The volume of non-oil exports in the country increased by 374 per cent in the third quarter of 2019, this was according to data released by the National Bureau of Statistics (NBS).
Investment newsletter delivered by Nigerian Investment Promotion Commission (NIPC) shows that the value of non-oil export in the country rose from N222.6 billion in the second quarter to N1.08 trillion in the third quarter of 2019.
The NIPC report shows that imports declined by 2.7 per cent 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 per cent from N4.59 trillion to N5.28 trillion in the same period under review.
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 per cent with agricultural imports declining by 4.64 per cent. The value of manufactured goods exports increased by 839.44 per cent.
The statement reads “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.”