The Increase in prices of mineral products, live animals, animal products, animal and vegetable fats and oils and other cleavage products have brought 0.82% increase in the All Commodity Group Import Index (fee or price) for the first quarter of 2021 (i.e between the month of January and March 2021).
Disclosing this is the National Bureau of Statistics, NBS in a report titled ‘Commodity price indices and terms of trade for the Q1 2021′.
According to the report: “The All commodity group import index increased by 0.82% driven mainly by an increase in the prices of Mineral products, Live animals, animal products and Animal and Vegetable fats and oils and other Cleavage products.
Likewise, “The All commodity group export index rose by 0.31% due to increases in the prices of Live animals; Animal product, Vegetable products as well as Animal and Vegetable fats and oil.
However, “The All products terms of trade (TOT) index on average decreased by 0.51% as a result of decreases in Boilers, machinery and chemical appliance, Base metals and articles of base metals and Mineral products.
Meanwhile, “The All region group export index rose by 0.31% due to increases in the prices of exports to all regions, while the All region group import index decreased by 0.82% due to decreases in prices of imports from America and Oceania.
But, “The All region Terms of Trade, on average decreased by 0.51% due to unfavourable terms of trade in the regions of Asia and Oceania.” It stated.
“The top five trading partners for Nigeriain Q1 2021 were India, Spain, China, the Netherlands and France. The major export was crude petroleum and natural gas.
“The major imports from these countries were Motor spirits, motor cycles and antibiotics.” NBS reported.
