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

Proshare

Saturday, April 10, 2021 12:20 PM / by NBS/ Header Image Credit:  NBS

 

Highlights:                                    

Between October and December 2020 (Jan 2018=100):

  • The All-commodity group import index on average grew by 0.13%, driven by Base metals and articles of base metals, Boilers, machinery and appliances; parts thereof and Products of the chemical and allied industries.
  • The All-commodity group export index decreased by 0.25% due to declines in the prices of wood and articles of wood, wood charcoal and articles, Vehicles, aircraft and parts, Base metals and articles of base metals.
  • The All products terms of trade (TOT) index, on average, decreased by 0.39% as a result of declines in the prices of base metals and articles of base metals, wood and articles of wood, wood charcoal, products of the chemical and allied industries.
  • All-region export index decreased by 0.25% due to declines in export prices to All-regions except Asia
  • The All-region group import index rose 0.13% due to increases in import prices across All-regions except Africa and Europe
  • The All-region terms of trade on average declined by -0.39% due to unfavourable terms of trade across all regions.
  • The major export and import market of Nigeria in Q42020 were India, Spain, the Netherlands, the United States  and China.
  • The major export to these countries were  crude petroleum and natural gas.
  • The major imports from these countries were Motor spirits, Used vehicles, 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 October To December 2020

All-commodity group import index (Table 1).

The All-commodity group import index increased by 0.13% between October and December 2020. This was driven mainly by an increase in the prices of Base metals and articles of base metals (1.0%), Boilers, machinery and appliances; parts thereof (1.03%), and Products of the chemical and allied industries (0.75%). However, the index was negatively affected by animal and vegetable fats and oils and other cleavage prod. (-1.06%), Prepared foodstuffs; beverages, spirits and vinegar; tobacco (-0.66%) and Plastic, rubber and articles thereof (-0.37%).


Proshare Nigeria Pvt. Ltd.


Between October and November 2020, the All-commodity group import price index decreased by 0.23%. The index was driven by decreases in the import prices of Boilers, Machinery and Appliances (-1.77%), Prepared foodstuffs, Beverages, spirits and Vinegar (-1.35%) and Animal and Vegetable fats and Oils (-1.20%). It was offset by increase in the prices of Products of the chemical and allied industries (1.48%), Wood and articles of wood, wood charcoal and articles (1.18%) and Mineral products (0.49%).

           

 Proshare Nigeria Pvt. Ltd.

 

Between November and December 2020, the All-commodity group import index grew by 0.36%, driven by increase in import prices of Boilers, Machinery and Appliances (2.80%) as well as Base metals and Articles (1.91%). It was negatively affected by fall in prices for products of the chemical and Allied industries (-0.73%), mineral products (-0.71%) and Wood and Articles of wood, wood charcoal and Articles (-0.58%).

 

Proshare Nigeria Pvt. Ltd.


All-commodity group export index (Table 2)

 

The All-commodity group export index decreased by 0.25% between October and December 2020. This was due to decreases in the prices of wood and articles of wood, wood charcoal and Articles (-0.49%), Vehicles, Aircraft and Parts (-0.44%), Base Metals and Articles of Base Metals (-0.41). This was partly mitigated by a increase in the prices of boilers, Machinery and Appliances (0.66%)  

 

Proshare Nigeria Pvt. Ltd.

 

Between October and November 2020, the All-commodity export price index fell by 0.49%. This was a result of decreases in the prices of wood and articles of wood, wood charcoal and articles (-0.98%), Vehicles, aircraft and parts (-0.88%) and Base metals and Articles of Base Metals (-0.83%). This was offset by the prices of prepared foodstuffs, beverages, spirits and Vinegar (1.60%), Boilers, Machinery and Appliances (1.31%).

Proshare Nigeria Pvt. Ltd.

 

Between November and December 2020, the All-commodity group export index rose by 0.23%. This was driven by increases in the prices of wood and articles of wood, wood charcoal and Articles (0.50%), Vehicles, Aircraft and parts (0.44%). However, the index was negatively affected by declines in the prices of Boilers, Machinery and Appliances (-0.65%), prepared foodstuffs, beverages, spirits and Vinegar (-1.88%) and Others.

