All Products Terms Of Trade Index Increased By 1.27% in Q2 2019

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Wednesday, October 09, 2019  09:00AM / NBS  

 

Highlights:

Between April and June 2019 (Jan 2018=100): 

  • The All commodity group import index decreased by 0.25% due to the fall in prices of  textiles and textile articles, Raw hides and Skin, Boilers Machinery and Appliances.
  • The All commodity group export price index rose by 1.02% due to increases  in the prices of Footwear, headgear, Umbrellas, Textiles and Textile articles, Prepared foodstuffs, beverages, spirits and Vinegar.
  • The All products terms of trade (TOT) index increased by 1.27% due to increases in prices of Footwear, Headgear, Umbrellas, Sun Shade..., Textiles and Textile articles, Prepared foodstuffs..., as well as Base Metals and articles of Base Metals
  • The All region group export index rose by 1.02% mainly due to rise in export prices to Asia.
  • The All region group import index declined by 0.25% due to decreases in import prices from America and Africa.
  • The All region terms of trade increased by 1.27% due to increased  Trade with Asia, America and Europe
  • Nigeria's  major trading partners (both imports and exports) in Q2,2019 were India, China, Spain, United States and Netherlands
  • The major export  to these countries were  crude petroleum and natural gas
  • The major imports from these countries were Motor spirits, Used Vehicles and motor cycles


Terms Of Trade

The terms of trade (TOT) represents 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. In this report, the terms of trade is calculated as the value of Nigeria's exports as a percentage 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 APRIL TO JUNE, 2019

 

All commodity group import index (Table 1)

 

In Q2 2019, the All commodity group import index, on average, decreased 0.25%, following a 0.17% decrease from April to May and a drop of 0.08% between May and June.


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In May, the decline was mainly attributable to decreases in the prices of Boilers, Machinery and Appliances (-0.77%), Raw Hides and Skin, Leather (-0.55%) and Base metals and articles of Base metals (-0.39%) but partly mitigated by increases in the prices of Vegetable products (1.14%), Pearls, precious and semi-precious stones (1.07%) and Animal and Animal Vegetable fats and oils and other cleavage (0.93%).


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In June, the fall was attributable to decreases in the prices of wood and articles of wood (-0.83%), Textiles and Textile articles (-0.83%) and Prepared foodstuffs (-0.58%). However, this was partly mitigated by increases in the prices of Vegetable products (0.25%), Mineral products (0.20%) and Paper making material (0.16%).

 

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All Commodity Group Export Index (Table 2)


The All commodity export index, on average, increased 1.02% following a 0.19% increase in May and a 0.83% increase in June. 


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The All commodity group export index rose in May due to increases in the prices of footwear, Headgear, Umbrellas (39.3%), Textile and Textile articles (11.3%) and Raw Hides and Skin (9.3%). The increases were, however, partly offset by decreases in the prices of Plastic rubber and articles (-9.4%), Live animals; animal Products (-6,8%) and animal and Vegetable fats and oils (-5.3%).

 

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The index for All commodity exports also rose in June due to increases seen in Plastic, rubber and articles (+4.59%), Prepared foodstuffs; beverages (+2.75%) and products of the chemical and Allied industries (+1.46%). The increases were partly offset by decreases in the prices of footwear, headgear (-15.2%), Raw Hides and Skin (-5.4%) and Textile & Textile articles (-3.8%).

 

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

 

The All commodity group terms of trade stood at 102.5 in April, 102.9 in May and 103.8 in June. This represents an increase of 0.36% in May (from April) and 0.9% in June (from May), resulting in an overall increase in the terms of trade by 1.27%  in Q2 2019.The rise was  attributable to increases in the prices  of footwear, headgear, Umbrellas (+24.2%), Textile and Textile articles (+8.3%) and prepared foodstuffs (+7.6%), but was partly offset by decreases in the prices of plastic, rubber (-4.7%), Animal and Vegetable fats (-6.2%) and Live animals; animal products (-6.6%). 

 

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All Region Group Export Index (Table 4)

The All Region group export index, on average, rose by 1.02%, following a (0.19%) increase in May and 0.83 % in June.


