All Region Terms of Trade Index Rose by 9% Driven by Mineral Products - NBS

Wednesday, September 26, 2018 / 03:48 PM / NBS    

 

Highlights

Between January and June 2018

• The All commodity group import price index rose by 2% driven by miscellaneous manufactured articles
• The All commodity group export price index rose by 11% driven by mineral products, wood products, live animals and vegetable products
• The All products terms of trade (TOT) index rose by 9% driven by mineral products
• The All region group export index rose by 9% as a result of trade with The Americas region
• The All region group import index fell by 2% as a result of trade with Oceania region
• The All region terms of trade rose by 11% as a result of trade with the Americas.

In Q2 2018, Nigeria’s top five trading partner countries were Belgium, China, Spain, the Netherlands and India.

• The major export to these countries was crude petroleum and natural gas
• The major import from these countries was motor spirit (ordinary)

 

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. The terms of trade for Nigeria are calculated as the value of its exports as percent of the value of its imports. 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 June  2018

1.    All commodity group import index (Table 1) 

The All commodity group import index rose by 1.0% in February but fell by 1.3% in March. In April, the index recorded a rise of 2.5%. Average commodity prices were 0.01% higher in June,2018 compared with May

 

 

The main contributors to the month-on-month changes in February were footwear (10.6%), Miscellaneous manufactured articles (9.6%), Vehicles, aircraft and parts (7.9%), animal and vegetable fats and oil (5.7%). This was offset by fall in raw hides and skin (1.2%), Wood and articles of wood, wood charcoal and articles (2%), Plastic, rubber and articles (2.1%) and Paper making material; paper and paperboard, articles (2.5%).

 

In March, month-on-month percentage changes were driven by Pearls, precious and semi-precious stones, precious metals (40.5%), Wood and articles of wood, wood charcoal and articles (6.7%), Paper making material; paper and paperboard, articles (6.6%), Textiles and textile articles (5.4%) but offset by fall in Animal and vegetable fats and oils and other cleavage (1.5%), Live animals; animal products (2,8%), Mineral products (5.6%) and prepared food stuff (9.9%).

 

 

In April, month-on-month percentage changes were driven by Prepared foodstuffs; beverages, spirits and vinegar; tobacco (10.3%), Mineral products (6.0%), Raw hides and skins, leather, furskins etc.; saddlery (5.8%), Vegetable products (3.7%). This was offset by fall in textiles and textile articles (4.6%), Animal and vegetable fats and oils and other cleavage (5.6%), Vehicles, aircraft and parts thereof; vessel (6.6%) and Footwear, headgear, umbrellas, sunshades, whips etc (7.6%).

 

The month –on- month change in May was driven by Live animals; animal products (7.3%), Animal and vegetable fats and oils and other cleavage (2.4%). The increase was however offset by decline in Wood and articles of wood, wood charcoal and articles (1.8%) and Raw hides and skins, leather, furskins etc.; saddlery (2.5%)

 

The June monthly change was driven by raw hides and skin (1.6%), Miscellaneous manufactured articles (1.6%), wood and articles of wood (1.4%). This was offset by fall in live animals, animal products (3.3) and vegetable products (10.8%)

 

                       

2. All commodity group export index (Table 2) 

The All commodity group export index rose 6.7% in February and advanced 0.1% in March. The index fell 3.9% in April, rose 10% in May but decreased by 1.7% in June.

 

 

In February, products that contributed the most to the monthly percentage change were Vehicles, aircraft and parts (19.5%), Miscellaneous manufactured products (17.3%), Base metals and articles (15.3%),live animals , animal products 10.8%. Products that contributed negatively were Articles of stone, Plaster (1.2%), Paper making materials (1.3%) and prepared foodstuff (3.8%).

 

 

The March month-on-month percentage changes (Export) were driven mainly by Wood and articles of wood, wood charcoal and articles (7.2%) Products of the chemical and allied industries (7.1%), Animal and vegetable fats and oils and other cleavage prod (6.3%) but offset by Prepared foodstuffs; beverages, spirits and vinegar; tobacco (15.1%) and Base metals and articles of base metals (23.6%).

 

 

The monthly percentage changes in April were driven by prepared foodstuff and breverages (22.9%), Base metals and articles of base metals (18.1%), Vegetable products (16.1%). They were offset by vehicles, aircraft and parts (15.7%), Animal and vegetable fats and oils and other cleavage (10.6%) and Wood and articles of wood, wood charcoal and articles (8.6%).

