NIGERIA RECORDS N5.8TRN TRADE SURPLUS IN Q3’24
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The National Bureau of Statistics (NBS) said Nigeria recorded N5.81 trillion trade surplus in the third quarter of 2024 (Q3’24).
This represents a 298 per cent year-on-year (YoY) increase in trade surplus from N1.3 trillion recorded in Q3’23.
NBS disclosed this today in its foreign trade in goods statistics for Q3 2024,’ noting that the nation’s value of exports stood at N20.48 trillion while imports stood at N14.67 trillion, resulting in a trade surplus of N5.81 trillion.
The bureau also noted that merchandise trade grew year-on-year (YoY) by 81 per cent to N35.2 trillion in Q3’24 from N19.38 trillion in Q3 2023.
NBS said: “Nigeria’s total merchandise trade stood at N35.16 trillion in Q3, 24.“ This represents an increase of 81.35 per cent compared to the value recorded in the corresponding period of 2023 and a rise of 13.26 per cent over the value recorded in the preceding quarter.
“In the quarter under review, exports accounted for 58.27 per cent of total trade with a value of N20.49 trillion, showing an increase of 98 per cent over the value recorded in the third quarter of 2023 (N10.35 trillion) and 16.76 per cent compared to the value recorded in Q2’24 (N17.55 trillion)”.
NBS also said exports trade continued to be dominated by crude oil in the third quarter of 2024.
According to the bureau, the value of crude oil exports was N13.4 trillion in Q3’24, representing 65.44 per cent of total exports while that of non-crude oil exports stood at N7 trillion, accounting for 34.56 per cent of total exports in Q3’24.
On the other hand, the bureau said the share of imports accounted for 41.73 per cent of total trade in the third quarter of 2024 with the value of imports amounting to N14.6 trillion in Q3 24.
It added, “This value indicates an increase of 62.3 per cent compared to the value recorded in Q3′ 23 (N9.04 trillion) and 8.7 per cent over the value recorded in Q’24 (N13,497.90 billion).”
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