Nigeria’s export value increases by 13.19% in Q3 - NBS

Nigeria’s trade value in exports increased to N3.573 billion in Q3 of 2017 representing a 13.19% increase over Q2 of 2017 and 35% over Q3 of 2016.

According to a report released by the National Bureau of Statistics in Abuja yesterday, agricultural export value in Q3 2017 stood at 38.43% lower than Q2 3017 but 25.29% higher than Q3 2016.

“Solid Minerals exports value in Q3 2017 increased by 85.3% compared to Q2 2017 which was 78.72% higher than Q3 2016. Energy goods exports value in Q3 2017 was 80.58% higher than Q2 2017 but 99.13% higher than the value in Q3 2016. Manufactured goods exports were 62.68% lower than the value in Q2 2017 but 22.98% higher than Q3 2016,” the report said

It also showed that the value of raw materials increased by 16.88% in Q3 2017 and 70.42% higher in Q3 of 2016.

Crude oil exports also in Q3 2017 were 18.40% more than the value recorded in Q2 2017 but 34.13% higher than Q3 2016 while other oil products exports in Q3 2017 were 13.53% less in value than in Q2 2017 but 37.22% higher than Q3 2016.

NBS also revealed that Total Imports value in Q3 2017 was N2,348.6 billion, 10.51% lower than Q2 2017 and 4.68% lower than Q3 2016.

Value of imported agricultural goods were 0.05% higher than the value in Q2, 2017 and 16.91% higher than Q3 2016 while Value of Raw material imports were 4.77% lower than Q2,2017 and 2.80% lower than the value in Q3 2016.

Analysis of the report by the bureau also showed manufactured goods imports stood at 4.08% higher in Q3 2017 than the level in Q2 2017 and 2.79% lower than Q3 2016.