All Region TOT Decreased by -0.79% in Q2 2020 Due to Weaker Trade With Europe, Africa and Asia

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Highlights                                     

Between April and June 2020 (Jan 2018=100):

  • The All region group import index increased by 0.16%% due to marginal increases in the prices of goods from Africa and Asia.
  • The All region terms of trade decreased by -0.79% due to weaker trade with Europe, Africa and Asia during the period.
  • Nigeria's major trading partners in Q2 2020 were Spain, The Netherlands, China, India and France
  • The major exports  to these countries were  crude petroleum and natural gas
  •  The major imports from these countries were Motor spirits, motor cycles and herbicides / anti sprouting products.


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, 2020.

 

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

The All commodity group import index rose by 0.16% between April and June 2020. The index was driven by an increase in the prices of   Footwear, headgear, umbrellas, sunshades, whips (5.52%),   Raw hides and skins, leather, furskins, etc.; saddlery (5.28%),  Pearls, precious and semi-precious stones, precious metals (3.71%). It was, however, negatively affected by Prepared foodstuffs; beverages, spirits, and vinegar; tobacco (-4.60%), Live animals; animal products (-1.94%) and Articles of stone, plaster, cement, asbestos, mica, ceramic (-1.36%).


Between April and May 2020, the All commodity group import index rose by 0.84%. During this period, the index was driven by higher prices of Footwear, headgear, umbrellas, sunshades, whips etc (2.76%), Raw hides and skins, leather, furskins etc.; saddler(2.67%), Pearls, precious and semi-precious stones, precious metals (1.87%) and Miscellaneous manufactured articles (1.62%). However, the rise was offset by decreases in the prices of Articles of stone, plaster, cement, asbestos, mica, ceramic (-0.68%), Live animals; animal products (-0.50%), as well as Vehicles, aircraft and parts thereof; vessels etc (-0.34%) amongst others.


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Between May and June, 2020, the All commodity group import index fell by -0.68%, driven by decline in prices of Prepared foodstuffs; beverages, spirits and vinegar (-5.06%), Live animals; animal products (-1.44%), Mineral products (-1.09%) and Vegetable products (-0.37%). This was offset by increases in the prices of Footwear, headgear, umbrellas, sunshades, whips etc (2.76%), Raw hides and skins, leather, furskins etc.; saddlery (2.60%), Pearls, precious and semi-precious stones, precious metals (1.84%) and Miscellaneous manufactured articles (1.59%).   


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2. All commodity group export index (Table 2)

 

Between April and June 2020, the All commodity group export price index decreased by -0.63 % due to decreases in the prices of Boilers, machinery and appliances (-10.64%), Base metals and articles of base metals (-1.84%) and Miscellaneous manufactured articles (-1.30%). The prices of wood and articles of wood, wood charcoal and articles (2.59%), prepared foodstuffs; beverages, spirits and vinegar; tobacco (2.23%) and vegetable products (1.86%) moved in the opposite direction during the period.


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Between April and May 2020, the All commodity group export index rose by 0.27%. This was due to increases in the prices of Prepared foodstuffs; beverages, spirits and vinegar; tobacco (3.88%), Textiles and textile articles (0.85%) and Vegetable products (0.37%). However, the increase was tempered by declines in the prices of Base metals and articles of base metals (-1.78%), Wood and articles of wood, wood charcoal and articles (-1.68%) and Boilers, machinery and appliances; parts thereof (-0.87%).


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The monthly change between May and June for the All commodity export index was -0.90%. This decrease can be attributed to a significant decrease in the price of Boilers, machinery and appliances; parts thereof (-9.77%), Prepared foodstuffs; beverages, spirits and vinegar; tobacco (-1.65%) and products of the chemical and Allied industries (-1.26%). This was offset by increases in the wood and articles of wood, wood charcoal and articles (4.27%), Live animals; animal products (1.73%) and Vegetable products (1.49%).


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

 

The All commodity group terms of trade declined all through the quarter, from 101.21 in April, declining to 100.64 in May  before dropping to 100.42 in June.


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This represents a decrease of -0.57% in May compared to April and -0.22% in June against the preceding month. On average, the terms of trade decreased by -0.79% between April and June. This decrease is explained by large declines across most of the commodity groups, including a significant decrease in Boilers, machinery, and chemical appliances; parts thereof (-11.60%), Footwear, headgear, umbrellas, sunshades, whips (-5.18%) and Raw hides and skins, leather, furskins (-5.13%). Commodity groups that saw increased indices, however, include Prepared foodstuffs; beverages, spirits, and vinegar; tobacco (7.00%) and Live animals; animal products (3.58%).


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4. All Region Group export index (Table 4)

Between April and June, the All region group export index recorded an overall decrease of -0.63% due to decreases in the prices of exports to most regions: Europe (-1.61%), America (-0.23%), Asia (-0.09%) and Oceania (-0.01%). Between April and May, the index recorded a marginal increase of 0.27% but this was followed by a decrease of -0.90% between May and June.


