Hits N9.18 trillion in Q3, 2019
Nigeria’s total foreign trade (value of exports and imports) gained N582.3 billion to rise to N9.18 trillion in the third quarter (Q3) of 2019, up from N8.60 trillion recorded in the previous quarter (Q2).
According to the latest foreign trade report released by the National Bureau of Statistics (NBS), the total foreign trade increased by 6.67% within the quarter, a rise of N582.3 billion.
Nigeria’s value of the export rose significantly more than import. According to the foreign trade report, export component stood at N5.28 trillion, a 15.02% increase when compared to N4.59 trillion in Q2 2019.
On the other hand, Nigeria’s total import in Q3 was valued at N3.89 trillion, a 2.70% drop against N4.01 trillion in Q2 2019.
According to the NBS report, the increase in exports coupled with the decrease in imports led to a positive trade balance of N1.38 trillion during the period under review.
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Trade balance rose by 135.3% when compared to N590.4 billion recorded in Q2 2019.
A quick breakdown shows that Nigeria’s non-oil export rose faster than oil export within the period under review.
Specifically, non-oil export rose by 374.5% from N227.6 billion in Q2 to N1.08 trillion in Q3 2019.
The value of total exports in Q3, 2019 stood at N5.28 trillion.
Crude oil export accounted for N3.74 trillion or 70.84% of total exports during the period under period. On the other hand, non-crude oil export grew significantly, valued at N1.54 trillion or 29.13% growth.
Further breakdown showed that the value of agricultural exports decreased by 42.69% in Q3 2019 relative to Q2.
Meanwhile, the value of manufactured goods exports increased by 839.44% in Q3, 2019 when compared with the value recorded in Q2. Specifically, the export of manufactured goods accounted for N996.8 billion.
The notable increase recorded in the export of manufactured goods was due to the re-exports of high-value cable sheaths of iron, as well as submersible drilling platform, Vessels and other floating structures.
Nigeria’s import dropped by N108.2 billion (2.70%) in the period under review, and this was largely driven by a fall in the importation of solid minerals and other oil products. The importation of solid minerals dropped by 31.73%, lower than the value in Q2, 2019.
The value of other oil products imported decreased by 41.85% in Q3, 2019 against the level recorded in Q2.
Meanwhile, the importation of manufactured goods grew by 12.46% in Q3 2019 against the value recorded in Q2 2019.
The latest foreign trade report shows some positives as Nigeria’s trade balance rose a high N1.38 trillion. This means the country’s trade balance (export-import) rose by N582.3 billion, and this was largely triggered by a fall in imports.
