All Commodity Group Import Index Rose by 1.89% in Q3 2020 - NBS

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Wednesday, December 30, 2020 04:00 PM / NBS/ Header Image Credit: NBS


Highlights:  

Between July and September 2020 (Jan 2018=100):

  • The All commodity group import index rose by 1.89% driven mainly by an increase in the prices of   Products of the chemical and allied industries, wood and articles of wood, and live animals; animal products.
  • The All commodity group export price index averagely decreased by 0.30 % due to decreases in the products of the chemical and Allied industries, Base metals and articles of base metals.
  • The All products terms of trade (TOT) index on average decreased by 2.13%, as a result of decreases in the prices of the products of Chemical and Allied industries, Base Metals and Articles of Base Metals, Live animals and animal products.
  • The All region group export index decreased by 0.3% mainly due to decreases in the prices of exports to Africa, America and Europe.
  • The All region group import index increased by 1.89% due to increases in import prices of goods from America, Asia, Europe and Oceania.
  • The All region terms of trade on average decreased by 2.13% due to decreases in export prices to  Africa, America, Europe and Oceania.
  • Nigeria's major trade partners in Q32020 were India, Spain, the Netherlands, Turkey and China.
  • The major exports to these countries were crude petroleum and natural gas
  • The major imports from these countries were Motor spirits, motor cycles and antibiotics.

 

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 July to September, 2020

All commodity group import index (Table 1).

The All commodity group import index rose by 1.89% between July and September 2020. This was driven mainly by an increase in the prices of   Products of the chemical and allied industries (9.55%), wood and articles of wood (4.37%), and live animals; animal products (4.06%). However, it was negatively affected by decline in the prices of Prepared foodstuff: beverages (-5.07%), textile and textile articles (-1.07%) and Raw Hides & skins, leather (-0.92%).

 

Between July and August 2020, the All commodity group import index rose by 2.49%. This was driven mainly by Products of the chemical and allied industries, which rose 6.8%, Vegetable products (6.07%) and Animal and Vegetable fats and oil (6.05%) but was negatively affected by decline in prices of Prepared foodstuffs; beverages, spirits and vinegar (-5.19%), Textiles and textile articles (-2.75%) and Raw hides and Skin, leather, furskins etc (-2.38%).


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Between August and September 2020, the All commodity group import index decreased by 0.60%. This was as a result of decrease in prices of Animal and Vegetable fats and oils and other cleavage products (-5.22%), Plastic, rubber and articles (-3.13%) and Vegetable products (-2.50%). The decline was offset by increase in the prices of wood and articles of wood, wood charcoal and articles (6.13%), products of the chemical and Allied industries (2.73%), Textile and Textile articles (1.68%).         


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All commodity group export index (Table 2)

 

Between July and September 2020, All commodity group export price index decreased by 0.30% due to decrease in the prices of Products of chemical and Allied industries (-2.10%), Base metals and articles of base metals (-1.95%) and Paper making material (-0.74%). However, increases were recorded for Boilers, machinery and appliances (5.38%), Prepared foodstuffs, beverages, spirits and Vinegar (1.9%) and Vegetable products (1.05%).

 

Between July and August 2020, the All commodity group export index increased by 0.22%. This was driven mainly by wood and articles of wood, charcoal and articles (4.78%), Live animals, animal products (1.67%) and Vegetable products (1.60%). It was negatively affected by base metals and articles of base metals (-1.08%), Plastic rubber and articles (-0.90%) and Paper making materials, Paper and paperboard (-0.68%).


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Between August and September, the monthly percentage change in the All commodity export index stood at -0.52%.This decrease  can be attributed to decreases in the prices of wood and articles of wood, wood charcoal (-4.09%), products of the chemical and Allied industries (-1.46%) and live animals, animal products (-0.91%). The decline was offset by higher prices for Boilers, Machinery and Appliances (4.9%), Prepared foodstuffs, beverages, spirits and Vinegar (1.60%), Textiles and textile articles (0.81%).


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

 

The All commodity group terms of trade index stood at 103.36 in July, 101.08 in August and 101.16 in September.


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This represents a decrease of 2.21% in August compared to July but an increase of 0.08% in September against the preceding month. On average, the terms of trade decreased by 2.13% during the third quarter. This decrease is explained by a significant decrease in Products of the Chemical and Allied industries (-11.06%), Base metals and articles of base metals (-4.23%) as well as Live Animals, animal products (-3.16%). The decline was offset by higher prices of Prepared foodstuffs; beverages, spirits, and vinegar; tobacco (7.28%) and Boilers, Machinery and Chemical appliances (5.26%).


