Nigeria: Q3 2021 Commodity Price Indices, Terms of Trade-NBS

National Bureau of Statistics says the all commodity group import index on average increased 0.52%.

This was led by rising prices of products of the chemical and allied industries, wood and articles of wood, wood charcoal and articles, Paper making material; paper and paperboard.

The all commodity group export price index averagely declined 2.33 %  due to decreases in the prices of mineral products, Animal and vegetable fats and oils and other cleavage products and vehicles; aircraft and parts thereof; vessels

In the same period under review, the all products terms of trade (TOT) index on average fell 2.85% as a result of  decreases in the prices of mineral products, Animal and vegetable fats and oil and other cleavage products, Vehicles, aircraft and parts thereof; vessels

The all region group export index decreased by 2.33% mainly due to lower prices for export to the entire region.

The All region group import index increased by 0.52% due to marginal increases in import prices from the entire region.

The all region terms of trade on average decreased by 2.85% due to lower export prices to all the regions with rising import prices from all the regions.

The major export and import market of Nigeria in Q3,2021 were India, Spain, Italy, France and China.

The major export  to these countries were  crude petroleum and natural gas liquefied

The major imports from these countries were Motorcycles, Vehicles with petrol fuel engine, motor spirits, Polyethylene and instruments, appliances and machines for measuring.