June 11, 2020/Cowry Asset Report

 Freshly released foreign trade statistics report showed that merchandise goods worth N8.30 trillion were traded in Q1 2020, 17.94% lower than N10.12 trillion recorded in Q4 2019 (but 0.80% higher than N8.24 trillion printed in Q1 2019).

Of the total goods traded, value of exports decreased quarter-on-quarter (q-o-q) by 14.42% (and fell year-on-year, y-o-y, by 9.98%) to N4.08 trillion in Q1 2020, while the value of imports plunged q-o-q by 21.08% (but rose y-o-y by 13.99%) to N4.22 trillion in Q1 2020, resulting in trade deficit of N0.14 trillion in Q1 2020 (from an N0.83 trillion trade surplus in Q1 2019)

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