The volume of non-oil exports in the country increased by 374% in the third quarter of the year, data released by the National Bureau of Statistics (NBS) has shown.
The value of non-oil export rose from N222.6 billion in the second quarter to N1.08 trillion in the third quarter.
According to the report, which was released on Friday, imports into the country declined by 2.7% from N4.01 trillion in the second quarter to N3.89 trillion in the third quarter.
Conversely, the country’s exports recorded an increase of 15.02% from N4.59 trillion to N5.28 trillion in the third quarter.
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From a total trade volume of N9.18 trillion, the country recorded a positive trade balance of N1.38 trillion in the quarter.
A breakdown of the data showed that the value of agricultural exports declined by 42.69% with agricultural imports declining by 4.64%.
The value of manufactured goods exports increased by 839.44%.
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“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 report read.
“The value of crude oil exports in the third quarter of 2019 was 4.79 per cent lower than in second-quarter 2019 and 9.62 per cent lower than the third quarter of 2018.”
According to the NBS, an increase in the import of wood charcoal, electrical energy and charcoal of bamboo which pushed the value of energy goods imports by 243.92%.
In the third quarter, crude oil export accounted for N3.74 trillion or 70.84% of total exports.
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