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All Region Group Export Index (Table 4)

Between July and August, the All region group export recorded an overall decrease of 0.30% mainly due to decreases in the prices of exports across Africa (-6.07%), Europe (-0.58%) and America (-0.1%) while Asia was the only region that recorded a positive change (2.75%).  Between July and August, the region group export index recorded a marginal increase of 0.22% but a decrease of 0.52% between August and September.


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In August 2020, the monthly change in the index (0.22%) was driven by increase in the export price to Asia (1.30%).


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Between August and September 2020, the monthly change in the All-Region export index stood at -0.52%. This is explained by decreases in export prices to Africa (-5.96%) and Europe (–0.38%) while Asia and America recorded positive monthly change at 1.46% and 0.09% respectively .


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All Region Group Import Index (Table 5)

Between July and September, the All region group import recorded an overall increase of 1.89%. This was due to increases in import prices from all regions: Oceania (6.9%), America (4.4%), Asia (1.8%) and Europe (1.53%). Between July and August, the all-region import index recorded an increase of 2.49% but fell 0.60% between August and September.


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The August monthly change stood at 2.49% due to the contributions of Asia (3.30%), Europe (2.91%) and Oceania (1.76%) but was offset by decreases in Africa (-2.16%) and America (-0.69%).


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Between August and September, the All region group import index stood at -0.60%. This was due to the decreased contributions of Asia (-1.46%) and Europe (-1.37%) but slightly offset by higher prices in Oceania (5.18%), America (5.11%) and Africa (1.29%).


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

 

The All Region group terms of trade index stood at 103.36 in July, 101.08 in August and 101.16 in September.

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The data showed that the terms of trade decreased by -2.21% in August but rose marginally by 0.08% in September. On average, the all-region terms of trade index decreased by 2.13% in Q3 due to decreases in export prices to Oceania (-6.66%), Africa (-5.06%), America (-4.30%) and Europe (-2.01%). However, export prices to Asia were higher by 1.03%.


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Merchandise Trade By Top Five Partners And By Major Commodities, Q3 2020

A. India

 

India was the largest export market of Nigeria in Q3 2020. Export trade to India was valued at N500.63 billion, or 16.73% of the value of total exports. The dominant export commodity to India was Crude oil (valued at N444.89 billion). This was followed by Natural gas, liquified (N49.1 0billion), Cashew nuts, in shell (N 2.18billion), Soya beans, whether or not broken (N 1.14 billion) and Leather further prepared after tanning/crusting, (N0.71billion).


On the other hand, Nigeria imported motorcycles and cycles, CKD by established manufacturers >50cc<=250cc (worth N50.71billion), Other Antibiotics nes (N26.36billion),  Vaccines for human medicine (N20.22billion) , Other Polyethylene (N9.27billion) and others from India during the period under review.


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B. Spain

Nigeria's major export to Spain in Q3, 2020 was Petroleum oils and oils obtained from bituminous minerals, crude, valued at N282.8 billion. This was followed by Natural gas, liquefied worth N42.6 billion, Leather further prepared after tanning/crusting without wool at N 1.8 billion and others.

 

During the quarter, Motor Spirit ordinary worth N20.65 billion was imported from Spain. Other imports from Spain included Mixed alkylbenzenes & mixed alkylanaphthalenes (N17.63 billion), Gypsum; anhydrite whether or not coloured, with/without small quantities of accelerators (N 4.37 billion).

 

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C. The Netherlands

In Q3 2020, the dominant export commodity to The Netherlands was petroleum oils and oils obtained from bituminous minerals, crude (N216.7billion). This was followed by Natural gas, liquefied (N2.2 billion), Good Fermented Nigerian Cocoa Beans (N1.6billion), Other Frozen shrimps and prawns (N 1.2billion) and others. On the other hand, Motor Spirit valued at N180.7billion, Other Antibiotics valued at N79.5billion, Gas Oil valued at N 58.8billion, Blue whitings (Micromesistius poutassou, Micromesistius australis) meat, frozen (N10.2billion), and Motor spirit, super (N 10.1 billion) were the dominant imports from The Netherlands.


