Commodity Price Indices and Terms of Trade (Q1 2023)
Between January and March 2023 (Jan 2018=100):
The All-Commodity Group Import Index for Q1 2023 on average increased by 0.16 per cent points. This increase can be attributed to the changes in import prices mainly in the price of “Animal and vegetable fats and oils and other cleavage prod”, “Vehicles, aircraft and parts thereof; vessels etc”, Textiles and textile articles, Boilers, machinery, and appliances; parts thereof and Products of the chemical and allied industries.
The All-Commodity Group Export price index increased by 0.05 per cent points in Q1 2023. The increase was majorly attributed to changes in the prices of “Papermaking material; paper and paperboard, articles”, “Boilers, machinery and appliances; parts thereof”, Miscellaneous manufactured articles and “Wood and articles of wood, wood charcoal and articles”.
The All Products Terms of Trade (TOT) Index on average decreased by 0.11 per cent points.
The All-Region Group Export Index increased by 0.05 per cent points mainly due to positive changes in prices of export to Africa, America and Asia.
The All-Region Group Import Index increased by 0.16 per cent points due to an increase in import prices to all regions except Oceania.
The All-Region Terms of Trade on average decreased by 0.11 per cent points.
The major export markets of Nigeria in Q1, 2023 were The Netherlands, the United States of America, Spain, France, and Indonesia