…The main export destination for Nigeria’s goods was Spain with a value of N2,267.83 billion or 11.07% of total exports, followed by exports to The United States of America with N1,689.48 billion or 8.25% of total exports
SAT DEC 07 2024-theGBJournal| Nigeria’s total merchandise trade stood at N35,160.44 billion in Q3, 2024, an increase of 81.35% compared to the value recorded in the corresponding period of 2023 and a rise of 13.26% over the value recorded in the preceding quarter, according to latest report on Foreign Trade in Goods Statistics -Q3 2024 published Friday by the National Bureau of Statistics (NBS).
According to the report, exports accounted for 58.27% of total trade with a value of N20,486.39 billion, showing an increase of 98.00% rise over the value recorded in the third quarter of 2023 (N10,346.60) and 16.76% compared to the value recorded in Q2 2024 (N17,545.62).
Crude oil export was valued at N13,406.37 billion-the dominant expport- representing 65.44% of total exports while the value of non-crude oil exports stood at N7,080.02 billion accounting for 34.56% of total exports.
The value of non-crude oil exports stood at N7,080.02 billion accounting for 34.56% of total exports; of which non-oil products contributed N2,501.85 billion or 12.21% of total exports.
In contrast, the share of imports accounted for 41.73% of total trade in the third quarter of 2024 with the value of imports amounting to N14,674.05 billion in Q3, 2024.
This value indicates an increase of 62.30% compared to the value recorded in Q3 2023 (N9,041.24 billion) and 8.71% over the value recorded in Q2 2024 (N13,497.90 billion).
The merchandise trade balance for Q3 2024 remained positive at N5,812.34 billion indicating an increase of 43.60% compared to the value recorded in the preceding quarter.
During the third quarter of 2024, total imports were valued at ₦14,674.05 billion accounting for 41.73% of total trade.
According to the NBS report, imports from China were valued at N3,574.79 billion, representing 24.36% of total imports.
This was followed by imports from India with N1,662.68 billion (11.33% of total imports), Belgium with imports valued at N1,632.89 billion or 11.13% of total imports, United States of America with goods valued at N1,024.44 billion (6.98% of total imports) and goods from Malta valued at N766.81 billion or 5.23% of total imports.
The main export destination for Nigeria’s goods was Spain with a value of N2,267.83 billion or 11.07% of total exports, followed by exports to The United States of America with N1,689.48 billion or 8.25% of total exports, France with N1,588.30 billion or 7.75% of total export, The Netherlands with N1,434.29 billion or 7.00% of total exports, and exports to Italy with goods valued at N1,377.37 billion representing 6.72% of total exports.
These five countries collectively accounted for 40.79% of the value of total exports in Q3, 2024.
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