Coronation Trade Insights (March 2022)

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 11.8% q/q to N11.7trn in
Q4 ‘21. For FY ’21, total foreign trade increased by 57.6%, to N39.7trn from N25.2trn
in 2020. Compared with 2020, the total export value rose by 51% to N18.9trn, from
N12.5trn and the import value rose by 64.1% to .from N12.7trn. The net
result was a deficit of N1.9trn, which followed a deficit of N178bn the previous year.