Nigeria: Commodity Imports Rise by 40 percent
The National Bureau of Statistics has said the All-commodity Group Import Index for Q4 2022 on average increased by 40 percent points.
This is contained in the Commodity Price Indices and Terms of Trade Q4, 2022 report published on the Bureau’s website.
The report summary indicated that the highest increase was recorded by: “Animal and vegetable fats and oils and other cleavage prods, followed by “Vehicles, aircraft and parts thereof; vessels etc” and “Mineral products”.
Decrease in Exports
The report however showed that All-commodity group export price index averagely decreased by -0.15 percent point in Q4 2022.
“The decrease was majorly attributed to slower changes in the prices of Papermaking material; paper and paperboard, articles”, Base metals and articles of base metals, and Mineral products.”
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The report further stated that the All products Terms of Trade (TOT) Index on average decreased by 0.55 percent point.
Alao, a short breakdown of the report showed that:
- The All-region group export index decreased by 0.15 percent point mainly due to slower changes in prices of export to all regions except Africa.
- The All-region group import index increased by 0.40 percent point due to an increase in import prices to most regions.
- The All-region terms of trade on average decreased by 0.55 percent points.
- The major export markets of Nigeria in Q4, 2022 were Spain, The Netherlands, India, France, and Indonesia.
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