The National Bureau of Statistics, NBS has disclosed in a report that the All-commodity group export index declined by 0.25% between October and December 2020.
The Export Price Index (EPI) tracks changes in the price which firms and countries receive for products they export.
According to the report, the decline was as a result of decrease in the prices of wood and articles of wood, declining by 0.49%, Vehicles, Aircraft and Parts declining by 0.44%, Base Metals and Articles of Base Metals declining by 0.41.
However, the index was partly mitigated by an increase in the prices of boilers, Machinery and Appliances (0.66%).
Disclosing the loss the country experienced in export price index between October and November 2020, the report stated that:
“The All-commodity export price index fell by 0.49%. This was a result of decreases in the prices of wood and articles of wood, wood charcoal and articles (-0.98%), Vehicles, aircraft and parts (-0.88%) and Base metals and Articles of Base Metals (-0.83%). This was offset by the prices of prepared foodstuffs, beverages, spirits and Vinegar (1.60%), Boilers, Machinery and Appliances (1.31%).”
However, export price index saw a slight increase between the months of November and December 2020.
“Between November and December 2020, the All-commodity group export index rose by 0.23%. This was driven by increases in the prices of wood and articles of wood, wood charcoal and Articles (0.50%), Vehicles, Aircraft and parts (0.44%). But, the index was negatively affected by declines in the prices of Boilers, Machinery and Appliances (-0.65%), prepared foodstuffs, beverages, spirits and Vinegar (-1.88%) and Others.”
Disclosing how the import index performed in the fourth quarter of 2020, the report stated that:
“The All-commodity group import index increased by 0.13% between October and December 2020. This was driven mainly by an increase in the prices of Base metals and articles of base metals (1.0%), Boilers, machinery and appliances; parts thereof (1.03%), and Products of the chemical and allied industries (0.75%).
“However, the index was negatively affected by animal and vegetable fats and oils and other cleavage prod. (-1.06%), Prepared foodstuffs; beverages, spirits and vinegar; tobacco (-0.66%) and Plastic, rubber and articles thereof (-0.37%).
“Between October and November 2020, the All-commodity group import price index decreased by 0.23%. The index was driven by decreases in the import prices of Boilers, Machinery and Appliances (-1.77%), Prepared foodstuffs, Beverages, spirits and Vinegar (-1.35%) and Animal and Vegetable fats and Oils (-1.20%). It was offset by increase in the prices of Products of the chemical and allied industries (1.48%), Wood and articles of wood, wood charcoal and articles (1.18%) and Mineral products (0.49%).
“Between November and December 2020, the All-commodity group import index grew by 0.36%, driven by increase in import prices of Boilers, Machinery and Appliances (2.80%) as well as Base metals and Articles (1.91%). It was negatively affected by fall in prices for products of the chemical and Allied industries (-0.73%), mineral products (-0.71%) and Wood and Articles of wood, wood charcoal and Articles (-0.58%).”
On the terms of trade: “The All-commodity group terms of trade fell 0.26% in November, 0.13% in December and on average by 0.39% between October and December 2020.
“The decline in terms of trade between October and December was driven by Base metals and Articles of base metals (-1.42%), wood and articles of wood, wood charcoal (-1.05%), Products of the Chemical and Allied industries (-0.93%).
“The decline was, however mitigated by increases in the prices of Animal and Vegetable fats and oils and other cleveage products (0.90%), Prepared foodstuffs, beverages, spirits and Vinegar (0.44%), as well as Plastic, Rubber and Articles thereof (0.16%).
“Between October and November 2020, the All-commodity terms of trade decreased by 0.26%. The products responsible for the decrease were wood and articles of wood, wood Charcoal and articles (-2.14%), products of the Chemical and Allied industries (-1.89%) and mineral products (-1.0%). This was offset by Boilers, Machinery and Chemical Appliances (3.14%), Prepared foodstuffs, beverages, spirits and Vinegar (2.99%).
“Between November and December 2020 the All-commodity terms of trade fell by 0.13%. This was as a result of declines in the prices of Boilers, Machinery and Chemical Appliances (-3.36%), Prepared foodstuffs, Beverages (-2.55%) and Base metals and Articles (-1.46%). The decline was offset by increases in the process of wood and articles of wood, wood charcoal and articles (1.09%) and Mineral products (0.97%).”
On All-region Export index: “All-region export index decreased by 0.25% between October and December 2020 due to declines in export prices to All-regions except Asia (Africa -1.18%, Europe -0.27%, America -0.19 % and Oceania -0.17%).
“During the quarter, exports to Asia recorded an increase of 0.16%. The month –on-month changes show a decrease of 0.49% in November and a slight increase of 0.23% in December.
“The monthly percentage change between October and November 2020 was due to decreases in the prices of exports to All-regions except Asia (which increased by 0.33%).
“The monthly change between November and December 2020 stood at 0.23%. This was a result of higher export prices to All-regions with the exception of Asia (-0.17%).” NBS stated.
Read Also: Nigeria Owing N32.9 Trillion as at December 2020 – NBS