 

 

 

The main contributors to the month-on-month changes for May exports were Mineral products (10.5%), footwear, head gear (7%) wood and articles of wood (4.4%)offset by miscellaneous manufactured products (10.6%) ,vegetable products (4.5%) and products of allied and chemical industries (4.1%).

 

 

The June month-on-month  percentage changes were driven by  Animal and vegetable fats and oils and other cleavage prod (8.7%) Miscellaneous manufactured articles (6.1%) and  Base metals and articles of base metals (1.7%) offset by Footwear, headgear, umbrellas, sunshades, whips etc (4%) and  Vegetable products (3.6%)

 

 

 

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

Nigeria’s all products terms of trade (TOT) indices for April, May and June 2018 stood at 100.5, 111.1 and 109.2, respectively. These indices showed favorable TOT for all the months of the second quarter, indicating that Nigeria used 0.5, 11.1 and 9.05 percent less of her exports to procure the same level of imports in the months under review. Computed statistics showed that the product groups that contributed most to the positive trade positions during the review period were Mineral products, Wood and articles of wood, wood charcoal and articles, Live animals; animal products, and Vegetable products.

 

4. All Region Group export index (Table 4)

The All region group export index recorded an increase of 2.3% in February, a decline of 1.3% in March and an increase of 3.9% in April. The index reversed with a decrease of 0.3% in May but increased again in June by 1.4%.

 

 

5. All Region Group import index (Table 5)

The All region group import index rose by 1.0% in February and 6.3% in March 2018. The index declined 10.6% in April, rose in May by 2.3% but fell 0.4% in June.

 

 

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

The all region terms of trade rose 1.2 percent in February and fell 4.8 percent in March. In April, TOT increased 16.1 percent, fell 2.4 percent in May and ended the first half of 2018  by going up 1.7 percent in June.

 

      

7. Merchandise Trade By Top Five Partners By Major Commodities In Q 2,2018 (N’million) (Table 7)

In Q2 2018, Nigeria’s top five trading partner countries were Belgium, China, Spain, the Netherlands and India.

a.     BELGIUM

The major export of Nigeria to Belgium during the quarter was other petroleum gases valued at N11.7billion.This was followed by good fermented cocoa beans (N474m), frozen shrimps (N453.5m) and other meals and pellets of crutacean (N53.9m).On the import side, Nigeria imported motor spirit worth N117.6billion, Gas oil valued at N20.6billion, malt (N4.1billion), polyethylene (N2.0billion) and other polyethers (N1.6 billion) from Belgium.

 

b. CHINA 

The major export of Nigeria to China during the quarter was natural liquefied gas valued at N23.6billion. This was followed by propane worth N3.5billion, Butane valued at N3.4b, Sesamum seed worth N3.4billion and other liquefied petroleum gases worth N3.2billion. In terms of imports, Nigeria imported other Herbicides worth N31billion, Motor cycles valued at N12.9billion, Amorphous pet chips at N12.3illion, Reception appliances worth N10.5billion and other Machinery parts worth N10.3 billion from China.

 

c. SPAIN

Crude petroleum oils and oils obtained from bituminous minerals valued at N372.9billion was exported to Spain during the second quarter of 2018. Liquefied natural gas worth N49.3 billion, leather (further prepared after tanning/crusting without wool on of goats or kids) valued at N2.6billion, natural rubber (in primary forms or in plates) worth N410million and fermented Nigerian cocoa beans valued at N256million were other major exports to Spain. The major imports from Spain were ordinary motor Spirit (N18 billion), Petroleum bitumen (N8 billion), Mixed alkylbenzenes &mixed alkylanaphthalenes (N7.5billion), Gypsum; anhydrite whether or not coloured, with/without small quantities of accelerators (N2.3 billion) and Other machinery for earth, stone, ores (N1.3 billion)

 

d. THE NETHERLANDS

The major commodities exported to the Netherlands were crude petroleum oils and oils obtained from bituminous minerals worth N421.3 billion, Other petroleum gases etc in gaseous state (N17.5 billion), Naphthalene (N9.2 billion), Superior quality raw cocoa beans (N3.2billion) and fermented Nigerian cocoa beans (N2billion). On the imports side, ordinary motor spirit, Gas Oil , blue whitings, Herrings (Clupea harengus, Clupea pallasii), and milk & cream in powder specially made for infants, worth N98.2billion, N38.7billion, N7.1 billion,N2.7billion and N2.3 billion respectively were the major imports from the Netherlands.

