The National Bureau of Statistics (NBS) on Friday said Nigeria recorded N5.81trillion trade surplus in the third quarter of 2024 (Q3 2024).
The country’s total merchandise trade stood at ₦35,160.44 billion in the period under review.
This was contained in its document titled:”Trade in Goods Statistics Q3 2024.”
According to the document, Nigeria exported goods of N20.48 trillion and imported goods worth NN14.67trillion in the period under review.
The document said Nigeria earned N13.40 trillion from crude oil and N7.08trillion.
NBS said Nigeria’s total merchandise trade of ₦35.16 trillion in Q3, 2024, represents 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.
In the quarter under review, NBS said “exports accounted for 58.27% of total trade with a value of ₦20.486.39 trillion, showing an increase of 98.00% rise over the value recorded in the third quarter of 2023 (₦10.346.60 trillion) and 16.76% compared to the value recorded in Q2 2024 (₦17.545.62 trillion).
“Nigeria’s exports trade continued to be dominated by crude oil exports, in the third quarter of 2024, crude oil export was valued at ₦13.406.37 trillion representing 65.44% of total exports while the value of non-crude oil exports stood at ₦7. 080.02 trillion accounting for 34.56% of total exports; of which non-oil products contributed ₦2.501.85 trillion or 12.21% of total exports.”
On import, NBS said “During the third quarter of 2024, total imports were valued at ₦14.674.05 trillion accounting for 41.73% of total trade. Using the Standard International Trade
Classification, the top-ranked group import was “mineral fuels” with ₦5.140.10 trillion representing 35.03% of total imports, this was followed by “machinery and transport equipment” with ₦3.782.19 trillion (25.77% of total imports) and “Chemicals & related products” with ₦1.73.01 trillion (13.45% of total imports).”
The document said Nigeria imported goods mainly from Asia, valued at ₦7.290.86trillion representing 49.69% of total imports.
It said this was followed by imports from Europe with ₦5.355.92 trillion or 36.50%, America with ₦1.440.79 trillion or 9.82%, while imports from Oceania stood at with ₦73.91 trillion or 0.50% in the third quarter of 2024.
NBS said trade with African countries stood at ₦512.56 billion or 3.49% of total imports; of which imports from ECOWAS countries amounted to ₦72.71 billion or 0.50% of total imports.
The NBS said analysis by trading partners reveals that imports from China were valued at ₦3.574.79 trillion, representing 24.36% of total imports.
