In the third quarter of 2023, Nigeria recorded a foreign trade surplus of N1.89 trillion out of a total trade of N18.8 trillion.
Imports for the period stood at N8.46 trillion while it exported goods worth N10.35. This is according to the foreign trade in goods report from the National Bureau of Statistics (NBS) for Q3, 2023.
When compared with the preceding quarter, exports increased by 60.78% and about 74.36% when compared to the same quarter of 2022.
The top 7 exports for the period are;
- 1. Petroleum oil and other oil obtained from bitumen–
In the third quarter of 2023, Nigeria exported petroleum oil worth N8.53 trillion. This represents 82.5% of total exports within the period.
When compared with the previous quarter, there was an increase of 53.63% in petroleum oil exports which rose from N5.58 trillion in Q2 to its current value.
- 2. Natural gas-
Nigeria exported N1.01 trillion in the quarter under review. This represents about 9.82% of total exports in the third quarter of 2023.
However, when compared with the second quarter of 2023, natural gas exports rose by 58.99% from N639 billion to its current figure.
- 3. Urea-
Nigeria’s exports rose from N81.21 billion in the second quarter of 2023 to N109.68 billion in the third quarter. This represents an increase of 33.41% over the period.
Urea exports in the third quarter constituted 1.06% of total exports from Nigeria.
- 4. Other petroleum gases in a gaseous state-
This export constituted a meager 0.90% of total exports during the period. However, it rose from N71.73 billion in the second quarter to N92.95 billion in the third quarter of 2023 representing an increase of 29.5%.
- 5. Cocoa bean-
Nigeria exported cocoa beans worth N42.24 billion in the third quarter which represents just 0.41% of total exports within the period. For the second quarter of this year, cocoa bean exports stood at N30.79 billion.
- 6. Other cut flowers and ornamental flowers-
In the third quarter, exports of this product were worth N36.32 billion up from N19.88 billion recorded in Q2, 2023. This represents an 82.69% increase in exports from Q1 and Q2.
- 7- Unwrought aluminum alloys-
These are the only manufactured goods on the top 7 exports in Q3. Nigeria exported N27.49 billion worth of this item in the third quarter of this year, representing an increase of 24.72% compared to the N22.04 billion worth of goods exported in the second quarter.
