The National Bureau of Statistics (NBS) announced on Friday in Abuja that the all-commodity group import index increased by 0.14% on average in the second quarter of 2023.
The NBS, in its Commodity Price Indices for Q2 2023, attributed this growth to changes in import prices, particularly in the price of base metals and articles of base metals.
Other contributing factors to the increase were products from the chemical and allied industries, textiles and textile articles, as well as plastic, rubber, and articles thereof.
Similarly, the all-commodity group export price index also saw growth, increasing by 0.22% on average in the same period.
This increase was mostly driven by higher prices of papermaking materials, paper and paperboard, articles, as well as boilers, machinery, and appliances.
Furthermore, prepared foodstuffs, beverages, spirits, vinegar, tobacco, vehicles, aircraft, and vessels also experienced price increments.
The report also revealed that the all-products Terms of Trade (TOT) index decreased by 0.13% on average.
The TOT index represents the ratio between a country’s export prices and its import prices.
Additionally, the NBS stated that the all-region group export index rose by 0.02%, mainly driven by positive changes in export prices to Europe, America, and Asia.
The import index in the all-region group also recorded a 0.14% increase due to changes in import prices from all regions.
The report highlighted that Nigeria’s major export markets in Q2 2023 were The Netherlands, the U.S.A., Indonesia, France, and Spain.
NAN
