Nigeria’s trade balance grew by 43.6 percent in the third quarter (Q3) of 2024 to N35.2 trillion.
A positive trade balance or trade surplus occurs when there is a higher export value than import while a reverse case where import is higher than export is called a trade deficit.
This represents an increase of 81.4 percent compared to the value recorded in the corresponding period of 2023 and a rise of 13.3 percent over the value recorded in the preceding quarter.
In the quarter under review, exports accounted for 58.3 percent of total trade with a value of N20.5 trillion, showing an increase of 98 percent over the value recorded in the third quarter of 2023 (N10.4 trillion) and 16.8 percent compared to the value recorded in Q2 2024 (N17.5 trillion)
Nigeria’s export trades continued to be dominated by crude oil exports.
In the third quarter of 2024, crude oil export was valued at N13.4 trillion, representing 65.4 percent of total exports while the value of non-crude oil exports stood at N7.1 trillion accounting for 34.6 percent of total exports.
Non-oil products contributed N2.5 trillion or 12.2 percent of total exports.
On the other hand, the share of imports accounted for 41.7 percent of total trade in the third quarter of 2024 with the value of imports amounting to N14.5 trillion in Q3, 2024.
This value indicates an increase of 62.3 percent compared to the value recorded in Q3 2023 (N9.0 trillion) and 8.7 percent over the value recorded in Q2 2024 (N13.5 trillion).
China remains Nigeria’s highest trading partner on the import side in the third quarter of 2024, followed by India, Belgium, United States of America, and Malta.
The most traded commodities imported during the quarter were Motor spirit ordinary, Gas oil, Durum wheat, Cane sugar meant for sugar refineries, and used vehicles, with diesel or semidiesel engines of cylinder capacity >2500cc.
The top five trading export partners were Spain, the United States of America, France, the Netherlands and Italy.
The most exported commodities included crude oil, liquefied natural gas, other petroleum gases in a gaseous state, Floating or submersible drilling or production platforms, and superior quality Cocoa beans.
