The National Bureau of Statistics said Nigeria records a trade balance deficit of N1.8 trillion at the end of thesecond quarter, making the third consecutive quarter of negative trade balance.
It also revealed that the value of Nigeria’s merchandise trade stood at N6.24 trillion in the second quarter of 2020.
Part of the report read, “This indicated a sharp fall of 27.30 per cent in Q2, 2020 compared to Q1, 2020 and 27.46 per cent compared to Q2, 2019.
The import component was valued at N4.02tn representing a drop of 10.69 per cent in Q2, 2020 against the level recorded in Q1, 2020 but an increase of 0.39 per cent year-on-year.
The export component accounted for N2.21tn of the total trade, indicating a decline of 45.64 per cent against the value recorded in Q1, 2020 and 51.73 per cent compared to Q2, 2019.