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

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Friday, July 02, 2021 07:00 PM / by NBS/ Header Image Credit:  NBS

 

Highlights   

Between Jan and Mar 2021 (Jan 2018=100):

  • The All commodity group import index increased by 0.82% driven mainly by an increase in the prices of Mineral products, Live animals; animal products and Animal and Vegetable fats and oils and other Cleavage products.
  • The All commodity group export index rose by 0.31% due to increases in the prices of Live animals; Animal product, Vegetable products as well as Animal and Vegetable fats and oil.
  • The All products terms of trade (TOT) index on average decreased by 0.51% as a result of  decreases in Boilers, machinery and chemical appliance, Base metals and articles of base metals and Mineral products.
  • The All region group export index rose 0.31% due to increases in the prices of exports to all regions.
  • The All region group import index decreased by 0.82% due to decreases in prices of imports from America and Oceania.
  • The All region Terms of Trade, on average decreased by 0.51% due to unfavourable terms of trade in the regions of Asia and Oceania.
  • The top five trading partners for Nigeria in Q1 2021 were India, Spain, China, the Netherlands  and France.
  • The major export was 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 January to March 2021

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

The All commodity group import index increased by 0.82% between January and March, 2021. This was driven mainly by an increase in the prices of Mineral products (1.53%), Live animals; animal products (1.38%) and Animal and Vegetable fats and oils and other Cleavage products (1.24%). However, the index was negatively affected by declines in the prices of products of the chemical and Allies industries (-0.36%) as well as Wood and articles of wood, wood charcoal and articles (-0.29%).


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Between January and February 2021, the All commodity group import price index increased by 0.75%. This was driven by increases in the import prices of Animal and Vegetable fats and oils and other Cleavage (1.77%), Mineral Products (1.63%) and Live animals; animal products (1.37%). The increase was, however,  offset by decline in the price of Products of the Chemical and Allied industries (-0.73%) and Wood and articles of wood, wood charcoal and articles (-0.58).


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 Between February and March, 2021, the All commodity group import index grew by 0.07%, driven by increase in the prices of Base metals and articles of Base metals (0.51%), Boilers, Machinery and Appliances (0.50%) etc. The index was negatively affected by decline in the prices of Animal and vegetable fats and oils and other cleavage (-0.54%), prepared foodstuffs; beverages, spirits and Vinegar (-0.34%) and Plastic rubber and articles thereof (-0.19%).


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2. All commodity group export index (Table 2)

The All commodity group export index rose by 0.31% between January and March, 2021. This was due to increases in the prices of Live animals; Animal product (2.26%), Vegetable products (2.09%) as well as Animal and Vegetable fats and oil (1.47%).


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Between January and February, 2021 the All commodity export price index rose by 0.92% as a result of marginal increases in the prices of prepared foodstuffs; beverages, spirits and Vinegar; tobacco (1.30$%), wood and Articles of wood, wood charcoal and Articles (0.95%), Vehicles, aircraft and parts (0.94%), Base metals and articles (0.94%) etc 

 

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Between February and March, 2021, the All commodity group export index decreased marginally by 0.61%. This was driven by decreases in the prices of Wood and articles of wood, wood charcoal and articles (-0.65%), Vehicles, aircraft and parts thereof, (-0.64%), as well as base metals and articles of base metals (-0.64%).  The index was driven in the positive direction by increases in the prices of Live animals; animal products (1.35%), Vegetable products (1.19%) and Animal and vegetable fats and oil (0.57%) amongst others.


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Terms of Trade by commodity

The All commodity Terms of Trade Index for January, February and March 2021 stood at 101.64, 101.81 and  101.12 respectively.

 

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The All commodity group terms of trade increased by 0.17% in February but fell by 0.67%  in March resulting in an average decline of 0.51% between January and March 2021. The decline was driven by decreases in the prices of Mineral products (-1.21%), base metals (-0.65%), and Boilers, machinery and chemical appliance (-0.46%) but was offset by increases in the prices of Vegetable products (2.0%), Live animals; animal products (0.88%) and Products of the chemical and allied industries (0.68%) respectively.


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Between January and February 2021, the All commodity terms of trade increased by 0.17%. The products that contributed to the increase were Products of the chemical and allied industries (1.65%), Wood and articles of wood, wood charcoal and articles (1.54%) and, marginally, Paper making material; paper and paperboard, articles (0.75%). It was offset by declines in the prices of Animal and vegetable fats and oils and other cleavage products (-0.85%), Mineral products (-0.71%) and Live animals; animal products (-0.46%).

 

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Between February and March, 2021 the All commodity terms of trade decreased by 0.67%. This was as a result of decreases in the prices of Base metals and articles of base metals (-1.14%), Products of the chemical and allied industries (-0.97)%, Wood and articles of wood (-0.94%). This was positively offset by Live animals; animal products  (1.34%), Vegetable products (1.29%) and Animal and Vegetable fats and oils and other cleavage products (1.11%).

 

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All Region Group Export Index

All Region export index increased by 0.31% between January and March 2021 due to marginal increases in prices of exports to all Regions as follow: Asia (0.33%), Europe (0.31%), Oceania (0.31%), America (0.31%), and Africa (0.26%). The month-on-month changes showed an increase of 0.92% in February and a decrease of 0.61% in March.


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 Between January and February 2021, the export index recorded an increase of 0.92% due to marginal increases in prices of exports to all regions: Africa (1.04%), Europe (0.92%), America (0.91%), Oceania (0.90%) and Asia (0.87%).

