December 11, 2020/Cowry Asset Report

Freshly released foreign trade statistics report showed that merchandise goods worth N8.37 trillion were traded in Q3 2020, 34.15% higher than N6.24 trillion recorded in Q2 2020 (but 8.85% lower than N9.19 trillion printed in Q3 2019).

Of the total goods traded, value of exports increased quarter-on-quarter (q-o-q) by 34.85% (but decreased year-on-year, y-o-y, by 43.41%) to N2.99 trillion in Q3 2020, while the value of imports rose q-o-q by 33.77% (and surged y-o-y by 38.02%) to N5.38 trillion in Q3 2020, resulting in higher trade deficit of N2.39 trillion in Q3 2020 (from a N0.42 trillion trade deficit in Q2 2020); a complete reversal from a N1.39 trillion trade surplus printed in Q3 2019).

Click here to read full PDF copy of report