The National Bureau of Statistics (NBS) reported a substantial trade surplus of N3.5 trillion for Nigeria during the period spanning January to September 2023.
This information was disclosed in the NBS’s foreign trade report for the third quarter of the same year.
According to the bureau, Nigeria experienced robust export performance, amounting to N23.3 trillion over the nine-month period. Concurrently, total imports were reported at N19.7 trillion, resulting in a notable trade surplus of N3.5 trillion.
A trade surplus, as highlighted by the NBS, serves as a positive economic indicator, indicating that a nation’s exports surpass its imports in the given timeframe.
On foreign trade for Q1 2023, NBS said total exports were N6.49 trillion, and imports value was N5.56 trillion.
The nation’s total trade was N12.05 trillion in Q1 — higher than the value (N7.86 trillion) recorded in the corresponding period (Q1) of 2022.
In Q2 2023, the country’s entire trade stood at N12.16 trillion, with total exports at N6.44 trillion and imports amounting to N5.73 trillion.
In Q3 2023, there was an improvement as the total trade stood at N18.80 trillion, with exports and imports totalling N10.35 trillion and N8.46 trillion respectively.
“Nigeria’s total trade in the third quarter of 2023 stood at ₦18,804.29 billion. Exports were valued at ₦10,346.60 billion while total imports stood at ₦8,457.68 billion,” the report reads.
“Total exports increased by 60.78% compared to the amount recorded in the second quarter of 2023 (₦6,435.13 billion) as well as by 74.36% compared to the corresponding quarter in 2022 (₦5,934.15 billion).
“Similarly, total imports increased by 47.70% compared to the value recorded in the second quarter of 2023 (₦5,726.25billion) and by 33.33% when compared to the value recorded in the corresponding quarter of 2022 (₦6,343.53 billion).”
