Nigeria’s merchandise trade rises by 6.85% in Q3 2019

The country’s merchandise trade expanded by 6.85% in the third quarter of 2019 relative to the second quarter, the National Bureau of Statistics (NBS) has revealed.

It equally said that Nigeria’s merchandise trade for Q3 2019 grew by 1.33% when compared with that of Q3 2018.

Merchandise trade refers to goods which adds to or subtracts from the stock of material resources by entering (imports) or leaving (exports) its economic territory.

In the Foreign Trade in Goods Statistics report for Q3 2019, the NBS revealed that Nigeria posted higher exports and lower exports in the period in question.

Total exports fell in value by 2.70% in Q3 2019 relative to Q2 2019 and 7.47% when set beside Q3 2019.

The value of agricultural products imported into the country in Q3 2019 fell by 4.01% when compared with that of Q2 2019. Nevertheless, it was 7.21% higher than Q3 2018 figure.

Raw material imports value slumped by 4.64% in Q3 2019 compared to Q2 2019. It however rose by 16.81% relative to the corresponding period of 2018.

Solid mineral imports value went down by 31.73% in Q3 2019 compared with that of Q2 2019 but went up by 7.05% relative to that of Q3 2018.

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The value of energy goods imports grew by 243.92% in Q3 2019 compared to that of Q2 2019 and by 286.91% relative to the corresponding period of 2018. It linked the exponential growth to increased import of other wood charcoal, electrical energy and charcoal of bamboo.

Imported manufactured goods value expanded by 12.46% in Q3 2019 compared to the Q2 2019 figure. It nevertheless decreased by 3.48% relative to Q3 2019.

The value of other oil products imported into Nigeria plunged by 41.85% in Q3 2019 relative to that of Q2 2019 and 54.59% compared to the corresponding period of 2018.

Agricultural exports value depreciated by 42.69% in Q3 2019 compared to that of Q2 2019 7.30% when set beside the figure recorded in the corresponding period of 2018.

The value of total exports in Q3 2019 grew by 15.02% compared to that of Q2 2019 and 8.97% relative to that of Q3 2018.

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