Nigeria’s total exports in the third quarter of 2023 increased by 60.78 per cent, valued at N10,346.60 billion, as the country’s total trade stood at N18,804.29 billion.
The National Bureau of Statistics disclosed this on Monday in its latest Foreign Trade in Goods Statistics (Q3 2023).
According to the report, the total exports increased by 60.78 per cent compared to the N6,435.15 billion recorded in the second quarter of 2023 and by 74,36 per cent compared to the corresponding quarter in 2022(N5,934.15 billion).
Meanwhile, Nigeria’s total imports under review stood at N8,457.68 billion, a 47.70 per cent increase from the value recorded in Q2 2023, which stood at N5,726.25 billion.
Consequently, Nigeria recorded a positive trade balance in Q3 of 2023.
“The significant rise in exports and imports in the third quarter of 2023 compared to the preceding and corresponding quarters was primarily driven by an increase in trade activities within the period,” it said.
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