The National Bureau of Statistics (NBS) has released figures of foreign trade for Nigeria in the third quarter (Q3) of 2019.

According to new reports from the NBS, Nigeria’s total foreign trade increased in Q3 2019 in comparison with figures recorded in the second quarter of the year

In the figures revealed, Total Trade stood at N9.19trn, while Imports and Exports were N3.90trn and N5.29trn respectively. Trade balance was recorded to be N1.39trn. Total Trade for the quarter was N9.19trn according to the NBS.

Crude Oil exports in the quarter was N3.75trn while non crude oil export was N1.54trn. Non-oil exports for the quarter was N1.08trn.



Total Foreign Trade balance of N9.19trn was 6.77% more than the figure released in Q2 2019, and 1.33 % more than the figure released in the third quarter of 2018. The figure released in Q3 2019 is the highest since the third quarter of 2017.

Nigeria’s import fell to N3.90trn, a figure which was -2.70% quarter-on-quarter, and -7.47% year-on-year. It is Nigeria’s highest decline in import since Q2 2019.

There was a rise recorded in exports which stood at N5.29trn, the third rise recorded since the fourth quarter of 2018. The figure stood for a 15.02% rise QoQ and an 8.97% rise YoY.

Global economic giants, China and the U.S stood as Nigeria’s biggest import partners, with India, Netherlands and Belgium just coming below them.

India, Netherlands, Spain and the U.S came below Ghana on the list of Nigeria’s highest export partners.

The closure of the border may have yielded results statistically as there was less importation and more exportation in the quarter review with new highs recorded.

The total foreign trade balance is also a good impression of how well the country has fared with crude oil and non-crude oil exports having good progressions in value.

https://aledeh.com/nigerias-total-foreign-trade-hits-all-time-highest-since-q3-2018/

Mynd44, Lalasticlala

Nigeria my beloved country. God bless Nigeria