Nigeria’s All-commodity trade index increased in Q2 2023 – NBS

Nigeria’s All-Commodity Group Import and Export Index increased in the second quarter of 2023.

This was observed in the National Bureau of Statistics data on ‘Commodity Price Indices and Terms of Trade (Q2 2023)’ on Friday.

Accordingly, on average, the All-Commodity Group Import Index for Q2 2023 increased by 0.14 per cent.

The increase can be attributed to the changes in import prices, mainly in the price of “Base metals and articles of base metals”, “Products of the chemical and allied industries”, “textiles and textile articles”, and “Plastic, rubber, and articles thereof”.

On the other hand, the All-Commodity Group Export Price Index increased by 0.02 per cent points in Q2 2023.

According to the data, the increase was majorly attributed to changes in the prices of “Papermaking material; paper and paperboard, articles”, “Boilers, machinery and appliances; parts thereof” “prepared foodstuffs; beverages, spirits, and vinegar; tobacco and “Vehicles, aircraft and parts thereof; vessels etc.”.

Meanwhile, the All Products Terms of Trade (TOT) Index average decreased by 0.13 per cent points.

The All-Region Group Export Index increased by 0.02 per cent points mainly due to positive changes in prices of exports to Europe, America, and Asia.

The All-Region Group Import Index increased by 0.14 per cent points due to increased import prices to all regions.

On average, the All-Region Terms of Trade decreased by 0.13 per cent points.

The major export Junkets of Nigeria in Q2, 2023 were The Netherlands, the United States of America, Indonesia, France, and Spain.

(Daily Post)

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