The latest report from the National Bureau of Statistics (NBS) in its series on foreign trade in goods shows the total value of trade increased by 11.1% q/q and 65.4% y/y to N13trn in Q1 ‘22. Compared with Q4 ‘21, the total export value rose by 23% to N7.1trn from N5.8trn, while the import value declined by -0.7% to N5.90trn from N5.94trn. The net result was a surplus of N1.2trn, compared to a deficit of N173.9bn recorded in Q4 ‘21. This is the first surplus recorded since Q2 ’21.
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