Nigeria's export partners play a crucial role in the country's economy, influencing its trade balance, economic growth, and overall development. The country has diverse trading partners across the globe, seeing as it offers different products. Coincidentally, Nigeria's trade has seen to a continuous increase in the country's GDP.
Nigeria's trade in Q3 of 2023 increased substantially when compared to Q2's data. This growth was brought about by an increase in trade activities, according to the country's National Bureau of Statistics (NBS).
In the NBS's Foreign Trade in Good Statistics report the figures published revealed a healthy trade balance between the country's imports and exports.
"Nigeria's total trade in the third quarter of 2023 stood at ₦18,804.29 billion. Exports were valued at ₦10,346.60 billion while total imports stood at ₦8,457.68 billion. Total exports increased by 60.78% compared to the amount recorded in the second quarter of 2023 (₦6,435.13 billion) as well as by 74.36% compared to the corresponding quarter in 2022 (₦5,934.15 billion)," the report reads.
"Similarly, total imports increased by 47.70% compared to the value recorded in the second quarter of 2023 (₦5,726.25 billion) and by 33.33% when compared to the value recorded in the corresponding quarter of 2022 (₦6,343.53 billion)," the report added.
In light of that, it is important to note which trade partners contributed the most to the growth of Q3's revenue. The NBS's analysis of Nigeria's export network showed that the West African country's export markets were primarily Europe and Asia.
However, the United States, which lies on the opposite side of the Atlantic, was a key participant in its importation. With that said, below are the top 5 countries that buy the most products from Nigeria.
Top 5 countries that buy the most products from Nigeria
| 1. | Spain | 12.31% |
| 2. | India | 9.81% |
| 3. | Netherlands | 9.56% |
| 4. | Indonesia | 7.33% |
| 5. | France | 6.96% |
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