The National Bureau of Statistics (NBS), has said the All-commodity group import index on average increased by 0.51 per cent in the first quarter(Q1) of 2024. This is according to the NBS Commodity Price Indices and Terms of Trade for Q1 of 2024 released, in Abuja on Tuesday.
The report said the increase could be attributed to the changes in import prices mainly in the price of “Vehicles, aircraft and parts thereof; vessels, among others.” Others are mineral products; articles of stone, plaster, cement, asbestos, mica, ceramic; papermaking material; paper and paper-board articles.”
The NBS said the All-commodity group export price index on average also increased by 0.39 per cent points in Q1 2024. It said the increase was majorly attributed to an increase in the prices of mineral products; and products of the chemical and allied industries.
“Others are plastic, rubber and articles thereof; and wood and articles of wood, wood charcoal and articles.” The report said the All Products Terms Of Trade (TOT) index on average decreased by 0.12 per cent points.
The TOT represents the ratio between a country’s export prices and its import prices. The NBS said the All-region group export index increased by 0.39 per cent mainly due to positive changes in the prices of exports to all economic regions.
The report said the All-region group import index increased by 0.51 per cent points due to increases in import prices from all regions. It said the All-region terms of trade on average decreased by 0.12 per cent.
The report said the major export destinations of Nigeria in Q1 2024 were France, Spain, The Netherlands, India and The United States of America.
Credit: Marketforces
