Nigeria’s trade surplus hits N3.5trn in 9 months as export outweighs import

Nigeria’s trade surplus has hit N3.5 trillion between January to September 2023, the foreign trade report for the third quarter (Q3) of 2023 released by the National Bureau of Statistics (NBS) on Monday has shown.

A trade surplus is an economic indicator of a positive trade balance in which the exports of a nation outweigh its imports.

In the nine months of the year, according to the bureau, Nigeria’s exports totalled N23.3 trillion and total imports stood at N19.7 trillion resulting in a trade surplus of N3.5 trillion.

On foreign trade for Q1 2023, NBS said total exports were N6.49 trillion, and imports value was N5.56 trillion.

The nation’s total trade was N12.05 trillion in Q1 which was higher than the value of (N7.86 trillion) recorded in the corresponding period (Q1) of 2022.

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In Q2 2023, the country’s entire trade stood at N12.16 trillion, with total exports at N6.44 trillion and imports amounting for N5.73 trillion.

In Q3 2023, there was an improvement as the total trade stood at N18.80 trillion, with exports and imports totalling N10.35 trillion and N8.46 trillion respectively.

“Nigeria’s total trade in the third quarter of 2023 stood at ₦18,804.29 billion. Exports were valued at ₦10,346.60 billion while total imports stood at ₦8,457.68 billion,” the report reads.

“Total exports increased by 60.78% compared to the amount recorded in the second quarter of 2023 (₦6,435.13 billion) as well as by 74.36% compared to the corresponding quarter in 2022 (₦5,934.15 billion).

“Similarly, total imports increased by 47.70% compared to the value recorded in the second quarter of 2023 (₦5,726.25billion) and by 33.33% when compared to the value recorded in the corresponding quarter of 2022 (₦6,343.53 billion).”

By Babajide Okeowo

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