Weak export don drag down Nigeria trade balance by 86%

Nigeria don record negative trade balance quarter-on-quarter, QoQ, as export drop by 19.8 percent to N5.93 trillion for di third quarter of 2022, Q3’22, from N7.4 trillion in Q2’22, while import bill rise 4.2 percent to N5.66 trillion from N5.43 trillion.

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As a result of di negative development for di export sector, di total foreign trade record 10 percent decrease to N11.59 trillion for Q3’22 from N12.84 trillion for Q2’22, while di trade balance fall quarter-on-quarter (QoQ) by 86 percent to N269.3 billion for di Q3’22 from N1.97 trillion in Q2’22.

This update dey for di National Bureau of Statistics, NBS, Foreign Trade in Goods Statistics report for Q3’22 wey dem release yesterday.

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