 

Proshare Nigeria Pvt. Ltd.


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

 

The All-commodity terms of trade for October, November and December 2020 stood at 100.43, 100.17 and 100.04. 

 

  Proshare Nigeria Pvt. Ltd.

 

The All-commodity group terms of trade fell 0.26% in November, 0.13% in December and on average by 0.39% between October and December 2020. The decline in terms of trade between October and December was driven by Base metals and Articles of base metals (-1.42%), wood and articles of wood, wood charcoal (-1.05%), Products of the Chemical and Allied industries (-0.93%). The decline was, however mitigated by increases in the prices of Animal and Vegetable fats and oils and other cleveage products (0.90%), Prepared foodstuffs, beverages, spirits and Vinegar (0.44%), as well as Plastic, Rubber and Articles thereof (0.16%).


Proshare Nigeria Pvt. Ltd.


Between October and November 2020, the All-commodity terms of trade decreased by 0.26%. The products responsible for the decrease were wood and articles of wood, wood Charcoal and articles (-2.14%), products of the Chemical and Allied industries (-1.89%) and mineral products (-1.0%). This was offset by Boilers, Machinery and Chemical Appliances (3.14%), Prepared foodstuffs, beverages, spirits and Vinegar (2.99%).

 

Proshare Nigeria Pvt. Ltd.


Between November and December 2020 the All-commodity terms of trade fell by 0.13%. This was as a result of declines in the prices of Boilers, Machinery and Chemical Appliances (-3.36%), Prepared foodstuffs, Beverages (-2.55%) and Base metals and Articles (-1.46%). The decline was offset by increases in the process of wood and articles of wood, wood charcoal and articles (1.09%) and Mineral products (0.97%).

 

 Proshare Nigeria Pvt. Ltd.

 

All-region Group export index (Table 4)

 

All-region export index decreased by 0.25% between October and December 2020 due to declines in export prices to All-regions except Asia (Africa -1.18%, Europe -0.27%, America -0.19 % and Oceania-0.17%). During the quarter, exports to Asia recorded an increase of 0.16%. The month –on-month changes show a decrease of 0.49% in November and a slight increase of 0.23% in December.


Proshare Nigeria Pvt. Ltd.


The monthly percentage change between October and November 2020 was due to decreases in the prices of exports to All-regions except Asia (which increased by 0.33%).

 

Proshare Nigeria Pvt. Ltd.


The monthly change between November and December 2020 stood at 0.23%. This was a result of higher export prices to All-regions with the exception of Asia (-0.17%).


Proshare Nigeria Pvt. Ltd.

 

All-region Group import index (Table 5)

 

The All-region group import index rose 0.13% between October and December 2020 due to increases in import prices across All-regions except Africa and Europe (Oceania 0.75%, Asia 0.59% and America 0.53%). Africa and Europe recorded price declines 0.22% and 0.24% respectively. The monthly percentage change showed a decrease of 0.23% in November but an increase of 0.36% in December.

 

Proshare Nigeria Pvt. Ltd.


Between October and November 2020, the All-region import index declined by 0.23% due to decreases in the import prices from Asia (-1.25%) and Africa (-0.44%). This was offset by higher import prices from Oceania (1.47%), America (1.04%) and Europe (0.21%).


Proshare Nigeria Pvt. Ltd.


 Between November and December 2020, the All-region group import index recorded an increase of 0.36%. This was driven by Asia (1.84%) and Africa (0.22%) but offset by Oceania (-0.73%), America (-0.52%) and Europe (-0.45%).

 

Proshare Nigeria Pvt. Ltd.

 

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

 

The All-region group terms of trade index stood at 100.43 in October, 100.17 in November and 100.04 in December.

 

 Proshare Nigeria Pvt. Ltd.


The terms of trade by region declined by 0.26% in November and 0.13% in December. The All-region terms of trade on average declined by -0.39% due to unfavourable terms of trade across all regions.


Proshare Nigeria Pvt. Ltd.

