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NIGERIA RECORDS TRADE SURPLUS IN Q3, FOREIGN TRADE UP 6.8%, IMPORTS DROP


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Nigeria’s foreign trade in the third quarter of 2019 recorded an impressive growth with exports outpacing imports, a sign the current policies of the present administration may be going in the right direction.

According to data released by the National Bureau of Statistics Friday, total trade grew by 6.8% in Q3, 2019 compared to Q2, 2019 and 1.33% relative to Q3, 2018.
The value of total imports decreased by 2.70% in Q3 2019 compared to Q2, 2019, and 7.47% relative to the corresponding quarter of 2018.
In Q3, 2019, the value of imported agricultural products was 4.01% lower than in Q2, 2019, but 7.21% higher than Q3, 2018.
The value of raw material imports decreased by 4.64% in Q3, 2019 relative to Q2, 2019 but increased 16.81% when compared to Q3 2018.
The value of solid minerals imports was 31.73% lower than the value of in Q2, 2019 but 7.05% higher than the value recorded in Q3 2018.
The value of energy goods imports increased by 243.92% in Q3, 2019 and 286.91% relative to Q3, 2018 due to increased import of other wood charcoal, electrical energy and Charcoal of bamboo.
The value of imported manufactured goods grew by 12.46% in Q3, 2019 against the value recorded in Q2, 2019 but decreased by 3.48% when compared to Q3, 2018.
The value of Other oil products imported decreased by 41.85% in Q3, 2019 against the level recorded in Q2, 2019 and 54.59% when compared to Q3, 2018.
Exports
The value of total exports in Q3, 2019 increased by 15.02% compared to the level recorded in Q2, 2019 and 8.97% when compared with its value in Q3, 2018.
The value of agricultural exports decreased by 42.69% in Q3 2019 relative to Q2, 2019 and 7.30% when compared to Q3, 2018.
The value of raw material goods exports in Q3, 2019 decreased by 5.74% in Q3, 2019 against Q2, 2019 and 8.84% against Q3 2018.
The value of solid minerals exports decreased by 17.08% in Q3, 2019 against Q2, 2019 and 34.97% against the corresponding quarter in 2018.
The exports of energy goods decreased in value by 40.06% in Q3 2019 compared to Q2, 2019 and 45% when compared with Q3, 2018.
The value of manufactured goods exports increased by 839.44% in Q3, 2019 when compared with the value recorded in Q2, and over 1000% compared to Q3 2018. The notable increase recorded was due to the re-exports of high value Cable Sheaths of Iron, as well as submersible drilling platform, Vessels and other floating structures.
The value of crude oil exports in Q3 2019 was 4.79% lower than in Q2 2019 and 9.62% lower than Q3 2018.
The value of other oil products exports rose by 6.14% in Q3 2019 against Q2, 2019 but fell by 15.19% relative to Q3, 2018.


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