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D.Turkey

Turkey was among Nigeria's leading trading partners in the third quarter of 2020. Exports to Turkey was valued at N150 billion or 5.01%, largely dominated by Petroleum oils and oils obtained from bituminous minerals, Crude (worth N138.75 billion). This was followed by Natural gas, liquefied, (N9.68billion) and Sesamum seeds (N1.35 billion). On the other hand, the value of imports stood at N59.26billion representing 1.10% of total imports. The top three import commodities from Turkey were Plasters of Calcined gypsum, Cooking Appliances, as well as Other Paper and paper board valued at N4.09billion, N2.60billion and N2.24 billion respectively.

 

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E.  China

In Q3 2020, Nigeria's export trade with China was dominated by Petroleum oils and oils obtained from bituminous minerals, crude which accounted for N64.1billion of exports. This was followed by Natural gas, liquefied (N22.5billion) and Other petroleum gases etc in gaseous state (N16.2billion). In terms of imports, Other instruments, appliances and machines for measuring or checking, nes, Machines for the reception, conversion & transmission or regeneration of voice, images or..., Other appliances such as taps, cocks and other valves, nes were the dominant imports, each valued at N37.2billion, N37.1billion, and N35.2billion respectively. 


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Click Here to Download Q3 2020 Commodity Price Index and Terms of Trade PDF Report


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Latest 2020 NBS Reports

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Q4 2020

  1. Average Price of 1kg of Rice Increases by 23.46% YoY in November 2020 - NBS
  2. Average Air Fare Increases by 18.47% YoY in November 2020 - NBS
  3. Average Prices of PMS, AGO, HHK and Cooking Gas - November 2020
  4. Headline Inflation Increases By 14.89% YoY In November 2020, 0.66% Higher Than October 2020 Rate
  5. Capital Importation into Nigeria Stood At $1,461.49m in Q3 2020 - NBS
  6. Banking Sector Records 2.78bn Volume of Transaction in Q3 2020 - NBS
  7. Trade Grew in Q3 2020 Due to Faster Increase in Imports But Slower Recovery in Exports
  8. FAAC Disburses N639.90bn in October 2020 - NBS
  9. GDP by Expenditure: Household Consumption Expenditure Contracts By -0.08% in Q2 2020 - NBS
  10. N416.01bn Generated as Company Income Tax in Q3 2020 - NBS
  11. Average Price of 1kg of Rice Increased By 2.75% MoM in October 2020 - NBS
  12. Nigeria Slips into Recession; Real GDP Contracts by -3.62% in Q3 2020
  13. Average Prices of PMS, AGO, HHK and Cooking Gas - October 2020
  14. Headline Inflation Increases By 14.23% YoY In October 2020, 0.52% Higher Than September 2020 Rate
  15. N424.71bn Generated as VAT in Q3 2020 - NBS
  16. FAAC Disburses N682.06bn in September 2020 - NBS
  17. Average Prices of 1kg of Rice Increased By 39.07% YoY in September 2020 - NBS
  18. Average Fare Paid for Intercity Bus Increased By 24.30% YoY in September 2020 - NBS
  19. Average Prices of PMS, AGO, HHK and Cooking Gas - September 2020
  20. Headline Inflation Increases By 13.71% YoY In September 2020, 0.49% Higher Than August 2020 Rate
  21. States Generated N612.87bn as IGR in H1 2020 - NBS
  22. All Region TOT Decreased by -0.79% in Q2 2020 Due to Weaker Trade With Europe, Africa and Asia

