India emerged highest buyer of Nigeria’s crude oil in Q1 as export dipped by 18.85%

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Abuja — Nigeria’s crude oil export dropped by 18.85 per cent to N2.945 trillion in the first quarter of 2020, compared to crude oil export of N3.629 trillion recorded in the fourth quarter of 2019, according to data released by the National Bureau of Statistics, NBS.

In its Foreign Trade Statistics for the First Quarter of 2020, the NBS further stated that the amount earned from crude oil export in the quarter under review represented a decline of 12.8 per cent, compared to the N3.377 trillion earned from similar venture in the first quarter of 2019.

Further analysis of the report revealed that the amount earned from crude oil export in the first quarter of 2020 was the lowest since the second quarter of 2017, when the country exported crude oil valued at N2.425 trillion.

The NBS said, “Crude oil exports decreased by 18.86 per cent in first quarter 2020, compared to fourth quarter 2019 and 12.80 per cent compared to first quarter 2019. Other oil products export decreased by 1.47 per cent to N527.065 billion in the first quarter of 2020 compared to N534.91 billion recorded in fourth quarter 2019 and 4.89 per cent decline compared to N554.16 billion recorded in the first quarter of 2019.

“Energy goods exports were 16.76 per cent lower in first quarter 2020 than the value recorded in fourth quarter 2019 and 53.05 per cent lower than the value recorded in first quarter 2019.”

The NBS added that at N2.944 trillion, crude oil export accounted for 72.12 per cent of total exports value of N4.083 trillion in the quarter under review, while non crude oil exports was valued at N1.138 trillion representing 27.9 per cent of total exports during the period under review.

The NBS data revealed that India emerged the highest buyer of Nigeria’s crude oil in the first quarter of 2020, with the purchase of the N526.87 billion worth of the commodity; The Netherlands followed with N360.7 billion, while Spain imported N360.44 billion worth of Nigeria’s crude oil in the quarter under review.

Other major crude oil export destinations in the quarter under review, according to the NBS data included: South Africa N318.48 billion; Italy N155.855 billion; United Kingdom N135.6 billion; Indonesia N108.92 billion; France N56.103 billion and Portugal N48.87 billion.

In general, the NBS said, “The value of Nigeria’s total trade stood at N8.305 trillion in first quarter 2020. This was 17.94 per cent lower than the value recorded in fourth quarter 2019, but 0.80 per cent higher than the value recorded in first quarter 2019.

“The import component of this trade was valued at N4.222 trillion or 50.8 per cent, while the export component totaled N4.083 trillion, indicating 49.2 per cent of the total trade.

“A trade deficit of N138.98 billion was recorded during the quarter, marking two consecutive quarters of negative balance of trade, as the value of imports surpassed exports.”

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