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Nigeria Records N1.88 Trillion Trade Surplus in Third Quarter

Exports also increased by 74.36 per cent, compared to N5.93 trillion in Q3 2022.

Nigeria’s total external merchandise trade increased to N18.80 trillion in the third quarter of the year (Q3 2023), with exports accounting for N10.35 trillion, the National Bureau of Statistics (NBS) disclosed on Monday.

Total imports stood at N8.46 trillion, creating a trade surplus of N1.88 trillion.

According to the Foreign Trade in Goods Statistics (Q3 2023), which was released by the statistical agency, total exports increased by 60.78 per cent, compared to N6.44 trillion in the preceding quarter.

Exports also increased by 74.36 per cent, compared to N5.93 trillion in Q3 2022.

The value of non-crude oil exports stood at N1.81 trillion, accounting for 17.50 per cent of total exports; non-oil products contributed N677.57 billion or 6.55 per cent of total exports.

Similarly, total imports increased by 47.70 per cent, compared to N5.73 trillion in Q2 2023, as well as rose 33.33 per cent, when compared to N6.34 trillion in Q3 2023.

According to NBS, the significant rise in exports and imports during the period in reference was largely driven by an increase in trade activities.

The value of re-exports stood at N35.95 billion, representing 0.35 per cent of total exports in Q3.

Analysis by trading partners in Q3, 2023 showed that Spain emerged as Nigeria’s highest export trading partner, with a N1.27 trillion or 12.31 per cent of the country’s total exports.

Spain was followed by India, with N1.01 trillion or 9.81 per cent.

The Netherlands accounted for N988.66 billion or 9.56 per cent, while Indonesia accounted for N758.59 billion or 7.33 per cent of exports.

France accounted for N720.45 billion or 6.96 per cent of total exports.

Exports to the top five countries amounted to 45.98 per cent of the total value of exports.

However, analysis by traded products revealed that the largest export value in the third quarter of 2023 remained petroleum oils and oils obtained from bituminous minerals, crude, which amounted to N8.54 trillion, representing 82.50 per cent, followed by natural gas, liquefied, with N1.02 trillion or 9.82 per cent, and urea, whether or not in aqueous solution, with N109.68 billion or 1.06 per cent of total exports.

On the other hand, imports to Nigeria was dominated by China with N1.97 trillion or 23.33 per cent, followed by imports from Belgium with N996.65 billion or 11.78 per cent, India with N802.07 billion or 9.48 per cent, Malta N561.37 billion or 6.64 per cent, and the United States of America with N502.92 billion or 5.95 per cent.

James Emejo

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