Economy
Nigeria’s Positive Trade Balance Grows 43.6% in Q3 2024
By Adedapo Adesanya
Nigeria recorded another positive trade balance in the third quarter of 2024, growing 43.6 per cent as the country’s total merchandise trade stood at N35.2 trillion.
A positive trade balance (surplus) occurs when there is a higher export value than import as it stood at N5.8 trillion, in the period under review.
This represents an increase of 81.4 per cent compared to the value recorded in the corresponding period of 2023 and a rise of 13.3 per cent over the value recorded in the preceding quarter.
In the quarter under review, exports accounted for 58.3 per cent of total trade with a value of N20.5 trillion, showing an increase of 98 per cent over the value recorded in the third quarter of 2023 at N10.4 trillion and 16.8 per cent compared to the value recorded in Q2 2024 at N17.5 trillion.
Nigeria’s export trade 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 per cent of total exports while the value of non-crude oil exports stood at N7.1 trillion accounting for 34.6 per cent of total exports; of which non-oil products contributed N2.5 trillion or 12.2 per cent of total exports.
On the other hand, the share of imports accounted for 41.7 per cent 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 per cent compared to the value recorded in Q3 2023 (N9.0 trillion) and 8.7 per cent 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 refinery 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.
