March 13, 2020/Cowry Asset
Recently released foreign trade statistics report showed that merchandise goods worth N36.15 trillion were traded in FY 2019, 14.05% higher than N31.69 trillion recorded in FY 2018. Of the total goods traded, value of exports increased marginally y-o-y by 3.56% to N19.19 trillion in FY 2019 while the value of imports rose sharply y-o-y by 28.82% to N16.96 trillion in FY 2018, resulting in a 58.41% y-o-y decline in trade surplus to N2.23 trillion in FY 2019.