Commodity Price Indices and Terms of Trade (Q2 2022)
The All-commodity group import index on average increased by 0.07%. The highest increase was recorded by “Vehicles, aircraft and parts thereof; vessels etc”, followed by “Products of the chemical and allied industries” and “Live animals; animal products”.
The All-commodity group export price index averagely also increased by 0.18% in Q2 2022. The increase was majorly attributed to an increase in the prices of “Wood and articles of wood, wood charcoal and articles”, “Paper making material; paper and paperboard, articles”, and “Plastic, rubber and articles thereof”.
The All products terms of trade (TOT) index on average did increase by 0.11% as a result of increases inthe prices of “Wood and articles of wood, wood charcoal and articles”, “Paper making material; paper and paperboard”, and “Miscellaneous manufactured articles”.
The All-region group export index also increased by 0.18% mainly due to rise in prices of export to all regions except America.
The All-region group import index increased by 0.07% due to changes in import prices to some of the regions.
The All-region terms of trade on average increased by 0.11% due to rise in export prices to all the regions compared to the rise in import prices from all the regions.
The major export and import markets of Nigeria in Q2, 2022 were India, Spain, The Netherlands, The United States of America, Indonesia and China.