India, Spain and the Netherlands were the three (3) largest export markets of Nigeria in the third quarter (Q3) of 2020.
Export trade to India was valued at N500.63 billion, or 16.73 percent of the value of total exports, according to the latest terms of trade report released by the National Bureau of Statistics (NBS).
The dominant export commodity to India was Crude oil (valued at N444.89 billion). This was followed by Natural gas, liquified (N49.1 0billion), Cashew nuts, in shell (N 2.18billion), Soya beans, whether or not broken (N 1.14 billion) and Leather further prepared after tanning/crusting, (N0.71billion).
On the other hand, Nigeria imported motorcycles and cycles, CKD by established manufacturers >50cc<=250cc (worth N50.71billion), Other Antibiotics (N26.36billion), Vaccines for human medicine (N20.22billion) , Other Polyethylene (N9.27billion) and others from India during the period under review.
Nigeria’s major export to Spain in Q3, 2020 was Petroleum oils and oils obtained from bituminous minerals, crude, valued at N282.8 billion.
This was followed by Natural gas, liquefied worth N42.6 billion, Leather further prepared after tanning/crusting without wool at N 1.8 billion and others.
During the quarter, Motor Spirit ordinary worth N20.65 billion was imported from Spain. Other imports from Spain included Mixed alkylbenzenes & mixed alkylanaphthalenes (N17.63 billion), Gypsum; anhydrite whether or not coloured, with/without small quantities of accelerators (N 4.37 billion).
In Q3 2020, the dominant export commodity to The Netherlands was petroleum oils and oils obtained from bituminous minerals, crude (N216.7billion).
This was followed by Natural gas, liquefied (N2.2 billion), Good Fermented Nigerian Cocoa Beans (N1.6billion), Other Frozen shrimps and prawns (N 1.2billion) and others.
On the other hand, Motor Spirit valued at N180.7billion, Other Antibiotics valued at N79.5billion, Gas Oil valued at N 58.8billion, Blue whitings (Micromesistius poutassou, Micromesistius australis) meat, frozen (N10.2billion), and Motor spirit, super (N 10.1 billion) were the dominant imports from The Netherlands.
Turkey was also among Nigeria’s leading trading partners in the third quarter of 2020.
Exports to Turkey was valued at N150 billion or 5.01 percent of the total exports for the period, largely dominated by Petroleum oils and oils obtained from bituminous minerals, Crude (worth N138.75 billion).
This was followed by Natural gas, liquefied, (N9.68billion) and Sesamum seeds (N1.35 billion).
On the other hand, the value of imports stood at N59.26billion representing 1.10 percent of total imports.
The top three import commodities from Turkey were Plasters of Calcined gypsum, Cooking Appliances, as well as Other Paper and paper board valued at N4.09billion, N2.60billion and N2.24 billion respectively.
In Q3 2020, Nigeria’s export trade with China was dominated by Petroleum oils and oils obtained from bituminous minerals, crude which accounted for N64.1billion of exports.
This was followed by Natural gas, liquefied (N22.5billion) and Other petroleum gases etc in gaseous state (N16.2billion).
In terms of imports, Other instruments, appliances and machines for measuring or checking, nes, Machines for the reception, conversion & transmission or regeneration of voice, images or…, Other appliances such as taps, cocks and other valves, nes were the dominant imports, each valued at N37.2billion, N37.1billion, and N35.2billion respectively.
See full report HERE.