All Region Group Export Index Increased by 0.72% in Q2 2021 - NBS

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Tuesday, September 21, 2021 09:50 PM / by NBS/ Header Image Credit:  NBS


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Highlights:                                     

Between April and June 2021 (Jan 2018=100):

  • The All- commodity group import index on average grew marginally by 1.07%, 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.
  • The All -commodity group export price index averagely increased by 0.72 % due to  declines in the prices of Chemical and allied industries , plastic rubber & articles thereof and mineral products .
  • The All- products terms of trade (TOT) index on average decreased by 0.35% 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 etc.
  • The All- region group export index increased by 0.72% mainly due to marginal increases in export prices to all regions with the exception of America.
  • The All- region group import index rose by 1.07% due to increases in import prices across All- regions.
  • The All- region terms of trade on average declined by 0.35% due to unfavourable 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 export 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.

 

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 April to June, 2021

 

All commodity group import index (Table 1).

The All -commodity group import index increased by 1.07% between April and June, 2021. This was driven mainly by an increase in the prices of products of the chemical and Allied industries (1.40%), wood and articles of wood, wood charcoal and articles (1.37%) Paper making material; Paper and paperboard articles (1.23%)


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Between April and May, 2021 the All- Commodity group import price index grew marginally by 0.12% due to marginal increases in the index of products of the chemical and Allied industries (0.78%), wood and Articles of wood, wood charcoal and articles (0.72%), Paper making material; Paper and paperboard (0.44%). This was offset by decreases in the prices of Live animals; animal products ( -0.17%), Animal and Vegetable fats and oils and Cleavage (-0.23%) and Mineral products (-0.27%).


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Between May and June, 2021, the all commodity group import index grew by 0.95%.This was driven by   Mineral products (1.15%), Animal and Vegetable fats and oils and other cleavage products (1.13%) and Live animals ; animal products (1.10%) and others. 

 

 All Commodity Group Export Index (Table 2)

The All-commodity group export index increased by 0.72% between April and June 2021. This

Was driven mainly by an increase in the prices of Product of the chemical and Allied industries (2.54%), Plastic rubber and articles (0.85%) and Mineral products (0.74%). However, the index was negatively affected by Live animals, animal products (-2.61%), Vehicles, Aircraft and parts (-0.24%) and Wood and articles of wood, wood charcoal and articles  (-0.23%).


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The All commodity group export index grew by  0.48% between April and May, 2021. This was due to marginal increases in  prices of product of the Chemical and Allied industries (1.99%), Animal and vegetable fats and oils (1.39% ),Plastic rubber and articles thereof(0.75%)etc. This was negatively affected by Live animals and animal products (-0.66%), wood and articles of wood, Wood charcoal and articles (-0.29%) and prepared foodstuffs, beverages, spirits and vinegar, Tobacco (-0.23%).

 

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Between May and June, 2021 . the All commodity group export  decreased by  0.23%.This was driven by products of the chemical and allied industries (0.56%), Mineral products(0.24%), Vegetable products (0.18%).However, the index was offset by  Live animals; animal products (-1.95%), Animal and vegetable fats and oil (-1.24%) and Vehicles, aircraft and parts thereof, Vessels etc (-0.08%).etc

 

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

The All- commodity terms of Trade for April, May and June, 2021 stood at 101.40, 101.77 and 101.05

 

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The All-commodity group terms of trade grew by 0.37% in May but fell by 0.71% in June and on average decreased by 0.35% between April and June 2021. The decline in terms of trade between April and June  was driven by  decreases in the prices of Live animals, animal products(-3.5%), wood and articles of wood, wood charcoal and articles (-1.59%),Vehicles, aircraft and parts(-1.45%). The decline was, however mitigated by increase in the price of products of the chemical and allied industries (1.14%).

 

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All Region Group export index (Table 4)

All-region export index increased by 0.72% between April and June 2021 due to increases in export prices to All-regions except Africa. During the period under review, America  recorded 3.46%, Europe 0.56%, Oceania 0.27% and Asia 0.18.The month -on-month changes show an increase of 0.48% in May and 0.23% in June .


