All-commodity Terms Of Trade Drops By 0.14% in Q1, 2022

The National Bureau of Statistics (NBS) said that the All-commodity Terms of Trade (TOT) index fell by 0.14 per cent in the first quarter of 2022 (Q1 ’22).

This represents a 0.11 percentage point quarter-on-quarter (QoQ) decline when compared to 0.25 per cent recorded in Q1’21.

NBS disclosed this yesterday in its Commodity Price Indices and ToT Report for Q1’22, stating that the fall in Q1’22 ToT was as a result of increase in changes in import prices relative to changes in export prices of live animals, animal products, animal and vegetable fats and oils, other cleavage products and products of the chemical and allied industries.

According to the NBS, the all-commodity group import index increased by 0.22 per cent in 2022, representing a 0.25 percentage point QoQ decline when compared to 0.47 percent in Q4’21.

Similarly, the all-commodity group export price index increased by 0.08 per cent, representing a 0.25 percentage point decline when compared to 0.33 percent in Q4’21.

NBS stated: “The All-commodity terms of trade for January, February, and March, 2022 stood at 103.15 per cent, 103.42 per cent, and 103 per cent respectively. The All-commodity group ToT in-creased by 0.26 per cent in February and declined by 0.40 per cent in March resulting in a decline of (-0.14 per cent) between January and March 2022.”