Nigeria’s external sector recorded a modest improvement last quarter (Q3) as trade surplus rose by 47 per cent quarter-on-quarter (QoQ) to N1.89 trillion compared to N1.28 trillion posted in the second quarter (Q2).

As expected, crude dominated exports accounting for N8.5 trillion or 82.5 per cent of the country’s total exports.

The value of non-crude oil exports stood at N1.8 trillion, an equivalent of 17.5 per cent out of which non-oil products contributed N677.56 billion or 6.6 per cent.

The National Bureau of Statistics (NBS), in its Nigeria’s foreign trade in goods statistics for the quarter released yesterday, put the country’s total merchandise trade at N18.804 trillion.

According to NBS, the value indicates an increase of 54.62 per cent over the amount recorded in Q2 as well as by 53.16 per cent when compared to the value recorded last year’s Q3.

The total exports accounted for 55.02 per cent of total trade in the reviewed quarter with a value of N10.35 trillion, showing an increase of 60.78 per cent and 74.36 per cent over the value recorded in the preceding and corresponding quarters respectively.

On the other hand, imports accounted for 45 per cent of total trade with its value amounting to N8.46 trillion. The figure indicates an increase of 47.7 per cent and 33.33 per cent respectively over N5.73 trillion and N6.34 trillion recorded in the preceding and the corresponding quarters of 2022.

“Q3 2023 merchandise trade balance amounted to ₦1.888 trillion indicating a positive balance of trade. The significant rise in exports and imports in the third quarter of 2023 compared to the preceding and corresponding quarters was largely driven by a considerable increase in trade activities within the period,” the report said.

It disclosed that the value of re-export stood at N35.95 billion, representing 0.35 per cent of total exports in Q3.

Ivory Coast, Gabon, Ghana, Cameroon and South Korea were the top five re-export destinations.

Analysis by trading partners in Q3 shows that Spain recorded the highest exports from Nigeria with a value of N1.27 trillion or 12.31 per cent of the country’s total exports. This was followed by India with N1.02 trillion or 9.81 per cent.

The Netherlands with N988.66 billion or 9.56 per cent, Indonesia (N758.59 billion or 7.33 per cent) and France with N720.45 billion or 6.96 per cent) came next.

“Altogether, exports to the top five countries amounted to 45.98 per cent of the total value of exports. However, analysis by traded products shows that the largest export value in the third quarter of 2023 remained ‘petroleum oils and oils obtained from bituminous minerals, crude’ with N8.54 trillion, representing 82.5 per cent this was followed by ‘Natural gas, liquefied’ with N1.016, accounting for 9.82 per cent, and ‘urea, whether or not in aqueous solution’ with N109.68 billion or 1.06 per cent of total exports,” the report said.