in the quarter under review was N395. 9bn while import record was N470.11bn.
Nigeria, said the report, exported commodities worth N319.47bn to South Africa from where she imported N40.6bn worth of commodities.
The NBS report added, “Between January and March 2020 (Jan 2018=100): footwear, headgear, umbrellas, sunshades, whips, etc.
“The all commodity group export price index decreased by 0.59 per cent due to decreases in boilers. Overall, the all products terms of trade (TOT) index rose 0.26 per cent driven by increase in the prices of plastic, rubber and articles thereof, vegetable products and wood and articles of wood, wood charcoal and articles.
“The all region group export index decreased by 0.59 per cent due to decreases in the prices of exports to all regions. Europe, Asia and Oceania, Asia and Europe.
“The major export to these countries were crude petroleum and natural gas while the major imports were Motor spirits, motor cycles and gas oil. The major trading markets for Nigeria in Q1, 2020 were India, Spain, China, the Netherlands and South Africa The all region terms of trade on average increased by 0.26 per cent due to improved export prices to South Africa.”