All Commodity Group Import Index Decreased By 0.84% in Q1 2020

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Wednesday, June 24, 2020 / 03:30 AM / NBS/ Header Image Credit:  NBS

 

Highlights:

 

Between January and March 2020 (Jan 2018=100):



Terms Of Trade

The terms of trade (TOT) represent 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 terms of trade between two periods (or when TOT is greater than 100%) 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. For example, an increase in the price of oil between two periods (with oil production remaining the same) is likely to increase or improve the terms of trade for Nigeria and vice versa. The TOT is recorded as an index, and can be used as an indicator of an economy's health.

 

Commodity Price Index January to March, 2020.

 

1.    All commodity group import index (Table 1).

The All commodity group import index fell by 0.84% between January and March, as a result of the declines in the prices of Plastic, rubber and articles thereof (-7.80%), Articles of stone, plaster, cement, asbestos, mica, ceramic (-4.73%) and  Footwear, headgear, umbrellas, sunshades, whips (-4.23%).  The fall was, however, offset by increase in the prices of Raw hides and skins, leather, furskins etc.; saddler (+6.63%), Prepared foodstuffs; beverages, spirits and vinegar; tobacco (+6.26%) and Pearls, precious and semi-precious stones, precious metals (+ 5.10%).


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The month -on-month change in the All Commodity group import index  showed that import prices decreased in February (-0.94%) compared to January. This was driven by  Plastic rubber and its articles (-12.06%), Paper making material; paper and paperboard, articles (-6.01%) and Articles of stone, plaster, cement, asbestos, mica, ceramic (-4.46%). This was partially offset by increases in prices of textile and textile articles (+2.95%), Base metals and articles (+2.91%) and Pearls precious and semi precious stone(+1.56%).


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In March 2020, import prices of  All commodity groups increased  by 0.10% on average.The overall increase  was mainly attributed to the increase in prices of Prepared foodstuffs; beverages, spirits and vinegar; tobacco(+7.34%), Raw hides and skins, leather, furskins etc.; saddlery (+6.36%) and Plastic, rubber and articles thereof (+4.26%). However, this was negatively affected by changes in prices of Footwear, headgear, umbrellas, sunshades, whips etc(-0.81%), Vehicles, aircraft and parts thereof; vessels etc (-1.85%) and Mineral products (-1.16%).


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2. All commodity group export index (Table 2)

 

The All commodity group export price index decreased by 0.59% due to decreases in Boilers, machinery and appliances (-22.25%), Base metals and articles of base metals (-5.14%), Prepared foodstuffs; beverages, spirits and vinegar; tobacco (-3.22%) and Miscellaneous manufactured articles (-3.10%). This was, however, offset by Wood and articles of wood, wood charcoal and articles (+6.69%), Vegetable products (+4.10%) and Live animals; animal products (+3.05%).


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In February, the All Commodity Group Export Index decreased by 0.41%. This was due to decreases in Base metals and articles of base metals (-6.87%), Wood and articles of wood, wood charcoal and articles (-6.52%) and Boilers, machinery and appliances; parts thereof (-3.42%). This decline was offset by increased prices of Textiles and textile articles (+3.45%), Vegetable products (+1.49%) and Vehicles, aircraft and parts; vessels etc.(+1.0%).

 

The monthly change in March of all commodity export index stood at -0.18%.This decrease  can be attributed to a significant decrease in Boilers, machinery and appliances; parts thereof (-18.83%), Prepared foodstuffs; beverages, spirits and vinegar; tobacco(-3.90%) and Textiles and textile articles(-2.34%). The decline was offset by increases in the prices of Wood and articles of wood, wood charcoal and articles (+13.21%) and Live animals; animal products (+3.59%).


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3. Terms of Trade by commodity (2018 Jan=100) (Table 3)

 

The All commodity group Terms of Trade stood at 102.93 in January, 103.48 in February and 103.19 in March.


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This represents an increase of 0.54% in February when compared with January but a decrease of 0.28% in March against the preceding month. On average, the terms of trade rose by 0.26% during the quarter. This increase is explained by a rise in the prices of Plastic, rubber and articles thereof (8%), Vegetable products (6.86%) and Wood and articles of wood, wood charcoal and articles (6.48%). However, it was offset by decline in the prices for Boilers, machinery and chemical appliances; parts thereof (-21.37%), Prepared foodstuffs; beverages, spirits and vinegar; tobacco (-8.70%) and Base metals and articles of base metals (-7.22%).


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4. All Region Group export index (Table 4)

The All region group export index fell by 0.59% between January and March due to declines in the prices of exports to all regions. The month -on-month change showed that the all region export index fell in February by -0.41%, and in March by -0.18%.


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In February 2020, the main cause of the decline in the index were lower prices in Europe (-1.03%), America (-0.08%) and Oceania (-0.02%). However, this decline was partially offset by Africa (+0.5%) and Asia (+0.08%).


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Between February and March, the monthly change in All Region export index stood at -0.18%. This is explained by the decreases in export prices to Africa (-0.44%), America (-0.39%), Asia (-0.25%) and Europe (-0.01%).