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Q3 2020

  1. 2,080 Road Traffic Crashes Occurred in Q2 2020 - NBS
  2. 33,448,633MWh of Energy Generated in 2019 - NBS
  3. FAAC Disburses N676.41bn in August 2020 - NBS
  4. FAAC Disburses N696.18bn in July 2020 - NBS
  5. Average Price of 1kg of Rice Increased By 40.69% YoY in August 2020 - NBS
  6. Average Fare For Bus Journey Within City Increased By 12.70% MoM in August 2020 - NBS
  7. Average Prices of PMS, AGO, HHK and Cooking Gas - August 2020
  8. Headline Inflation Increases By 13.22% YoY In August 2020; 0.40% Higher Than July 2020 Rate
  9. Nigeria's Total Public Debt Stood At N31.01trn in Q2 2020 - NBS
  10. Banking Sector Records 2.16bn Volume of Transaction in Q2 2020 - NBS
  11. FAAC Disburses N547.31bn in June 2020 - NBS
  12. Nigeria's Merchandise Trade Falls Steeply in Q2 2020 Due to Sharp Drop in Exports
  13. FAAC Disburses N606.19bn in May 2020 - NBS
  14. Total Value of Capital Imported into Nigeria Stood At $1,294.94m in Q2 2020 - NBS
  15. 612,547kg of Drugs Seized in 2019 - NBS
  16. Nigeria's GDP Contracts by -6.10% YoY in Real Terms in Q2 2020 - NBS
  17. Average Price of 1kg of Tomato Increased By 3.24% MoM in July 2020 - NBS
  18. Average Fare Paid By Commuters for Motorcycle Journey Increased By 9.06% MoM in July 2020
  19. Average Prices of PMS, AGO, HHK and Cooking Gas - July 2020
  20. Headline Inflation Increases By 12.82% YoY In July 2020; 0.26% Higher Than June 2020 Rate
  21. Nigeria's Unemployment Rate Moves Up to 27.1% in Q2 2020 from 23.1% in Q3 2018 - NBS
  22. N651.77bn Generated as VAT in H1 2020 - NBS
  23. Average Prices of 1kg of Tomato Increased By 30.25% YoY in June 2020 - NBS
  24. Average Fare for Bus Journey Within City Increased By 3.36% MoM to N229.94 in June 2020 - NBS
  25. Average Prices of PMS, AGO, HHK and Cooking Gas - June 2020
  26. Headline Inflation Increases By 12.56% YoY In June 2020; 0.16% Higher Than May 2020 Rate
  27. Nigeria's Total Public Debt Stood At N28.63trn in Q1 2020 - NBS
  28. NBS Publishes National Living Standard Survey 2018-19 Report
  29. Active Voice Subscription Grew By 2.48% in Q1 2020 - NBS

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Q2 2020

  1. 5.26bn Litres of PMS Imported Into Nigeria in Q1 2020 - NBS
  2. All Commodity Group Import Index Decreased By 0.84% in Q1 2020
  3. Average Price of 1kg of Rice Increased By 28.18% YoY in May 2020 - NBS
  4. Average Fare Paid By Commuters for Bus Journey Within City Decreased By -0.56% MoM in May 2020 - NBS
  5. Average Prices of PMS, AGO, HHK and Cooking Gas - May 2020
  6. Headline Inflation Increases By 12.40% YoY In May 2020; 0.06% Higher Than April 2020 Rate
  7. Nigeria's Merchandise Trade Slowed in Q1 2020 Due to Declines in Both Imports and Exports
  8. 11,072 Road Traffic Crashes Occurred in 2019 - NBS
  9. FAAC Disburses N780.93bn in April 2020 - NBS
  10. FAAC Disburses N581.57bn in March 2020 - NBS
  11. Average Price of 1kg of Rice Increased MoM By 7.56% in April 2020 - NBS
  12. Average Air Passengers Fare Was Flat MoM in April 2020 - NBS
  13. Total Value of Capital Importation into Nigeria Stood At $5,854.38m in Q1 2020 - NBS
  14. Nigeria's GDP Grew By 1.87% YoY in Real Terms in Q1 2020
  15. Average Prices of PMS, AGO, HHK and Cooking Gas - April 2020
  16. N1.33trn Generated As IGR in 2019 - NBS
  17. Headline Inflation Increases By 12.34% YoY In April 2020; 0.08% Higher Than March 2020 Rate
  18. 20.89bn Litres of PMS Imported Into Nigeria in 2019 - NBS
  19. N338.94bn Generated As VAT in Q1 2020 - NBS
  20. Total Household Expenditure on Food and Non-food Was Put At N40.21bn in 2019 - NBS
  21. Poverty and Inequality in Nigeria 2019: 40% of Total Population Classified as Poor
  22. GDP By Income and Expenditure Approach Q4 2019 - Household Final Consumption Declined by -2.40%
  23. Average Price of 1kg of Rice Increased By 21% YoY to N438.66 In March 2020
  24. Average Transport Fare Paid By Commuters Within City Increased By 1.89% MoM in March 2020
  25. Average Prices of PMS, AGO, HHK and Cooking Gas - March 2020
  26. Headline Inflation Increases By 12.26% YoY In March 2020; 0.06% Higher Than February 2020 Rate
  27. Nigeria's Total Public Debt Stood At N27.40trn in Q4 2019 - NBS
  28. 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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