December 13, 2017

The National Bureau of Statistics (NBS) has said that Nigeria’s total exports in the third quarter of 2017 stood at N3.57 billon, showing 13.19 per cent increase over the amount recorded in the second quarter.

The NBS stated this in “Foreign Trade Statistics for the Third Quarter 2017’’ posted on the bureau’s website.

The bureau stated the value (N3.57 billion) in the third quarter of 2017 represented an increase of 35 per cent over the amount recorded in the same period in 2016.

The report stated that raw material exports value increased by 16.88 per cent in third quarter of 2017 against the level in second quarter of 2017 and 70.42 per cent higher than third quarter of 2016.

It noted that solid minerals exports value increased by 85.3 per cent in third quarter of 2017 compared to the second quarter of 2017 and was 78.72 per cent higher than third quarter of 2016.

Meanwhile, NBS said that total imports value of N2,348.6 billion in third quarter of 2017 which was 10.51 per cent lower than second quarter of 2017 and 4.68 per cent lower than third quarter 2016.

According to the report, value of imported agricultural goods were 0.05 per cent higher than the value recorded in second quarter of 2017 and 16.91 per cent higher than third quarter of 2016.

The report stated that the value of raw material imports were 4.77 per cent lower than second quarter, 2017 and 2.80 per cent lower than the value in the third quarter, 2016.

It further stated that solid minerals imports in the third quarter 2017 decreased by 1,220.48 per cent compared to second quarter but was 8.69 per cent higher than third quarter 2016.

The report, however, stated that energy goods imports in third quarter were 92.17 per cent lower than the second quarter and compared to third quarter 2016 when no energy goods imports were recorded.

It stated that manufactured goods imports value was 4.08 per cent higher in third quarter than the level in second quarter and 2.79 per cent lower than third 2016.

In addition, it state that other oil products imports value were 17.54 per cent lower than in second quarter and 28.81 per cent higher than third quarter 2016.