Economy

Nigeria’s export value increases by 13.19% In Q3 – NBS

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

The National Bureau of Statistics (NBS) stated this in Abuja on Tuesday, in its report which stated that 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.

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