June 27, 2023/Coronation Research

The latest report from the National Bureau of Statistics (NBS) in its series on foreign trade, shows that the total value of trade declined by -17.8% y/y to N12trn in Q1 ’23 compared with N14.6trn recorded in Q4 ’22.

This decline can be partly attributed to the slowdown in economic activities in Q1 ‘23 due to the cash crunch associated with the Naira redesign policy. Meanwhile, on a q/q basis, it grew by +2.5%. The net result was a surplus of N927.2bn.

The total export value increased marginally by 1.6% q/q to N6.5trn compared with N6.4trn in Q4 ’22 while the import value increased by 3.8% q/q to N5.6trn from N5.4trn recorded in Q4 ’22. The total trade as a percentage of nominal GDP (2022) stood at 6.0% in Q1 ’23, compared with 5.9% recorded in Q4 ’22.

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