As Nigeria witnessed a twist in its foreign exports in Q2, Spain has taken over from India as Nigeria’s top export destination in the second quarter of 2020.
Brandnewsday gathers that Spain recorded 14% (N310.7 billion) of Nigeria’s total export trade in Q2, conversely to 9.87% (N402.93 billion) recorded in Q1 2020.
Moving further, the Netherlands sits in the second position as the Western Europe nation recorded 10.98% (N243.6 billion), up from 9.72% recorded in Q1 2020. While China received 9.93% share (N220.35 billion), India got 8.81% (N195.5 billion), down from the 15.61% (N637.53 billion) seen in Q12020. South Africa held 7.76% (N172.19 billion) within the same quarter.
These reports were the foreign trade statistics released by the National Bureau of Statistics on Wednesday.
The report also stated that crude oil exports accounted for 70% (N1.55 trillion) of the total value of exports in Q2 2020. However, crude oil exports decreased in value by 47.2% in Q2 2020 compared to Q1 2020 and 60.5% year-on-year.
READ: Nigeria: Foreign Trade Slumps By 27.30% In Q2 2020
According to the report, Nigeria’s total export during the quarter nosedived by 51.7% to stand at N2.22 trillion, a significant fall when compared to N4.59 trillion recorded in Q2 2019 and N4.08 trillion recorded in the previous quarter.
READ: Foreign Trade: Nigeria’s Total Export Drops By 52% In Q2 2020
The report also showed that Nigeria’s total foreign trade recorded a decrease of 27.3% when compared to N8.59 trillion recorded in the previous quarter (Q1 2020). The decline is a reflection of the disruptions caused by the COVID-19 pandemic.
Meanwhile, India has been one of the fastest-growing economies in the world, with industrialization widening its appetite for crude. However, the impact of COVID-19 has halted economic growth in India. The country is now next to the US and Brazil in countries with the most cases of COVID-19. India has over 3.84 million confirmed cases and 67,486 reported deaths.
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