Foreign trade in Nigeria surged to N35.16 trillion in the third quarter of 2024, latest data on foreign trade released by the National Bureau of Statistics (NBS), on Friday has shown.
The latest total foreign merchandise represents an increase of 81.35 per cent compared to the value recorded in the corresponding period of 2023 and a rise of 13.26 per cent over the value recorded in the preceding quarter.
Analysts have attributed the surge in foreign trade largely to the devaluation of the naira, which has made Nigerian goods more competitive abroad, boosting exports, especially to neighboring countries.
However, this currency fluctuation has also escalated the cost of imports, impacting local purchasing power.
The NBS data showed that exports increased significantly, valued at N10.35 trillion, a 60.78 per cent rise from the previous quarter, while imports also rose by 47.70 per cent to N8.46 trillion.
In the quarter under review, exports accounted for 58.27 per cent of total trade with a value of N20,486.39 trillion, showing an increase of 98.00 per cent rise over the value recorded in the third quarter of 2023 (N10,346.60) and 16.76 per cent compared to the value recorded in Q2 2024 (N17,545.62).
Nigeria’s exports trade continued to be dominated by crude oil exports, in the third quarter of 2024, crude oil export was valued at N13,406.37 trillion representing 65.44 per cent of total exports while the value of non-crude oil exports stood at N7,080.02 trillion accounting for 34.56 per cent of total exports; of which non-oil products contributed N2,501.85 trillion or 12.21 per cent of total exports.
On the other hand, the share of imports accounted for 41.73 per cent of total trade in the third quarter of 2024 with the value of imports amounting to N14,674.05 trillion in Q3, 2024.
The value indicates an increase of 62.30 per cent compared to the value recorded in Q3 2023 (N9,041.24 trillion) and 8.71 per cent over the value recorded in Q2 2024 (N13,497.90 billion).
The merchandise trade balance for Q3 2024 remained positive at N5,812.34 trillion indicating an increase of 43.60 per cent compared to the value recorded in the preceding quarter.
Nigeria imported goods mainly from Asia, valued at N7,290.86 trillion representing 49.69 per cent of total imports. This was followed by imports from Europe with N5,355.92 trillion or 36.50 per cent, America with N1,440.79 billion or 9.82 per cent, while imports from Oceania stood at N73.91 trillion or 0.50 per cent in the third quarter of 2024.
Trade with African countries stood at N512.56 trillion or 3.49% of total imports; of which imports from ECOWAS countries amounted to N72.71 trillion or 0.50 per cent of total imports.
Analysis by trading partners reveals that imports from China were valued at N3,574.79 trillion, representing 24.36 per cent of total imports. This was followed by imports from India with N1,662.68 trillion (11.33 per cent of total imports), Belgium with imports valued at N1,632.89 trillion or 11.13 per cent of total imports, United States of America with goods valued at N1,024.44 billion (6.98 per cent of total imports) and goods from Malta valued at N766.81 trillion or 5.23 per cent of total imports.