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The monthly percentage change  of 0.48 between April  and May 2021 was due to marginal increases  in the prices of exports to America (2.93%), Europe (0.38%) and Oceania (0.06%).This was negatively affected by Asia (-0.05%) and Africa (-0.40%).


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The monthly changes between May and June 2021 stood at 0.23%.This was  as a result of marginal increases  in export prices  to All regions; America (0.53%), Asia (0.23%),Oceania (0.21%),Europe (0.18%) and Africa (0.11%).



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All Region Group import index (Table 5) 

The All-region group import index increased by 1.07% between April and June 2021 due to increases in import prices across All-regions; Oceania (1.40%, America 1.36% , Africa 1.22%, Asia 1.11% and Europe 0.96% respectively. The monthly percentage change showed an increase of 0.12% in May and 0.95% in June.

 

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Between April and May 2021,the All-region import index increased by 0.12% due to marginal increases in the import prices from Africa (0.42%), America(0.70%), Asia (0.20%) and  Oceania (0.78%), with the exception of Europe which recorded a decline of 0.10% .

 

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Between May and June, 2021 the All region import index recorded a slight increase of 0.95%.The  was driven by Europe (1.06%) , Asia (0.91%), Africa(0.80%),America (0.66%) and Oceania (0.62%).

 


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

 

The All Region group terms of trade stood at 101.40 in April, 101.77 in May and 101.05 in June.

 

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The terms of trade by region rose by 0.37% in May but decreased 0.71% in June. The All-region terms of trade on average declined by 0.35% due to unfavorable terms of trade across all regions with the exception of America which recorded an increase of 2.09%


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Merchandise Trade By Top Five Partners And By Major Commodities (N’million) Q2, 2021

A.    INDIA

The total export to India in the period was valued at N949.05 billion or 18.7% of total export. The largest export commodity to India was "Petroleum oils and oils obtained from bituminous minerals, crude" valued at (N899.7 billion). This was followed by "Natural gas liquefied"., Cashew nuts in shell, "oil-cake and other solid residues resulting from the extraction of soya and Ginger valued at N35billion, N3.2billion, N1.7 billion, and N1 billion respectively. The import trade from India was valued at N570billion, accounting for 8.2% of total import. Import trade during the period was dominated by imported motorcycles and cycles (N61.80 billion), this was followed by Vehicles with petrol fuel engine of cylindercapacity=<1000(N36.84billion),Gasoil(N30.95billion),otherantibiotics N17.05billion) and others.


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B.   SPAIN

The total export trade to Spain was stood at 524.5billion or 10.3% of total export. The dominant export product was Petroleum oils and oils obtained from bituminous minerals, crude valued at N463.83billion.This was followed by Natural liquefied gas worth N32.46billion and Vessels and other floating structures for breaking up valued at N18.34billion and Leather further prepared after tanning/crushing valued at N5.8billion respectively. However, the value of imports from Spain during the quarter stood at N93.2billion or 1.34%.However, Mixed alkylbenzenes&mixed alkylanaphthalenes, valued at N27.69billion, followed by Petroleum Bitumen (N13.06 billion) "Gypsum; anhydrite "worth N7.78billion and mixtures of Odoriferous substances worth N3.40billion were imported during the period.


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C:  CANADA

In Q1 2021, Nigeria  export trade with Canada was valued at  N355.60billion accounting for 7% of total export. Major commodities exported during the period were Petroleum oils and oils obtained from bituminous minerals, crude (N350.99billion),Good fermented Cocoa beans (N3.96 billion),Sesamum seeds (N0.41billion) and other Cashew nuts,shelled (N0.11billion). On the import side, import value amounted to N91.3billion. The main commodities imported were Durum wheat(not in seeds) worth N68.63billion,Used Vehicle (N3.72billion),Other gas turbines (N2.83billion) and Meslin (not in seeds)worth N2.14billion respectively.