 

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Between February and March 2021 the monthly change stood at -0.61%, driven by decreases in the prices of exports to all regions: Africa (-0.79%), America (-0.60%), Asia (0-53%), Europe (-0.61%) and Oceania (-0.59%).

 

All Region Group Import Index 

The All Region import index rose 0.82% between January and March 2021 due to  marginal increases  in prices of imports from some Regions: Europe (1.16%), Asia (0.75%) and Africa 0.11%). However, prices of imports from America and Oceania during the period recorded marginal decreases of 0.26% and 0.36% respectively. The month -on-month changes showed an increase of 0.75% in February and 0.07% in March.


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Between January and February 2021 the monthly change of 0.75% was due to increases in import prices from Europe (1.28%), Asia (0.46%) and Africa (0.22%), but was offset by declines in import prices from America (-0.52%) and Oceania (-0.73%).


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Between February and March 2021, the All region import index recorded a slight increase of 0.07%, driven by higher prices of imports from Oceania (0.37%), Asia (0.29%) and America(0.26%). It was offset by decline in the prices of imports from Africa (-0.11%), and Europe (-0.12%).


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Terms of Trade by Country of Regions

The All Region group terms of trade index stood at 101.64 in January, 101.81 in February and 101.12 in March.

 

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The terms of trade by region rose 0.17% in February but decreased by 0.67% in March. On average, the All region terms of trade decreased by 0.51% between January and March 2021 due to unfavourable terms of trade across all regions.


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Merchandise Trade By Top Five Partners And By Major Commodities (N'm) Q1, 2021

A. India

The total export to India in the period was valued at N488.1 billion or 16.8% of total export. The largest export commodity to India was Petroleum oils and oils obtained from bituminous minerals, crude valued at (N462.12 billion). This was followed by Natural gas liquefied, Cashew nuts in shell, Leather further prepared after tanning and Coconut valued at N11.61billion, N5.13billion, N3.17 billion and N1.10 billion respectively.


Imports from India was valued at N589.11billion, accounting for 8.6% of total import. Import trade during the period was dominated by imported motorcycles and cycles (N86.67 billion), followed by Parts of Machinery for working Rubber (N67.81 billion), Other Antibiotics (N45.32billion) and others.


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B. Spain

The value of total exports to Spain stood at N287.2billion or 9.9% of total export. The dominant export product was Petroleum oils and oils obtained from bituminous minerals, crude valued at N213.1billion. This was followed by Natural liquefied gas worth N62.3 billion and Leather further prepared after tanning valued at N8.6 billion. Others are good fermented Cocoa beans and Technical specified Natural Rubber valued at N1.2billion and N0.5 billion respectively. On the other hand, the value of imports from Spain during the quarter stood at N78.9billion. Motor Spirit (ordinary) ranked first in imports, valued at N20.82billion, and was followed by Mixed alkylbenzenes & mixed alkylanaphthalenes, valued at N13.75billion, Petroleum Bitumen (N6.38 billion) and Gypsum; anhydrite worth N5.81billion.


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C.  China 

Export to China was valued at N190.1billion or 6.5% of total export in the period. This was largely dominated by exports of Petroleum oils and oils obtained from bituminous minerals, crude (N57.61billion), Natural Gas liquefied (N47.50billion) and Sesamum seeds (N23.11billion). On the other hand, the value of imports from China stood at N2009.94billion representing 29.34% of total imports. The largest import commodity from China was Machines 4 the reception, conversion & transmission (N75.12 billion),T-shirts, Singlet and other Vests of Cotton (N62.60 billion),Other Herbicides (N60.35billion) and others.

 

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D. The Netherlands

Nigeria's export to the Netherlands in Q1, 2021 was valued at N160 billion or 5.5% of total export. Major export products were Petroleum oils and oils obtained from bituminous minerals, crude valued at N144.79billion. This was followed by Good Fermented Nigerian Cocoa Beans valued at N9.15billion, Superior quality Cocoa beans (N1.95billion) and other frozen shrimps (N1.06 billion). However, the value of import stood at N726.09, with commodities imported including antibiotics valued at N329.23billion, Motor Spirit ordinary valued at N213.64billion, Gas oil (N71.85billion) and others.

 

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E. France

In Q1 2021, Nigeria's exports to France was valued at N133.4 billion, accounting for 4.6% of total export. Major commodities exported during the period were Natural gas, liquefied valued at N72.99 billion, Petroleum oils and oils obtained from bituminous minerals, crude (N55.55billion), Oil cake and other solid residues (N1.88 billion) and others. On the imports side, value of imports amounted to N128.41billion, with leading commodities including Motor spirit (N43.96billion), Malt not roasted (N10.26billion), Other parts of Aeroplanes and Helicopters (N7.74 billion). Other products imported were  Milk and Cream powder (N4.88billion) and transmission apparatus (N3.46 billion).


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Latest 2021 NBS Reports

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Q2 2021

1.      424,460 Passengers Travelled Via Rail in Q1 2021 - NBS

2.     37.67% of Nigeria's Total Public Debt Was External as of Q1 2021 - NBS

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

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

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

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

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

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

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

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

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

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

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

14.  416 Movies Produced in Q1 2021 - NBS

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

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

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

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

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

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

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

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

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

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

25. 38.60% of Nigeria's Total Public Debt Was External in Q4 2020 - NBS

 

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Q1 2021

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

48. 62.18% of Nigeria's Total Public Debt as of Q3 2020 Was Domestic - NBS

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


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