Commodity Price Indices and Terms of Trade (Q1 2024)


Between January and March 2024 (Jan 2018=100):
• The All-Commodity Group Import Index for Q1, 2024 on average increased by 0.51 per cent. The increase can be attributed to the changes in import prices of “Vehicles, aircraft and parts thereof; vessels etc.”, “Mineral products” "Articles of stone, plaster, cement, asbestos, mica, ceramic’’, and “Papermaking material; paper and paper- board, articles.
• The All-Commodity Group Export Price Index increased on average by 0.39 per cent in Q4, 2023. The increase was majorly attributed to changes in the prices of “Mineral products.”, “Products of the chemical and allied industries” “Plastic, rubber and articles thereof”, and “Wood and articles of wood, wood charcoal and articles”.
• The All Products Terms of Trade (TOT) Index on average decreased by 0.12 percentage points.
• The All-Region Group Export Index increased by 0.39 per cent points mainly due to an upward price change in exports to all economic regions.
• The All-Region Group Import Index increased by 0.51 percentage points due to increases in import prices from all regions.
• The All-Region Terms of Trade on average decreased by 0.12 percentage points.
• The major export destinations of Nigeria in Q1, 2024 were France, Spain, The Netherlands, India and The United States of America. 

Data source: National Bureau of Statistics