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 D:  NETHERLANDS 

Export to Netherlands was valued at N298.29billion or 5.9% of total exports in the period. This was largely dominated by exports of  Petroleum oils and oils obtained from bituminous minerals, crude (N266.65billion), Good fermented Cocoa beans (N16.48 billion),Natural Gas liquefied (N5.64billion) and other frozen shrimps and prawns(N1.76billion). On the other hand, the value of imports from Netherlands stood at N567.1billion representing 8.0% of total imports. The largest import commodity from Netherlands was "Motor spirits (285.98 billion),Gas oil (N96.04billion),Lubricating oils to be mixed (N14.60billion), Blue whitings (N13.41) and others.

 

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E: CHINA 

Export to China was valued at N186.56billion or 3.7% of total export in the period. This was largely dominated by exports of  Natural Gas liquefied (N61.50billion), Petroleum oils and oils obtained from bituminous minerals, crude (N55.80billion),Other petroleum gases(N21.81billion),Other Liquefied petroleum gases N9.05billioand Sesamum seeds (N7.14billion. On the other hand, the value of imports from China stood at N2078.6billion representing 29.9% of total imports. The largest import commodity from China was "Machines 4 the reception,conversion & transmission (N118.69 billion),Other Herbicides (N81.17billion),Poly ethylene terephthalate (N45.81billion) ,Motorcycles (N32.72)and others

 

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Click Here to Download Q2 2021 Terms of Trade and Commodity Price Index PDF Report