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5. All Region Group import index (Table 5)

The All region group import index fell by 0.84% on average, following a decrease of 0.92% in February and an increase of 0.08% in March.


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This was due to declines in import prices of goods from Europe (-2.16%), Asia  (-1.76%) and Oceania (-0.29%), but offset by increases in import prices from America (+8.08%) and Africa(+0.95%). 


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In February, the All region group import index fell by 0.92% as a result of declines in import prices from Africa (-3.09%), Asia (-1.37%), Europe (-0.63%) and America (-0.21%). The decline was offset by higher prices in Oceania which rose by 1.05%.


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In March, the All region group import index increased marginally by 0.08% largely due to increase in import prices from America (+8.29%) and Africa (+4.04%), while falling prices were recorded in Europe (-1.53%), Oceania (-1.34%) and Asia (-0.39%).


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6. Terms of Trade by Regions [2018 Jan=100] (Table 6)

The All Region group terms of trade was recorded at 102.93 in January, rising to 103.46 in February and slightly declining 103.19 in March.


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In effect, the terms of trade rose by 0.52% in February against January, but fell by 0.26% in March compared to February. Overall, the All region terms of trade rose by 0.26% due to  improved  export prices to Asia  (+1.61%) and Europe (+1.14%) but was negatively affected by export price declines in America(-7.89%) and Africa (-0.60%).


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Merchandise Trade By Top Five Partners And By Major Commodities (N’million) Q1, 2020

    

  1. INDIA

 

Nigeria's exports to India was valued at N637.53 billion or 15.61% of total exports during the period under review. Export trade was largely dominated by Petroleum oils and oils obtained from bituminous minerals, Crude (N526.87 billion), Natural gas, liquefied (N91.34 billion) and Sesamum seeds whether or not broken (N7.97 billion). On the other hand, the value of imports from India stood at N334.53 billion representing 7.92% of total imports. The largest import commodity from India was motorcycles and cycles, imported CKD by established manufacturers >50cc<=250cc, Kerosene type jet fuel and Vaccines for human medicine valued respectively at N93.97 billion, N24.32 billion and N20.45 billion.


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  1. CHINA

Exports to China in Q1 2020 was valued at N113.06 billion. The largest export commodity to China was Petroleum oils and oils obtained from bituminous minerals, crude valued at N54.19 billion, followed by Natural gas, liquefied and Sesamum seeds, whether or not broken valued at N42.16 billion and N9.31 billion respectively.  On the other hand, the value of import trade from China was valued at N1,109.46 billion accounting for 26.28 % of total import. Import trade with China was dominated by fully automatic rifles and carbines with single smooth-bore barrels (valued at N51.97 billion), motorcycles and cycles, imported CKD by established manufacturers >50cc<=250cc (N44.82 billion) and Other machine-tools for working stone, ceramics, concrete, etc (N39.72 billion).


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  1. SPAIN

Nigeria's total export to Spain was valued at N402.9 billion in the first quarter of 2020. The dominant export commodity was Petroleum oils and oils obtained from bituminous minerals, crude valued at N360.44 billion, accounting for 89.46% of total export. This was followed by Natural gas, liquefied worth N31.97 billion and Partially Refined Oil including Crude oil having undergone primary refinement, valued at N5.29 billion. Imports from Spain, on the other hand, stood at N39.99 billion. While Mixed alkylbenzenes & mixed alkylanaphthalenes, valued at N11.41 billion ranked first in imports, Gypsum; anhydrite whether or not coloured, with/without small quantities of accelerators and Other agricultural, horticultural, forestry or bee-keeping machinery n.e.s, worth N2.89 billion and N2.61 billion respectively, were imported during the period under review.


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  1. The Netherlands

Nigeria's export trade with the Netherlands, in Q1 2020, was valued at N396.93 billion. The major export commodities were: Petroleum oils and oils obtained from bituminous minerals, crude valued at N360.70 billion, as well as Good fermented Nigerian cocoa beans, and Superior quality raw cocoa beans, respectively valued at N16.53 billion and N11.22 billion. Conversely, the value of imports stood at N470.11 billion, with the main commodity imported being Motor Spirits ordinary, valued at N303.65 billion. Other products imported were Gas oils (N102.82 billion) and Kerosene type jet fuel (N4.52 billion).


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E. South Africa.

In Q1 2020, Nigeria's exports to South Africa was valued at N319.47billion, representing 7.8% of total exports. The major commodities exported during the period were Petroleum oils and oils obtained from bituminous minerals, crude (N318.5 billion), Technically specified natural rubber, in primary forms or in plates (N0.3billion), Sesamum seeds, whether or not broken (N0.3billion), Ginger, neither crushed nor ground (N0.2 billion) and Refined lead, unwrought (N0.1billion). On the import side, imports from South Africa were valued at N40.6 billion or 0.96% of total imports during the period under review. The main commodities imported were Polypropylene, in primary forms (N9.02 billion), Apples, fresh (N2.66billion), Chassis fitted with engines for assembly plants (N2.14billion), Other ships' derricks; cranes, including cable cranes; mobile lifting frames (N1.54billion) and Others imported by MV assemblers and manufacturers (N1.33 billion).


