Nigeria's Merchandise Trade Reaches N35.16 Trillion in Q3 2024, Marking Significant Growth
In the third quarter of 2024, Nigeria's total merchandise trade soared to N35,160.44 billion, according to the National Bureau of Statistics (NBS). This figure represents an impressive increase of 81.35% compared to the same period in 2023 and a rise of 13.26% from the previous quarter. Exports played a significant role in this growth, accounting for 58.27% of the total trade with a value of N20,486.39 billion. This marks a remarkable 98.00% surge over the N10,346.60 billion recorded in Q3 2023 and a 16.76% increase from Q2 2024, which had exports valued at N17,545.62 billion. Crude oil exports continue to dominate Nigeria's trade landscape, valued at N13,406.37 billion and representing 65.44% of total exports in the third quarter of 2024. Non-crude oil exports accounted for N7,080.02 billion, or 34.56% of total exports, with non-oil products contributing N2,501.85 billion, which is 12.21% of total exports. On the imports side, they comprised 41.73% of the total trade, valued at N14,674.05 billion in Q3 2024. This reflects a 62.30% increase compared to N9,041.24 billion in Q3 2023 and an 8.71% rise from the N13,497.90 billion recorded in Q2 2024. The merchandise trade balance for Q3 2024 remained positive at N5,812.34 billion, indicating a 43.60% increase compared to the previous quarte
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