The National Bureau of Statistics (NBS) on Tuesday said Nigeria’s total foreign trade value dropped by 17.94 per cent in first quarter (Q1) of the year as against the value recorded in the fourth quarter of 2019.

It increased marginally by 0.80 per cent year-on-n year, according to the quarter’s report on Foreign Goods Statistics

NBS, on its website, said Nigeria’s “merchandise trade slowed down in Q1 2020 due to declines in both imports and exports, as imports surpassed exports.

According to the report, the value of imported agricultural goods was 12.02 per cent more in the period under review than the fourth quarter 2019 and 10.62 per cent more than first quarter of 2019.

It stated that the value of raw materials imports decreased by 8.49 per cent in first quarter 2020 relative to fourth quarter 2019, and 6.91 per cent compared to the corresponding quarter in 2019.

As revealed by NBS, solid minerals imports was 15.65 per cent higher in 2020 than the preceding quarters 20.05 per cent compared to the corresponding quarter in 2019.

The report added that the value of manufactured goods imports dropped by 31.98 per cent in first quarter 2020 compared to fourth quarter of the previous year and 40.03 per cent when compared with Q1 of 2019.

It said the value of energy goods decreased by 72.18 per cent in first quarter 2020 on a quarter on quarter basis, and 91.58 per cent year on year.

NBS added that the value of other oil products imports was 14.21 per cent higher in Q1, 2020 than in Q4, 2019 and 180.05 per cent higher when compared with the corresponding quarter of 2019.

In the period under review, the total export value decreased 14.42 per cent compared to the value recorded in Q4 2019 and 9.98 per cent compared to first quarter of 2019.

The report said the value of agricultural goods exports grew 85.36 per cent in Q1 2020 compared to Q4, 2019 and 46.76 per cent to first quarter of 2019.

It noted that value of raw material export increased by 60.17 per cent in first quarter this year relative to last quarter but decreased by 7.08 per cent year-on-year.

The value of solid minerals exports, said NBS, decreased by 12.72  percent in value in the period under review and 82.17 per cent less than the value recorded in Q1 2019.

The report said manufactured goods exports decreased by 12.72 per cent in value in Q1 2020 compared to Q4 2019 and 3.86 per cent compared to Q1 2019.

It noted that crude oil exports decreased by 18.86 per cent in Q1, while compared to Q4, 2019 and 12.80 per cent compared to Q1 2019.

The NBS said other oil products export decreased by 1.47 per cent in value in the period under review compared to the last quarter of last year and 4.89 per cent compared to first quarter year.

Energy goods exports were 16.76 per cent lower in Q1, 2020  than the value order in Q4, 2019 and 53.05 per cent lower than the value recorded in Q1, 2019,according to the report.