Exports surge from weak naira, hitting 14-year high trade surplus.
- Trade Surplus:
- Q1 2024: N6.52 trillion.
- Increase: 79.1% from Q4 2023 (N3.64 trillion).
- Year-on-Year: From N20.9 billion to N6.52 trillion.
- Total Trade:
- Q1 2024: N31.8 trillion.
- Increase: 46.3% from Q4 2023.
- Year-on-Year: 145.6% increase.
- Exports:
- Q1 2024: N19.2 trillion (60.3% of total trade).
- Increase: 51% from Q4 2023 (N12.7 trillion).
- Year-on-Year: 195.5% increase from Q1 2023 (N6.48 trillion).
- Crude oil: N15.4 trillion (80.8% of total exports).
- Non-crude oil: N3.68 trillion (19.20% of total exports).
- Imports:
- Q1 2024: N12.6 trillion (39.7% of total trade).
- Increase: 39.6% from Q4 2023 (N9.05 trillion).
- Year-on-Year: 95.5% increase from Q1 2023 (N6.47 trillion).
- Currency Impact:
- Naira devaluation (30% this year, 40% last June) increased export value in naira terms.
- Official exchange rate: N1.483.9/$ (up from N463.38/$).
- Parallel market rate: N1.495/$ (up from N762/$).
- Key Insights:
- The weak naira boosts export revenues.
- Positive trade surplus strengthens current account balance, reducing external pressure.
- Increased export demand reflects economic competitiveness.
- Top Trading Partners (Imports):
- China, India, USA, Belgium, The Netherlands.
- Main Imported Commodities:
- Motor spirit ordinary, Gas oil, Durum wheat, Cane sugar for refinery, Liquefied petroleum gases.
- Analyst Comments:
- Exchange rate devaluation linked to higher trade surplus.
- A positive trade surplus aids the current account and may appreciate the currency.
- Current Account Balance:
