The National Bureau of Statistics (NBS) reported an average increase of 0.51% in the all-commodity group import index for the first quarter (Q1) of 2024.
This data was disclosed in the NBS Commodity Price Indices and Terms of Trade report for Q1 2024, published in Abuja on Tuesday. The report attributed the rise to changes in import prices, particularly for vehicles, aircraft and parts, vessels, mineral products, articles of stone, plaster, cement, asbestos, mica, ceramic, and papermaking materials.
The NBS also noted a 0.39% average increase in the all-commodity group export price index for Q1 2024. This increase was mainly due to higher prices for mineral products, products of the chemical and allied industries, plastic, rubber, and wood and wood articles.
Conversely, the All Products Terms of Trade (TOT) index decreased by an average of 0.12%. The TOT represents the ratio between a country’s export prices and import prices.
The report highlighted that the all-region group export index rose by 0.39%, largely due to positive price changes in exports to all economic regions. Meanwhile, the all-region group import index increased by 0.51%, driven by higher import prices from all regions. The all-region terms of trade index fell by an average of 0.12%.
Key export destinations for Nigeria in Q1 2024 included France, Spain, The Netherlands, India, and the United States of America.
Credit: NAN (Text Excluding Headline)
