Commodity Price Indices and Terms of Trade (Q2 2022)

Highlights

  • 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 in the 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.

Data source: National Bureau of Statistics

INFOGRAPHICS