Foreign trade in manufactured goods has increased greatly by 93 percent to N8.022 trillion in the third quarter of 2024 (Q3’24) from N4.157 trillion in Q3’23, and by 32.4 percent compared to N5.577 trillion recorded in Q2’24.

The National Bureau of Statistics (NBS) made this known in its Q3’24 Foreign Trade in Goods report.

Data from the NBS shows that revenue from the export of manufactured goods grew by 419.9 percent to N1.04 trillion from N200.19 billion in Q3’23, and 116.5 percent increase compared with N480.82 billion in Q2’24.

The value of manufactured goods imports also increased by 76.4 percent to N6.981 trillion in Q3’24 compared to N3.957 trillion in Q3’23 and 25.2 percent over the N59.557 trillion recorded in Q2’24.

Analysis also revealed that the value of manufactured goods exported in Q3’24 represents 5.1 percent of the total exports, compared to Q3’23 when the exported manufactured goods indicates 1.93 percent of the total exports in the period.

Similarly, imported manufactured goods in Q3’24 represents 47.6 percent of total imports, while in Q3’23, manufactured goods imported was 46.8 percent of total imports.

Further analysis of the data indicates that the N8.022 trillion foreign trade in manufactured goods in Q3’24 represents 22.8 percent of the total value of foreign trade in goods within the period. Similarly, with a value of 4.157 trillion, manufactured goods traded in Q3’23 represents 22.1 percent of the N18.804 trillion total foreign trade in goods in the period.

China remains Nigeria’s highest trading partner on the import side in the third quarter of 2024, followed by India, Belgium, United States of America, and Malta.