 

e. INDIA

As with the other countries, crude petroleum oils and oils obtained from bituminous minerals was the major export to India, at a value of N635.2 billion. Other major exports were liquefied natural gas (N72.9billion), Cashew nuts, in shell (N10billion), Leather (N667million) and Unwrought lead (N468.7million). On the other hand, Nigeria imported motorcycles and cycles worth N26.8billion, Tubes, pipes, hollow profiles of iron worth N6.6billion, Other machinery parts of N6.6billion, Other paper and paperboard weighing 40g/m² worth N2.7billion and Medicaments of other antibiotics worth N2.4 billion. 

 

 

 

Click Here to Download Q2 2018 Commodity Price Index and Terms of Trade PDF Report

Latest 2018 NBS Reports

 

Q3 2018

1.       FAAC Disburses N714.81bn in August 2018 - NBS

2.      Lagos State Accounts for 34.17% of Foreign Debt As At June 2018 - NBS

3.      Average Price of 1kg of Rice Decreased by 2.43% MoM to N375.02 in August 2018 - NBS

4.      Average Fare Paid by Commuters For Bus Journey Within City Increased by 9.80% MoM in Aug 2018 - NBS

5.      Headline Inflation Increased by 11.23% in August 2018; 0.09 Higher Than July 2018 Rate

6.      Average Prices of PMS, AGO, HHK and Cooking Gas – August 2018

7.      Active Voice Subscribers Increased by 0.09% in Q2 2018 - NBS

8.     7.50m Passengers Passed Through Nigerian Airports in H1 2018

9.      Merchandise Trade Declines in Q2 2018: -8.89% Contraction from Q1 2018 Trade Figure

10.  Average of 81,561MWh of Energy Generated Daily in Q2 2018 - NBS

11.   8.13m Workers Are Registered Under The Pension Scheme As At Q2 2018 - NBS

12.  2608 Road Traffic Crashes Occurred in Q2 2018 - NBS

13.  Nigeria’s GDP Grew by 1.50% YoY in Real Terms in Q2 2018

14.  165.71mln Litres of Liquefied Petroleum Gas Imported into Nigeria in Q2 2018

15.   Total Value of Capital Importation into Nigeria Stood at $5,513.55m in Q2 2018 - NBS

16.  Banking Sector Records 509.67m Volume of Transactions in Q2 2018 - NBS

17.   Average Fare Paid by Commuters for Bus Journey Intercity Increased by 0.30% MoM to N1,733.33 in July

18.  Average Price of 1kg of Yam Tuber Decreased by 1.75% MoM to N280.83 in July 2018 - NBS

19.  Headline Inflation Drops to 11.14% in July 2018; 0.09% Lower Than June 2018 Rate

20. Average Prices of PMS, AGO, HHK and Cooking Gas – July 2018

21.  FAAC Disburses N821.86bn in July 2018 – NBS

22. FAAC Disburses N668.90bn in June 2018 – NBS

23. 4.79bn Litres of PMS Imported into Nigeria in Q2 2018 - NBS

24. 6,999 Products Were Presented for Registration Approval in 2017 - NBS

25.  Nigeria Produced 45.74m Tons of Solid Minerals in 2017 - NBS

26. 147,823 Domestic Passengers Moved by 41 Private Jet Operators in 2017 - NBS

27.  Average of 92,747MWh of Energy Generated Daily in Q1 2018

28. GDP By Income and Expenditure Approach 2017 - Household Final Consumption Fell by -0.99% in 2017

 

