The NBS stated this in its report on ‘Foreign trade in goods statistics’ for the first quarter of 2020, which was released on Tuesday.“This was 17.94 per cent lower than the value recorded in Q4, 2019 but 0.80 per cent higher than the value recorded in Q1, 2019.“The import component of this trade was valued at N4.22tn or 50.8 per cent, while the export component totalled N4.08tn indicating 49.2 per cent of the total trade.
“A trade deficit of N138.98bn was recorded during the quarter, marking two consecutive quarters of negative balance of trade, as the value of imports surpassed exports.” The report noted that the consecutive quarters of negative trade balances occurred against the backdrop of a global slowdown in economic activity as a result of the COVID-19 pandemic.It stated that the global health crisis resulted in several countries implementing varying degrees of restrictions with respect to international trade, travel, and tourism.
When compared with the preceding quarter, the deficit in Q1 2020 represented an improvement by 76 per cent.DOWNLOAD THE PUNCH NEWS APP NOW ON
Recipe for disaster
Buhari will soon borrow another loan now🥴
Please Channels TV help us to broadcast this,, NPower: The Ministry of humanitarian affairs and disaster management has falsely claimed to have paid all Beneficiaries of the Npower program, its a fat lie. They are owing us 3 months stipends from March , April and May 2020..
She don come again...😂
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