Commodity import decline by 0.84% in Q1-NBS

The National Bureau of Statistics (NBS) has said Nigeria’s all commodity group import index decreased by 0.84 per cent in the first quarter (Q1) of 2020.

NBS made this known in its latest report titled “Commodity Price Indices and Terms of Trade” where it stated that the fall was driven by a decline in prices of plastic, rubber and articles thereof by 7.80 per cent, articles of stone, plaster, cement, asbestos, mica and ceramic by 4.73 per cent and footwear, headgear, umbrellas, sunshades and whips by 4.23 per cent.

NBS also noted an increase in the prices of raw hides and skins, leather, furskins etc.; and saddler by 6.63 per cent, beverages, spirits, vinegar and tobacco by 6.26 per cent and pearls, precious and semi-precious stones, and precious metals by 5.10 per cent.

According to apex statistics body, on monthly change in the all commodity group import index, import prices decreased in February by 0.94 per cent compared to January while the all commodity group export price index decreased by 0.59 per cent due to decreases in Boilers, machinery and appliances, and Base metals.

Meanwhile, Overall, the all products terms of trade (TOT) index rose 0.26 per cent driven by an increase in the prices of Plastic, rubber and articles thereof, Vegetable products and Wood and articles of wood, wood charcoal and articles.

The report stated that, the all-region group export index decreased by 0.59 per cent due to decreases in the prices of exports to all regions similarly, the all region group import the index decreased by 0.84 per cent due to decreases in the prices of goods from, Europe, Asia and Oceania.

Meanwhile, all region terms of trade on average increased by 0.26 per cent due to improved export prices to Asia and Europe, though the major trading markets for Nigeria in Q1, 2020 were India, Spain, China, the Netherlands and South Africa.

The report noted that, the major exports to these countries were crude petroleum and natural gas, while the major imports were Motor spirits, motorcycles and Gas oil.