Q2 2018

29. Average Price of 1kg of Yam Tuber Increased MoM by 4.93% to N305.70 - NBS

30. Average Intracity Transport Fare Increased MoM by 1.53% to N168.90 - NBS

31.   Average Prices of PMS, AGO, HHK and Cooking Gas – June 2018

32.  Headline Inflation Drops to 11.23% in June 2018; 0.37% Lower Than May 2018 Rate

33.  134,663 Crime Cases Were Reported in 2017 - NBS

34.  FAAC Disburses N701.02bn in May 2018 - NBS

35.  Average Prices of 1kg of Tomato Increased MoM by 6.10% to N307.14 in May 2018 - NBS

36.  Average Water Transport Fare Increased By 0.57% MoM in May 2018 - NBS

37.  Headline Inflation Drops to 11.61% in May 2018; 0.87% Lower Than April 2018 Rate

38.  Average Prices of PMS, AGO, HHK and Cooking Gas – May 2018

39.  Merchandise Trade in Both Directions Grew Significantly in Q1 2018

40. 7.98m Workers Are Registered Under The Pension Scheme as at Q1 2018 - NBS

41.   5.67bn Litres of PMS Imported in Q1 2018 - NBS

42.  FAAC Disburses N638.09bn in April 2018 - NBS

43.  2,482 Road Traffic Crashes Occurred in Q1 2018 - NBS

44. Nigeria’s GDP Grew in Real Terms by 1.95% in Q1 2018

45.  N269.79bn Generated as VAT in Q1 2018 - NBS

46. Average Price of 1kg of Tomato Increased by 8.38% MoM in April 2018 - NBS

47.  Average Fare for Bus Journey Within City Increased by 3.88% MoM in April 2018 - NBS

48. Headline Inflation Drops to 12.48% in April 2018; 0.86% Lower Than March 2018 Rate

49. Average Prices of PMS, AGO, HHK and Cooking Gas – April 2018

50.  Total Value of Capital Imported in Q1 2018 Stood at $6,303.63m - NBS

51.   Banking Sector Records 457.23m Volume of Transactions in Q1 2018 - NBS

52.  FAAC Disburses N647.39bn in March 2018 –NBS

53.  720,958 Passport Applications Received in 2017 - NBS

54.  309,713kg of Drug Seized in 2017 - NBS

55.  Average Intercity Bus Fare Decreased by -5.63% MoM in March 2018

56.  Average Price of Tomato Decreased by -0.58% YoY in March 2018

57.  Headline Inflation Drops to 13.34% in March 2018; 0.99% Lower Than February 2018 Rate

58.  Average Prices of PMS, AGO, HHK and Cooking Gas – March 2018

59.  Updated 2017 IGR Report – Osun State Grows IGR by 32.04% in FY 2017

 

Q1 2018

1.       FAAC Disburses N635.55bn in February 2018 - NBS

2.      Lagos State Has The Highest Domestic and Foreign Debts as at December 2017 - NBS

3.      States Generate N931.23bn as IGR in 2017 - NBS

4.      Average Air Fare Increased by 1.47% MoM in February 2018 - NBS

5.      Average Price of 1kg of Yam Tuber Increased by 7.10% YoY in February 2018 - NBS

6.      Headline Inflation Drops to 14.33% in February 2018; 0.8% Lower Than January 2018 Rate

7.      Average Prices of PMS, AGO, HHK and Cooking Gas – February 2018

8.      Lagos, Abuja, Port Harcourt, Owerri and Kano Airports Served Over 92% of Total Passengers in Q4 2017

9.      4,175 Ocean Going Vessels Recorded at Nigerian Ports in 2017

10.   Total Value of Capital Imported into Nigeria in Q4 2017 Estimated at $5,382.89m - NBS

11.    Nigeria’s GDP Grows in Real Terms by 1.92% in Q4 and 0.83% for Full Year 2017

12.  FAAC Disburses N655.18bn in January 2018 – NBS

13.   N254.10bn Generated as VAT in Q4 2017 – NBS

14.   Total Active Voice Subscription Increased by 3.69% in Q4 2017 – NBS

15.   18.36bn Litres of PMS Distributed State-wide in 2017 – NBS

16.   5.84m Students Enrolled in Junior Secondary Schools in 2016 - NBS

17.   2,489 Road Traffic Crashes Occurred in Q4 2017 - NBS

18.   Average Air Fare Increased by 7.34% YoY in January 2018 - NBS

19.   Headline Inflation Drops to 15.13% in January 2018; 0.24% Lower Than 15.37% December Rate

20.  Average Prices of PMS, AGO, HHK and Cooking Gas – January 2018

21.   7.82m Workers Are Registered Under the Pension Scheme as at Q4 2017 - NBS

22.  Daily Energy Generation Attained a Peak of 94,627MWh in Q4 2017 - NBS

23.  Banking Sector Records 461.98m Volume of Transactions in Q4 2017 - NBS

24.  77.5m Persons Engaged in Some Sort of Economic Activities in Q3 2017 - NBS

25.  Average Fare Paid by Passengers for Water Transport Increased by 6.05% MoM to N631.55 in Dec 2017

26.   Average Price of 1kg of Yam Tuber Decreased by -3.67% YoY to N211.61 in December 2017 - NBS

27.  Headline Inflation Drops to 15.37% in December 2017; 0.53% Lower Than 15.90% November Rate

28.   Average Prices of PMS, AGO, HHK and Cooking Gas – December 2017

29.  Active Voice Subscribers Dropped by 8.73% in Q3 2017 – NBS

30. Inequality in Nigeria Worsened Between 2004 and 2013 But Improved in 2016 – NBS

31.   FAAC Disburses N609.96bn in December 2017 – NBS

 

 

READ MORE: