Coronation Merchandise Trade Insights

The latest report from the National Bureau of Statistics (NBS) in its series on foreign trade in goods shows the total value of trade increased by 11.1% q/q and 65.4% y/y to N13trn in Q1 ‘22. Compared with Q4 ‘21, the total export value rose by 23% to N7.1trn from N5.8trn, while the import value declined by -0.7% to N5.90trn from N5.94trn. The net result was a surplus of N1.2trn, compared to a deficit of N173.9bn recorded in Q4 ‘21. This is the first surplus recorded since Q2 ’21.