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Between April and May 2020, the All region group export index rose 0.27% due to increases in export prices to Europe and Africa. However, this reversed between May and June when the monthly change in the All-Region export index fell -0.90% due to decreases in export prices to Europe (-2.09%), America (-0.20%), and Asia (-0.11%).


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5. All Region Group import index (Table 5)

Between April and June, the All region group import index recorded an increase of 0.16%, driven by increases in Africa (2.58%) and Asia (0.82%). The rise in the import index was, however, offset by the declines in prices of imports from Europe (-0.36%), America (-0.30%), and Oceania (-0.08%). Between April and May, the index recorded an increase of 0.84% but declined -0.68% in June.


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The May monthly change stood at 0.84%, reflecting the increased prices of imports from Africa (1.30%), America (0.87%), Asia (0.85%) and Europe(0.81%) with a marginal decrease for Oceania (-0.04%). In June, the All region group import index declined by -0.68%, as a result of price falls across all regions except Africa (1.28%).  

 

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

 

The All Region group terms of trade stood at 101.21 in April, 100.64 in May and 100.42 in June.


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The data shows that the terms of trade decreased by -0.57% in May and -0.22% in June. Overall, the All region terms of trade decreased by -0.79 % during the period due to decreases in export prices to Europe (-1.25%), Africa (-0.96%), and Asia (-0.90%). America and Oceania moved in the opposite direction with 0.09% and 0.07% increases respectively.

 

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Merchandise Trade By Top Five Partners And By Major Commodities (N’million) Q2 2020


A. SPAIN

 

The value of total export to Spain amounted to N310.75 billion, while the value of imports stood at N49.89 billion during the quarter. The main export commodities during this period were Petroleum oils and oils obtained from bituminous minerals, crude, valued at N133.98 billion, followed by Other Light vessels, fire-floats, floating cranes, etc, nes worth N129.00 billion and Natural gas, liquefied valued at N45.12 billion. Major imports from Spain were Mixed alkylbenzenes & mixed alkylanaphthalenes, valued at N12.77 billion, Motor Spirit ordinary and Gypsum; anhydrite whether or not coloured, with/without small quantities of accelerators, respectively worth N5.11 billion and N3.79 billion.


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B. THE NETHERLANDS

 

In Q2 2020, exports to the Netherlands was valued at N243.68 billion, while the value of import during the period stood at N202.86 billion. The major export commodities were Petroleum oils and oils obtained from bituminous minerals, crude valued at N221.68 billion, followed by Superior quality raw cocoa beans, and Natural gas, liquefied, each valued at N9.31 billion and N5.10 billion respectively. Conversely, the main commodities imported were Motor Spirits ordinary, which amounted to N42.19billion, Used Vehicles, with diesel or semi-diesel engine, of cylinder capacity >2500cc (N28.45 billion) and Supported catalysts with precious metal or its compounds as the active substance (N17.15 billion).


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C. CHINA

 

Total exports to China during the period under review was valued at N220.35 billion. The largest export commodity to China was Petroleum oils and oils obtained from bituminous minerals, crude valued at N189.9billion. This was followed by Natural gas, liquefied (N15.7billion) and Other petroleum gases etc in gaseous state (N10.17 billion). On the other hand, imports from China were valued at N1,263.62 billion or 31.41% of total import. Import trade in the period under review was dominated by Other Herbicides, anti-sprouting products (N58.79billion), followed by Machines for the reception, conversion & transmission or regeneration of voice, images or... (N49.50billion) and Railway/tramway passenger coaches, not self-propelled; luggage vans, post office coaches (N28.29billion).


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D.INDIA

India was among Nigeria's leading trade partners in the second quarter of 2020, with exports to India valued at N195.55billion or 8.81% of total exports. Export trade was largely dominated by Petroleum oils and oils obtained from bituminous minerals, Crude (N147.67 billion), followed by Natural gas, liquefied, (N36.92 billion) and Cashew nuts, in shell (N2.99 billion). The value of imports stood at N322.30 billion representing 8.01% of total imports. The top three import commodities from India were motorcycles and cycles, imported CKD by established manufacturers >50cc , Other Food preparations not elsewhere specified  and Other antibiotics valued at N66.6billion, N21.9billion and N17 billion respectively.


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 E.  FRANCE

In Q2 2020, exports to France was valued at N120.2 billion. The major commodities exported during the period were Natural gas, liquefied, worth N64billion or 53.2% of total exports, as well as Petroleum oils and oils obtained from bituminous minerals, crude, valued at N52.4billion or 43.6% of total exports. On the other hand, total commodity imports from France amounted to N62.4 billion, representing 1.6% of total imports. The main commodities imported were Malt, not roasted, valued at  N8.3billion or 13.3% of total imports from France, Motor Spirit, ordinary, valued at N4.0billion or 6.5% and Machinery for filling, closing, capsuling, labelling, valued at N3.6 billion or 5.7% of total imports from France.

 

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Click Here to Download Q2 2020 Terms of Trade and Commodity Price Index Data PDF Report


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Latest 2020 NBS Reports

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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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