September 19, 2022/Coronation Research

Nigeria in Focus
The latest report from the National Bureau of Statistics (NBS) in its series on foreign trade in goods shows the total value of trade decreased by -1.2% q/q to N12.8trn in Q2 ’22. Meanwhile, on a y/y basis, it increased by 32.2%. Total export value rose by 4.3% q/q to N7.4trn compared with N7.1trn recorded in Q1, while the import value declined by -7.9% q/q to N5.4trn from N5.9trn. The net result was a surplus of N1.97trn, compared to a surplus of N1.2bn recorded in Q1 ‘22. The total trade as a percentage of nominal GDP (2021) stood at 7.4% in Q2 ‘22, compared with 7.5% in Q1 ‘22.

Global/Regional in Focus
According to the latest data from the World Trade Organisation (WTO), merchandise trade increased by 18% y/y or USD1.8trn to USD11.9trn (this is above pre-pandemic levels) in Q1 ’22 compared with USD10.1trn recorded in the corresponding period of 2021. The easing of COVID-19 restrictions in countries across the globe contributed to increased trade activity in Q1. However, ongoing supply-chain disruptions exacerbated by the Russia-Ukraine crisis has had a negative impact on trade, particularly given rising inflation across economies. This is likely to be reflected in Q2 figures. Meanwhile, on a q/q basis, merchandise trade declined by -2.4% to USD11.9trn. 

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