Juliet Uduji
The National Bureau of Statistics (NBS ) Today said total value of foreign trade declined by 27.30 per cent in the Second Quarter of 2020.
In its report titled : “Foreign Trade in Goods Statistics (Q2 2020), the body said the trade transaction dipped by 27.46 per cent in Q1 this year and Q2 2019.
The report said the “value of total trade fell sharply by 27.30% in Q2, 2020 compared to Q1, 2020 and 27.46 per cent compared to Q2, 2019.”
On imports, NBS said the value of total imports dropped by 10.69 per cent in Q2, 2020 against the level recorded in Q1,2020 but increased by 0.39 per cent year-on-year.
It added that imported Agricultural goods rose in value by 59.01 per cent in Q2,2020 compared to Q1, 2020 and 66.28 per cent compared to the corresponding quarter in 2019.
The report revealed that raw material imports increased by 85.6per cent in Q2,2020 compared to Q1, 2020 and 64.69 per cent year –on-year.
According to the report, total exported was 45.per cent lower in Q2,2020 than Q1,2020 and 51.73 per cent lower than Q2, 2019.
NBS said “Agricultural goods export dropped 38.2% in Q2,2020 compared to Q1, 2020 but rose 6.3 per cent yearon-year.
“Raw material goods export recorded a decrease of 56.2 per cent in Q2,2020 compared to Q1, 2020 and 52.4 percent cent compared with the same quarter in 2019.”