Nigeria records trade growth in third quarter of 2023

• Also, petroleum oils formed the largest export value in the third quarter of 2023, the report said
  

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Nigeria’s total trade in the third quarter of 2023 stood at ₦18,804.29 billion, as total exports increased by 60.78% compared to the second quarter of 2023, the National Bureau of Statistics has said.

Exports were valued at ₦10,346.60 billion while total imports stood at ₦8,457.68 billion in the third quarter of this year, a report titled by the NBS indicated.

“Total exports increased by 60.78%
compared to the amount recorded in the second quarter of 2023 (₦6,435.13 billion) as well as by 74.36% compared to the corresponding quarter in 2022 (₦5,934.15 billion),” the report showed.

Also, petroleum oils formed the largest export value in the third quarter of 2023, the report said.

“Petroleum oils and oils obtained from bituminous minerals, crude’ with ₦8,535.61 billion representing 82.50% this was followed by ‘Natural gas, liquefied’ with ₦1,016.45 billion accounting for 9.82%, and ‘Urea, whether or not in aqueous solution’ with ₦109.68 billion or 1.06% of total
exports.”

Similarly, total imports increased by 47.70% compared to the value recorded in the second quarter of 2023 (₦5,726.25 billion) and by 33.33% when compared to the value recorded in the corresponding quarter of 2022 (₦6,343.53 billion) the repot added.

According to the NBS, the significant rise in exports and imports in the third quarter of 2023 compared to the preceding and corresponding quarters was largely driven by an increase in trade activities within the period.

Meanwhile, data on Imports in the third quarter of 2023 reveals that the top five partner countries of origin for
imports to Nigeria were:

China (₦1,973.34 billion or 23.33%)
Belgium with ₦996.65 billion or 11.78%
India with ₦802.07 billion or 9.48%
Malta with ₦561.37billion or 6.64%
The United States of America with ₦502.92 billion or 5.95% of total imports.
Furthermore, the value of re-export stood at ₦35.95 billion representing 0.35% of total exports in Q3, 2023.