The National Bureau of Statistics (NBS) has reported that Nigeria’s All commodity group import index increased by 0.82% between January and March, 2021.
The agency attributed the rise mainly to increase in the prices of Mineral products (1.53%), Live animals; animal products (1.38%) and Animal and Vegetable fats and oils and other Cleavage products (1.24%).
It, however, reported that the index was negatively affected by declines in the prices of products of the chemical and Allies industries (-0.36%) as well as Wood and articles of wood, wood charcoal and articles (-0.29%).
The official statistics producing and publishing agency, gave these figures in its latest Commodity Price Indices and Terms of Trade, for first quarter of 2021.
The NBS further reported that between January and February 2021, the All commodity group import price index increased by 0.75% largely driven by increases in the import prices of Animal and Vegetable fats and oils and other Cleavage (1.77%), Mineral Products (1.63%) and Live animals; animal products (1.37%). The increase was, however, offset by decline in the price of Products of the Chemical and Allied industries (-0.73%) and Wood and articles of wood, wood charcoal and articles (-0.58).
Similarly, it reported that between February and March, 2021, the All commodity group import index grew by 0.07%, driven by increase in the prices of Base metals and articles of Base metals (0.51%), Boilers, Machinery and Appliances (0.50%) etc.
According to the agency, the all commodity group import price index was negatively affected by decline in the prices of Animal and vegetable fats and oils and other cleavage (-0.54%), prepared foodstuffs; beverages, spirits and Vinegar (-0.34%) and Plastic rubber and articles thereof (-0.19%).
On the export side, the Bureau reported that “the All commodity group export index rose by 0.31% between January and March, 2021. This was due to increases in the prices of Live animals; Animal product (2.26%), Vegetable products (2.09%) as well as Animal and Vegetable fats and oil (1.47%).
“Between January and February, 2021 the All commodity export price index rose by 0.92% as a result of marginal increases in the prices of prepared foodstuffs; beverages, spirits and Vinegar; tobacco (1.30$%), wood and Articles of wood, wood charcoal and Articles (0.95%), Vehicles, aircraft and parts (0.94%), Base metals and articles (0.94%) etc
“Between February and March, 2021, the All commodity group export index decreased marginally by 0.61%. This was driven by decreases in the prices of Wood and articles of wood, wood charcoal and articles (-0.65%), Vehicles, aircraft and parts thereof, (-0.64%), as well as base metals and articles of base metals (- 0.64%).
“The index was driven in the positive direction by increases in the prices of Live animals; animal products (1.35%), Vegetable products (1.19%) and Animal and vegetable fats and oil (0.57%) amongst others”, the NBS added.
It further disclosed that the All commodity Terms of Trade Index for January, February and March 2021 stood at 101.64, 101.81 and 101.12 respectively.
The NBS further clarified: “The All commodity group terms of trade increased by 0.17% in February but fell by 0.67% in March resulting in an average decline of 0.51% between January and March 2021.
“The decline was driven by decreases in the prices of Mineral products (-1.21%), base metals (-0.65%), and Boilers, machinery and chemical appliance (-0.46%) but was offset by increases in the prices of Vegetable products (2.0%), Live animals; animal products (0.88%) and Products of the chemical and allied industries (0.68%) respectively.
“Between January and February 2021, the All commodity terms of trade increased by 0.17%. The products that contributed to the increase were Products of the chemical and allied industries (1.65%), Wood and articles of wood, wood charcoal and articles (1.54%) and, marginally, Paper making material; paper and paperboard, articles (0.75%). It was offset by declines in the prices of Animal and vegetable fats and oils and other cleavage products (-0.85%), Mineral products (-0.71%) and Live animals; animal products (- 0.46%).
“Between February and March, 2021 the All commodity terms of trade decreased by 0.67%. This was as a result of decreases in the prices of Base metals and articles of base metals (-1.14%), Products of the chemical and allied industries (-0.97)%, Wood and articles of wood (-0.94%). This was positively offset by Live animals; animal products (1.34%), Vegetable products (1.29%) and Animal and Vegetable fats and oils and other cleavage products (1.11%)”, the agency added.
