These are the Top Nigerian Agricultural Exports in Q1, 2020

The value of Nigerian Agricultural exports rose 85.36 percent in the First Quarter (Q1) of 2020 compared to Q4,2019 and 46.76% compared to Q1, 2019, according to the latest Foreign trade data released by the National Bureau of Statistics (NBS).

This comes as total export value decreased 14.42 percent for the period compared to the value recorded in Q4,2019 and by 9.98 percent compared to Q1,2019 as the global health crisis resulted in several countries implementing varying degrees of restrictions with respect to international trade, travel and tourism.

Exports of Manufacturing goods, Energy products, crude oil and other oil products, fell for the period the data shows.
Nigeria’s major export trading partners (where the country sent goods) in the First Quarter were India (15.61%), Spain (9.87%), Netherlands (9.72%), South Africa (7.82%) and Cameroon (7.39%).

Agricultural goods were however mostly exported to Asia and Europe, valued at N66.9 billion and N52.7 billion respectively.

If you are interested in going into Agriculture exports, these were the top Agriculture exports from Nigeria in Q1.

The major traded Agricultural products were Sesamum seeds, whether or not broken valued at N49.1 billion, Natural cocoa butter – Cashew nuts in shell, other flours and meal of oil seeds or oleaginous fruit, other than those of mustard, and good fermented cocoa beans (N35.2 billion) – Superior quality raw cocoa beans (N16.8 billion).

Others are shelled Cashew nuts, Ginger, frozen shrimp and prawn, and Nigerian cotton lint.
The value of Nigeria’s total trade stood at N8.3 trillion in Q1,2020, which was 17.94 percent lower than the value recorded in Q4, 2019 but 0.80 percent higher than the value recorded in Q1,2019.

The import component of this trade was valued at N4.22 trillion or 50.8 percent, while the export component totaled N4.08 trillion indicating 49.2 percent of the total trade.
A trade deficit of N138.98 billion was recorded during the quarter, marking two consecutive quarters of negative balance of trade, as the value of imports surpassed exports.

The value of Raw material exports increased 60.17 percent in Q1,2020 relative to last quarter but decreased by 7.08 percent year on year.
The value of Solid minerals exports was 16.31 percent lower in Q1,2020 relative to Q4 2019 and 82.17 percent less than the value recorded in Q1, 2019.

Manufactured goods exports decreased by 12.72 percent in value in Q1,2020 compared to Q4,2019 and 3.86 percent compared to Q1, 2019.
Crude oil exports decreased by 18.86 percent in Q1, 2020 compared to Q4, 2019 and 12.80 percent compared to Q1, 2019.

Other oil products export decreased by 1.47 percent in value in Q1,2020 compared to Q4, 2019 and 4.89 percent compared to Q1, 2019.
Energy goods exports were 16.76 percent lower in Q1, 2020 than the value recorded in Q4,2019 and 53.05 percent lower than the value recorded in Q1, 20