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Click Here to Download Q1 2020 Terms of Trade and Commodity Price Index PDF Report

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Latest 2020 NBS Reports

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Q2 2020

  1. Average Price of 1kg of Rice Increased By 28.18% YoY in May 2020 - NBS
  2. Average Fare Paid By Commuters for Bus Journey Within City Decreased By -0.56% MoM in May 2020 - NBS
  3. Average Prices of PMS, AGO, HHK and Cooking Gas - May 2020
  4. Headline Inflation Increases By 12.40% YoY In May 2020; 0.06% Higher Than April 2020 Rate
  5. Nigeria's Merchandise Trade Slowed in Q1 2020 Due to Declines in Both Imports and Exports
  6. 11,072 Road Traffic Crashes Occurred in 2019 - NBS
  7. FAAC Disburses N780.93bn in April 2020 - NBS
  8. FAAC Disburses N581.57bn in March 2020 - NBS
  9. Average Price of 1kg of Rice Increased MoM By 7.56% in April 2020 - NBS
  10. Average Air Passengers Fare Was Flat MoM in April 2020 - NBS
  11. Total Value of Capital Importation into Nigeria Stood At $5,854.38m in Q1 2020 - NBS
  12. Nigeria's GDP Grew By 1.87% YoY in Real Terms in Q1 2020
  13. Average Prices of PMS, AGO, HHK and Cooking Gas - April 2020
  14. N1.33trn Generated As IGR in 2019 - NBS
  15. Headline Inflation Increases By 12.34% YoY In April 2020; 0.08% Higher Than March 2020 Rate
  16. 20.89bn Litres of PMS Imported Into Nigeria in 2019 - NBS
  17. N338.94bn Generated As VAT in Q1 2020 - NBS
  18. Total Household Expenditure on Food and Non-food Was Put At N40.21bn in 2019 - NBS
  19. Poverty and Inequality in Nigeria 2019: 40% of Total Population Classified as Poor
  20. GDP By Income and Expenditure Approach Q4 2019 - Household Final Consumption Declined by -2.40%
  21. Average Price of 1kg of Rice Increased By 21% YoY to N438.66 In March 2020
  22. Average Transport Fare Paid By Commuters Within City Increased By 1.89% MoM in March 2020
  23. Average Prices of PMS, AGO, HHK and Cooking Gas - March 2020
  24. Headline Inflation Increases By 12.26% YoY In March 2020; 0.06% Higher Than February 2020 Rate
  25. Nigeria's Total Public Debt Stood At N27.40trn in Q4 2019 - NBS
  26. FAAC Disburses N647.35bn in February 2020 - NBS

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Q1 2020

  1. Banking Sector Records 893.68m Volume of Transaction in Q4 2019 - NBS
  2. Active Voice Subscription Grew By 3.08% in Q4 2019 - NBS
  3. All Commodity Group Import Index Fell by 3.27% Due Mainly to Declines in the Prices of Goods
  4. Average Prices of 1kg of Tomato Decreased By -10.65% YoY to N237.22 in Jan 2020 - NBS
  5. Average Fare Paid By Commuters For Bus Journey Intercity Increased By 0.91% MoM in February 2020
  6. Average Prices Of PMS, AGO, HHK and Cooking Gas - February 2020
  7. Headline Inflation Increases By 12.20% YoY In February 2020; 0.07% Higher Than January 2020 Rate
  8. FAAC Disburses N716.30bn in January 2020 - NBS
  9. FAAC Disburses N2.93trn to FG in 2019 - NBS
  10. Total Value of Capital Imported in Q4 2019 Stood At $3,802.38m - NBS
  11. FAAC Disburses N650.83bn in December 2019 - NBS
  12. Nigeria's Merchandise Trade Grew in Q4 2019; Imports Rose Faster Exceeding Falling Exports
  13. Nigeria's GDP Grew By 2.55% in Real Terms in Q4 2019 and 2.27% in Full Year 2019
  14. Average Prices of 1kg of Tomato Decreased By -10.65% YoY to N237.22 in Jan 2020 - NBS
  15. Average Prices Of PMS, AGO, HHK and Cooking Gas - January 2020
  16. Headline Inflation Increases By 12.13% YoY In January 2020; 0.15% Higher Than December 2019 Rate
  17. N293.80bn Generated as IGR in Q3 2019 - NBS
  18. Nigeria's Total Public Debt Stood At N26.14trn in Q3 2019 - NBS
  19. Average Intercity Fare Increases By 1.43% MoM To N1, 666.57 In December 2019
  20. Average Price of 1kg of Tomato Decrease YoY by -2.80% To N263.90 In December 2019
  21. All Commodity Group Index Grew By 2.48% in Q3 2019
  22. Average Prices Of PMS, AGO, HHK and Cooking Gas - December 2019
  23. Headline Inflation Increases By 11.98% YoY In December 2019; 0.13% Higher Than November 2019 Rate

 

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