All Commodity Group Import Index Down By 0.46%
The All Commodity group import index decreased by -0.46 per cent between January and March 2019, due to the fall in prices of live animals, animal products, products of chemical and Allied industries, and wood and articles of wood, and wood charcoal.
The National Bureau of Statistics stated in its Commodity Price Indices and Terms of Trade for the first quarter of 2019 that the All Commodity group export price index rose by 1.85 per cent, due to increase in the prices of animal and vegetable fats and oils.
The All products Terms of Trade index increased by 2.30 per cent due to increase in prices of animal and vegetable fats and oils and other cleavage products.
It stated that the all region group export index rose by 1.85 per cent, due to rise in export prices to Asia and America.
The All region group import index fell by -0.46 per cent, due to the decline in import prices across all regions.
According to the NBS, the all region terms of trade increased by 2.30 per cent due to increased export prices to and Asia and America.
Nigeria’s major trading partner countries in the first quarter of 2019 were India, China, Spain, France and The Netherlands.
The major exports to the countries were crude petroleum and natural gas.
It added that the major imports from the countries were motorcycles, motor spirit (ordinary) and machine for reception, conversion and distribution of voice/images.
The NBS stated that the TOT represented the ratio between a country’s export prices and its import prices.
The ratio is calculated by dividing the price of the exports by the price of the imports, usually in percentage terms.