Commodity Price Indices and Terms of Trade(Q3 2019)
Between July and September 2019(Jan 2018=100):
- The All commodity group import index grew by 2.48%. This was mainly driven by increases in prices of Base metals and articles of base metals; Articles of stone, plaster, cement, asbestos, mica, ceramic; and Plastic, rubber and articles thereof.
- The All commodity group export price index increased marginally by 0.12% due to increases in the prices of Raw hides and skins, leather, furskins etc.; saddlery, Prepared foodstuffs; beverages, spirits and vinegar; tobacco, as well as Base metals and articles of base metals.
- The All products terms of trade (TOT) index decreased by 2.33% as a result of a significant decrease in the prices of Vegetable products.
- The All region group export index rose by 0.12% mainly due to marginal increases in the export prices to Africa, America and Europe.
- The All region group import index increased by 2.48% due to increases in import prices from Africa and Europe.
- The All region terms of trade on average decreased by 2.33% due to lower export prices to Africa and Europe.
- The major export and import markets of Nigeria in Q3 2019 were India, China, Spain, the United States and the Netherlands.
- The major export to these countries were crude petroleum and natural gas.
- The major imports from these countries were Motor spirits, Used Vehicles and motor cycles.
Data source: National Bureau of Statistics