December 16, 2024
Foreign trade in manufactured goods rose significantly by 93 percent to N8.022 trillion in the third quarter of 2024 (Q3’24) from N4.157 trillion in Q3’23, and by 32.4 percent compared to N5.577 trillion recorded in the second quarter of 2024 a reflection of the steep depreciation in the value of the naira since last year.
This was according to the National Bureau of Statistics, NBS, report in its Q3’24 Foreign Trade in Goods report.
The floating of the naira by the Central Bank of Nigeria (CBN) on June 14, 2023, had led to a depreciation of the naira from about N477 to a dollar to as high as N1,738 per dollar on November 26, 2024.
A breakdown of the NBS data showed that revenue from the export of manufactured goods rose astronomically by 419.9 percent to N1.04 trillion from N200.19 billion in Q3’23, and 116.5 percent increase compared with N480.82 billion in Q2’24.
Additionally, the value of manufactured goods imports increased by 76.4 percent to N6.981 trillion in Q3 of 2024 compared to N3.957 trillion in Q3 of 2023 and 25.2 percent over the N59.557 trillion recorded in Q2 of 2024.
Reviews by analysis showed that the value of manufactured goods exported in Q3 of 2024 represented 5.1 percent of the total exports, compared to Q3 2023 when the exported manufactured goods indicated 1.93 percent of the total exports in that period.
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In the same vein, imported manufactured goods in Q3 of 2024 represent 47.6 percent of total imports, while in Q3 2023, manufactured goods imported was 46.8 percent of total imports.
Analyzing the NBS data further, showed that the N8.022 trillion foreign trade in manufactured goods in Q3’24 represent 22.8 percent of the total value of foreign trade in goods within the period, while a value of 4.157 trillion, manufactured goods traded in Q3 of 2023 represented 22.1 percent of the N18.804 trillion total foreign trade in goods in the period.
China, maintained in position as Nigeria’s highest trading partner on the import side in the Q3 of 2024, followed by India, Belgium, USA and Malta, while the top five trading export partners during the same period were Spain, USA, France, the Netherlands and Italy.
While the most exported commodities were crude oil, liquefied natural gas, other petroleum gases in a gaseous state, Floating or submersible drilling or production platforms, and Superior quality Cocoa beans
The most traded commodities imported during the same quarter were Motor spirit ordinary, Gas oil, Durum wheat, Cane sugar meant for sugar refinery and Used Vehicles, with diesel or semi diesel engine, of cylinder capacity 2500cc.
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