Import index rose by1.07% in Q2 – NBS

The All- commodity group import index on average grew marginally by 1.07 per cent, driven mainly by products of the chemical and allied industries, wood and articles of wood, wood charcoal and articles, paper making material; paper and paperboard in the second quarter.

The National Bureau of Statistics disclosed this in its report titled ‘Commodity price indices and terms of trade (Q2 2021)’ on Wednesday. It stated that the All -commodity group export price index averagely increased by 0.72 per cent due to declines in the prices of chemical and allied industries, plastic rubber & articles thereof and mineral products. The All- products terms of trade index on average decreased by 0.35 per cent as a result of declines in the prices of live animals, animal products , wood and articles of wood; wood charcoal and articles , vehicles, aircraft and parts thereof, vessels among others.

The All- region group export index increased by 0.72 per cent mainly due to marginal increases in export prices to all regions with the exception of America. It added that the All- region group import index rose by 1.07 per cent due to increases in import prices across all regions. The All- region terms of trade on average declined by 0.35 per cent due to unfavorable terms of trade across All-regions except America.

The major export and import market of Nigeria in Q2, 2021 were India, Spain, Canada, Netherlands and China.

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

The major imports from these countries were motorcycles, vehicles with petrol fuel engine, durum wheat (not in seeds), motor spirits, machine for reception, conversion and Transmission.