Nigeria’s Export Surges By 60% To N10.35tn In Q3 – NBS

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Nigeria’s export value surged by 60.78 per cent quarter-on-quarter to N10.35tn in the third quarter of 2023.

This is as total foreign trade rose to N18.80tn according to the National Bureau of Statistics ‘Foreign Trade in Goods Statistics (Q3 2023),’ report.

It said, “Nigeria’s total trade in the third quarter of 2023 stood at N18.80tn.

Exports were valued at N10.35tn while total imports stood at N8.46tn. Total exports increased by 60.78 per cent compared to the amount recorded in the second quarter of 2023 (N6.44tn) as well as by 74.36 per cent compared to the corresponding quarter in 2022 (N5.93tn).

“Similarly, total imports increased by 47.70 per cent compared to the value recorded in the second quarter of 2023 (N5.73tn) and by 33.33 per cent when compared to the value recorded in the corresponding quarter of 2022 (N6.34tn).”

The statistics body attributed the significant rise in exports and imports in Q3, 2023 to the increase in trade activities within the period. Spain, India, The Netherlands, Indonesia, and France recorded the highest exports from Nigeria. The country imported most from China, Belgium, India, Malta, and the United States of America.

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