Nigeria’s total exports value stood at N3,573.0 billion in Q3, 2017, representing an increase of 13.19 percent over the value recorded in the preceding quarter and 35 percent higher than the export trade value in the corresponding period of last year.
The National Bureau of Statistics, (NBS) in its just-published report on Nigeria’s Merchandise Trade for the third quarter this year reported that agricultural goods export value, however, dropped significantly by 38.43 percent than Q2 2017, but higher by 25.29 percent higher than Q3 2016.
A further analysis of the export trade trend showed that in the quarter under review, raw material exports value increased by 16.88 per cent compared to the recorded value in the second quarter and 70.42 per cent higher than the corresponding quarter’s value of last year
According to the bureau, solid minerals exports value increased by 85.3 percent compared to Q2 2017 and was 78.72 percent higher than Q3 2016, while energy goods exports value in the quarter under review was 80.58 percent higher than the value of the exports value inQ2 2017.
However, the report indicated that the value of manufactured goods exported by the country was 62.68 per cent lower than the value in the preceding month but higher by 22.98 per cent than the value recorded in the third quarter of last year.
The NBS disclosed further that crude oil exports in Q3 2017 were 18.40 percent more than the value recorded in the preceding quarter but 34.13 percent higher than the recorded value in Q3 2016. Other oil products exports in Q3 2017 were 13.53 percent less in value than in Q2 2017 but 37.22 percent higher than the value recorded in the corresponding quarter of last year.
On the imports side, the country’s total imports value of N2,348.6 billion in the quarter under review was 10.51 percent lower than the recorded value in Q2, 2017 and 4.68 percent lower than Q3 2016.
The report also indicated that the value of imported agricultural goods was 0.05 percent higher than the value recorded in preceding quarter and 16.91 percent higher than Q3 2016. Similarly, the
value of raw material imports was 4.77 percent lower than Q2,2017 and 2.80 percent lower than the value recorded in the corresponding quarter of 2016.
According to the NBS, solid minerals imports in Q3 2017 decreased by 1,220.48 percent compared to the value recorded in Q2 2017 but was 8.69 percent higher than the value recorded in Q3 2016.
Energy goods imports in the quarter under review were 92.17 percent lower than Q2 2017 and compared to Q3 2016 when no energy goods imports were recorded.
The Bureau reported that manufactured goods imports value was 4.08 percent higher in the quarter under review than the value reported in the preceding quarter and 2.79 percent lower than Q3 2016 value. Other oil products imports value was 17.54 percent lower than in Q2 2017 and 28.81 percent higher than the value recorded in the corresponding period of last year.
