Petroleum products accounted for a large percentage of Nigeria’s export value in the third quarter (Q3) of 2023 as exports generally rose by 60.78% to ₦10.35 trillion during the period.
According to the ‘Foreign Trade in Goods Statistics (Q3 2023)’ report released by the National Bureau of Statistics (NBS), the surge in export value recorded in Q3, 2023 indicated an increase of 60.78% when compared to ₦6.44 trillion recorded in the preceding quarter.
Also, the export value during the same period increased by 74.36% compared to ₦5.93 trillion recorded in Q3 2022.
Further analysis also showed value of non-crude oil exports accounted for 17.50% of the total exports with an export value of ₦1.81 trillion while non-oil products accounted for 6.55% of total exports with a contribution of ₦677.57 billion.
When an analysis of traded products was carried out, petroleum oils and oils obtained from other petroleum by-products like bituminous minerals and crude had the largest export value which amounted to ₦8.54 trillion during the period in review and accounted for 82.5% of the total export value.
Natural and liquefied gas followed with ₦1.02 trillion and accounted for 9.82% of the total exports while urea, whether or not in aqueous solution, with ₦109.68 billion accounted for 1.06% of total exports.
Other exported goods included agricultural goods which amounted to ₦219.99 billion; raw material goods valued at ₦189.22 billion; solid minerals exports valued at ₦41.61 billion; energy goods stood at ₦26.57 billion while the value of manufactured goods exports was ₦200.19 billion during the period.
The NBS data further showed Nigeria’s total external merchandise trade increased to ₦18.80 trillion in Q3’ 2023 with exports accounting for ₦10.35 trillion while total imports recorded an inflow of ₦8.46 trillion, creating a trade surplus of ₦1.88 trillion.
The NBS however attributed the increase in exports and imports during the period in review to an increase in trade activities which subsequently led to a positive trade balance.