 

Merchandise Trade By Top Five Partners And By Major Commodities (N'million) Q4, 2020

A. INDIA

Total exports to India in Q4 was valued at N547.02 billion or 17.12% of total export. The largest export commodity to India was Petroleum oils and oils obtained from bituminous minerals, crude valued at N516.82 billion, followed by Natural gas liquefied and Leather further prepared after tanning/crusting,incl.parchment-dresssed leather of sheep/lam valued at N26.66billion and (N2.13billion) respectively. On the other hand, the value of import trade from India was valued at N506.00 billion, accounting for 8.54% of total imports. Import trade was dominated by imported motorcycles and cycles, imported CKD by established manufacturers >50cc<=250cc, valued at N87.95 billion, followed by Gas Oil (N55.97 billion) and Other Antibiotics (N40.30billion).

 

Proshare Nigeria Pvt. Ltd.

 

B. SPAIN

The value of total exports to Spain stood at N313.38billion or 9.81% of total export. The dominant export product was Petroleum oils and oils obtained from bituminous minerals, crude valued at N243.02billion accounting for 77.54% of total export. This was followed by Natural liquefied gas worth N63.81 billion and Leather further prepared after tanning/crusting without wool on of goats or kids valued at N3.02 billion. However, the value of imports during the quarter stood at N84.90billion. Motor Spirit ordinary billion ranked at the top of imports, valued at N29.05billion, followed by Mixed alkylbenzenes & mixed alkylanaphthalenes, valued at N15.74billion and Gypsum; anhydrite whether or not coloured, with/without small quantities of accelerators, worth N5.61billion.

 


Proshare Nigeria Pvt. Ltd.

 

C. THE NETHERLANDS

Nigeria’s export trade with the Netherlands in Q4 2020 was valued at N194.50 billion or 6.09% of total exports. Major export products were: Petroleum oils and oils obtained from bituminous minerals, crude valued at N190.74 billion, followed by Superior quality raw cocoa beans, and Good Fermented Nigerian Cocoa Beans valued at N1.93 billion and N1.38 billion respectively. However, the value of imports stood at N424.49, with the main commodities imported being Motor Spirit ordinary, which amounted to N165.50 billion, Other Antibiotics (N108.78billion) and Gas oils (N47.12 billion).


 

Proshare Nigeria Pvt. Ltd.



 

D. THE UNITED STATES

In Q4 2020, Nigeria's export trade with the United States was valued at N170.36 billion accounting for 5.33% of total exports. The major commodities exported during the period were Petroleum oils and oils obtained from bituminous minerals, crude; Other petroleum gases etc in gaseous state and Natural gas, liquefied, valued at N142.60 billion, N22.92 billion and N2.58 billion respectively. On the import side, value of imports amounted to N448.64billion, with the main commodities imported being Used Vehicles, with diesel or semidiesel engine, of cylinder capacity >2500cc, amounting to N155.13billion. Other products imported were Other Durum wheat (Not in seeds) (N54.61 billion) and Used Vehicles, with diesel or semidiesel engine, of cylinder capacity >1500=<2500c (N 35.12 billion).

 

Proshare Nigeria Pvt. Ltd.




E:  CHINA

 

Exports to China was valued at N156.78billion or 4.91% of total exports during the period. This was largely dominated by Crude (N57.5billion), Natural Gas liquefied (N45.83billion) and Sesamum seeds, whether or not broken (N18.13billion). On the other hand, the value of imports from China stood at N1,675.55 billion representing 28.28% of total imports. The largest import commodity from China was Machines 4 the reception, conversion & transmission or regeneration of voice, images or...; Bending, folding... machines (incl. presses), numerically controlled; and Air conditioning machine, Window/wall types, self-contained / split system, presented CKD valued at N53.13 billion, N41.08billion and N35.14 billion respectively.

 

Proshare Nigeria Pvt. Ltd.

 


Click Here to Download Q4 2020 Terms of Trade and Commodity Price Index PDF Report

 Proshare Nigeria Pvt. Ltd.

Latest 2021 NBS Reports

 Proshare Nigeria Pvt. Ltd.

Q1 2021

1.      38.60% of Nigeria's Total Public Debt Was External in Q4 2020 - NBS

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

24. 62.18% of Nigeria's Total Public Debt as of Q3 2020 Was Domestic - NBS

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




Proshare Nigeria Pvt. Ltd.

 Proshare Nigeria Pvt. Ltd.

READ MORE:
Related News
SCROLL TO TOP