The National Bureau of Statistics (NBS) has reported that Nigeria’s All-Commodity Group Import and All-Commodity Group Export Price indices increased in the third quarter of this year.
In its ‘Commodity Price Indices and Terms of Trade (Q3 2023)’ report just published on its website, the Bureau indicated that the All-Commodity Group Import Index on average increased by 0.21% points in the quarter.
The statistics agency attributed the increase to the changes in import prices mainly in the price of “Textiles and textile articles”, “Mineral products” “Wood and articles of wood, wood charcoal and articles’’, and ‘’ Paper making material; paper and paperboard, articles’’.
Similarly, the report showed that the All-Commodity Group Export Price Index increased on the average by 0.18% points in Q3, 2023 and attributed the increase to changes in the prices of “Boilers, machinery and appliances; parts thereof”, “Vehicles, aircraft and parts thereof; vessels etc; “Mineral Products”, and “Plastic, rubber and articles thereof.”
According to the NBS, the All Products Terms of Trade (TOT) Index on average, however, decreased by 0.03% points.
It further revealed that the All-Region Group Import Index increased by 0.21% points due to increases in import prices while the All-Region Group Export Index increased by 0.18% points mainly due to positive changes in the prices of exports to all economic regions.
Also, the report showed that All-Region Terms of Trade on average decreased by 0.03% points and that the major export destinations of Nigeria in the quarter under review were Spain, India, The Netherlands, Indonesia, and France.