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Latest 2021 NBS Reports

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 Q3 2021

1.      Average Price of 1 Piece of Egg Increased by 24.37% MoM in August 2021 - NBS

2.     Average Fare Paid for Bus Journey Increased by 4.98% MoM in August 2021 - NBS

3.     Average Prices of PMS, AGO, HHK and Cooking Gas - August 2021

4.     Headline Inflation Increases by 17.01% YoY in August 2021, 0.37% Lower Than July 2021 Rate - NBS

5.     635 Movies Produced in Q2 2021 - NBS

6.     563,385 Passengers Travelled Via Rail in Q2 2021 - NBS

7.     Merchandise Trade Grew Stronger in Q2 2021 Due to Sharp Increase in Export

8.     Average Prices of 1kg of Tomato Increased YoY by 36.45% to N414.83

9.     Average Fare Paid by Commuters for Intercity Journey Increased by 0.81% MoM in July 2021 - NBS

10.  Nigeria's Real GDP Grew by 5.01% YoY in Q2 2021 from 0.51% in Q1 2021

11.   Average Prices of PMS, AGO, HHK and Cooking Gas - July 2021

12.  Headline Inflation Increases by 17.38% YoY in July 2021, 0.37% Lower Than June 2021 Rate - NBS

13.  N472.07bn Generated as Company Income Tax in Q2 2021, Increases by 17.42% YoY - NBS

14.  N512.25bn Generated as VAT in Q2 2021, Increases by 3.20% QoQ - NBS

15.  Total Value of Capital Imported into Nigeria in Q2 2021 Declined by 54% QoQ - NBS

16.  Average Fare Paid for Bus Journey Increased by 2.80% MoM in June 2021 - NBS

17.  Average Price of 1kg of Tomato Increased by 13.92% YoY in June 2021 - NBS

18.  Average Prices of PMS, AGO, HHK and Cooking Gas - June 2021

19.  Headline Inflation Increases by 17.75% YoY in June 2021, 0.18% Lower Than May 2021 Rate - NBS


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Q2 2021

1.      All Commodity Group Import Index Increased by 0.82% in Q1 2021 - NBS

2.     424,460 Passengers Travelled Via Rail in Q1 2021 - NBS

3.     37.67% of Nigeria's Total Public Debt Was External as of Q1 2021 - NBS

4.     Average Price of 1kg of Rice Increased by 0.65% MoM to N544.09 in May 2021

5.     Average Fare Paid by Passengers for Water Transport Increased by 0.99% MoM to N828.35 in May 2021

6.     Average Prices of PMS, AGO, HHK and Cooking Gas - May 2021

7.     Headline Inflation Increases by 17.93% YoY In May 2021, 0.19% Lower Than April 2021 Rate - NBS

8.     FAAC Disburses N640.31bn in February 2021 - NBS

9.     Active Voice Subscribers Declined by -5.96% QoQ in Q1 2021 - NBS

10.  Nigeria's Merchandise Trade Deficit Deepens in Q1 2021 Due to Rising Imports

11.   Average Prices of 1kg of Tomato Increased by 0.09% YoY in April 2021 - NBS

12.  Average Fare Paid by Commuters for Intercity Bus Journey Increased by 1.48% MoM in April 2021 - NBS

13.  Nigeria's Real GDP Grew by 0.51% YoY in Q1 2021 - NBS

14.  Average Prices of PMS, AGO, HHK and Cooking Gas - April 2021

15.  Headline Inflation Increases by 18.12% YoY In April 2021, 0.05% Lower Than March 2021 Rate - NBS

16.  416 Movies Produced in Q1 2021 - NBS

17.  N392.77bn Generated as CIT in Q1 2021 - NBS

18.  N496.39bn Generated as VAT in Q1 2021 - NBS

19.  Banking Sector Records 3.46bn Volume of Transaction in Q4 2020 - NBS

20. Average Price of 1kg of Tomato Decreased by -0.64% MoM in March 2021 - NBS

21.  Average Fare for Bus Journey Within City Increased by 4.42% MoM in March 2021 - NBS

22. N1.31trn Generated as IGR in 2020 - NBS

23. Headline Inflation Increases by 18.17% YoY In March 2021, 0.82% Higher Than February 2021 Rate - NBS

24. Average Prices of PMS, AGO, HHK and Cooking Gas - March 2021

25. Real Household Consumption Expenditure Growth Rate Stood at 0.18% in 2020 - NBS

26. All Commodity Group Import Index Grew By 0.13% in Q4 2020 - NBS

27. 38.60% of Nigeria's Total Public Debt Was External in Q4 2020 - NBS

 

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Q1 2021

28. Average Price of 1kg of Tomato Increased by 11.33% YoY in February 2021 - NBS

29. Average Fare Paid by Commuters for Intercity Journey Increased by 1.13% MoM in February 2021 - NBS

30. FAAC Disburses N619.34bn in January 2021 - NBS

31.  Average Prices of PMS, AGO, HHK and Cooking Gas - February 2021

32. Active Voice Subscribers Declined by -0.32% QoQ in Q4 2020 - NBS

33. Headline Inflation Increases by 17.33% YoY In February 2021, 0.86% Higher Than January 2021 Rate

34. Nigeria's Unemployment Rate Increases to 33.3% in Q4 2020 from 27.1% in Q2 2020 - NBS

35. Total Trade Higher By 8.9% in Q4 2020, Lower By 10.3% in FY 2020

36. Average Price of 1kg of Tomato Decreased by -6.59% MoM in January 2021

37. Average Prices of PMS, AGO, HHK and Cooking Gas - January 2021

38. Nigeria Exits Recession, Real GDP Grew by 0.11% in Q4 and -1.92% in Full Year 2020

39. Headline Inflation Increases by 16.47% YoY In January 2021, 0.71% Higher Than December 2020 Rate

40. FAAC Disburses N2.49trn to FG and N2.30trn to States in Year 2020 - NBS

41.  FAAC Disburses N601.11bn in December 2020 - NBS

42. FAAC Disburses N604.00bn in November 2020 - NBS

43. Total Value of Capital Importation into Nigeria Stood at US$1,069.68m in Q4 2020 - NBS

44. N295.72bn Generated as Company Income Tax in Q4 2020 - NBS

45. N454.69bn Generated as Value Added Tax in Q4 2020 - NBS

46. Average Price of 1kg of Tomato Increases by 17.51% YoY in December 2020 - NBS

47. Average Air Fare Increases by 18.54% YoY in December 2020 - NBS

48. Average Prices of PMS, AGO, HHK and Cooking Gas - December 2020

49. Headline Inflation Increases by 15.75% YoY In December 2020, 0.86% Higher Than November 2020 Rate

50. 62.18% of Nigeria's Total Public Debt as of Q3 2020 Was Domestic - NBS

51.  Active Voice Subscribers Grew by 4.59% in Q3 2020 - NBS

 

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