Nigeria's import index grows by 1.07% between April and June — NBS

It said this on Wednesday in Abuja, in the “Commodity Price Indices and Terms of Trade for Quarter Two, 2021” published on its website.

According to the report, the growth was driven mainly by products of the chemical and allied industries (1.40 per cent), wood and articles of wood, wood charcoal and articles (1.37 per cent) and paper making material, paper and paperboard articles (1.23 per cent).

The NBS also said that between April and May, the all-commodity group import price index grew marginally by 0.12 per cent.

This, it said, was due to marginal increases in the index of products of the chemical and Allied industries (0.78 per cent), wood and articles of wood, wood charcoal and articles (0.72 per cent), paper making material, paper and paperboard (0.44 per cent).

“This was offset by decrease in the prices of live animals, animal products (-0.17 per cent), animal and vegetable fats and oils and cleavage (-0.23 per cent) and mineral products (-0.27 per cent).”

It also said that between May and June, the all commodity group import index grew by 0.95 per cent, driven by mineral products (1.15 per cent), animal and vegetable fats and oils and other cleavage products (1.13 per cent) and live animals, animal products (1.10 per cent) and others.

The document said that all-commodity group export index increased by 0.72 per cent between April and June driven mainly by an increase in the prices of product of the chemical and allied industries (2.54 per cent).

Others are, plastic rubber and articles (0.85 per cent) and mineral products (0.74 per cent).

It, however, said that the index was negatively affected by live animals, animal products (-2.61 per cent), vehicles, aircraft and parts (-0.24 per cent) and wood and articles of wood, wood charcoal and articles (-0.23 per cent).

The NBS explained that Terms of Trade (TOT) represents the ratio between a country’s export prices and its import prices.

“The ratio is calculated by dividing the price of the exports by the price of the imports, usually in percentage terms.

“An increase in the TOT between two periods (or when TOT is greater than 100 per cent) means that the value of exports is increasing relative to the value of imports and the country can afford more imports for the same value of exports.”