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In May, the rise in the All Region group export index was mainly attributable to increases in the prices of export trade to Asia (1.5%) which was, however, partly offset by decreases  in the prices of export trade to America (-0.56%), Africa (-0.32%) and Europe (-0.2%).


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In June, the rise in the all regions group export index was attributable to increases in trade with Asia (4.56%) and Europe (0.56%). These increases, however, were partly offset by decreases in the prices of export trade to America (-2.63%), Africa (-2.04%) and Oceania (-0.96%).


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All Region Group import index (Table 5)

The All Region group import index, on average, fell by 0.25%, following a 0.17% decrease in May and 0.08% decrease in June.


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The 0.17% decline in the All Region group import index, in May, was mainly attributed to decreases in the prices of import trade from Oceania (-7.92%), America (-4.35%) and Europe (-0.34%) though the decline was partly mitigated by increases in the prices of import trade from Africa (+2.48%) and Asia(+1.19%).


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Similarly, the All Region group import index declined in June, by 0.08% , driven by decreases in the prices of import trade from Africa (-3.72%), America (-2.46%) and Asia (-0.60%). The decline was partly mitigated by increase in the prices of import trade from Oceania (23.78%) and Europe (0.64%).


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

The All Region group terms of trade stood at 102.5 in April, 102.9 in May and 103.8 in June. This represents an increase of 0.36% in May and of 0.9% in June. On average, the terms of trade increased by 1.27%.The increase was a result of the rise in the prices  of goods traded with Asia (5.54%), America (3.78%) and Europe (0.06%), but was partly offset by decreases in the prices of goods traded with Oceania (-10.36%) and Africa (-0.98%) during the quarter.

 

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Merchandise Trade With Top Five Partners By Major Commodities In Q2 2019  (Table 7)

A. INDIA

As the largest export market for Nigeria in Q2, 2019, export trade to India accounted for 17.27% (N 793.9 billion) of total exports. The most dominant export commodity to India was crude oil, valued at N724.1 billion, followed by Natural gas, liquefied (worth N60.4 billion), Cashew nuts, in shell (N4.2 billion), Sesamum seeds, whether or not broken (N0.9billion) and Aluminum alloys, unwrought (N0.6billion). On the other hand, Nigeria imported motorcycles and cycles, CKD by established manufacturers >50cc<=250cc (N81.9billion), Motorcycles and cycles fitted with auxiliary motor, petrol fuel, capacity >80=<250cc, (N13.5billion), other antibiotics (N10.8billion), Kerosene type jet fuel (N5.3billion) and others from India during the period under review.


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B. CHINA

Nigeria's export trade with China was dominated by Petroleum oils and oils obtained from bituminous minerals, crude which was worth N127.8billion, followed by Natural gas, liquefied (N14.5billion), Propane, liquefied (N3.0billion) and others. In terms of imports, Other machine-tools for working stone, ceramics, concrete, etc, (N37.6billion), Machines for the reception, conversion & transmission or regeneration of voice etc... (N 35.4billion) and motorcycles and cycles, imported CKD by established manufacturers >50cc<=250cc (N29.9billion) were the major imports from China.


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C. SPAIN

As with the preceding two major trading partners, Nigeria's major export to Spain in Q2, 2919 was Petroleum oils and oils obtained from bituminous minerals, crude and this was valued at N476.3billion.This was followed by Natural gas, liquefied worth N67.6 billion, Leather further prepared after tanning valued at N4.2billion and others. During the quarter, Motor Spirit ordinary worth N6.1billion was imported from Spain as were Mixed alkylbenzenes & mixed alkylenaphthalenes, (N5.3billion) and Petroleum bitumen (N3.8billion).

 

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D. THE UNITED STATES

In Q2, 2019, Nigeria exported N349.5billion worth of Crude oil to the United States, together with False beards, eyebrows and eyelashes, etc, of synthetic fibres valued at N0.6billion and Cashew nuts, shelled, worth N0.6 billion. In terms of imports, the main commodities imported were Used Vehicles, with diesel or semidiesel engine, of cylinder capacity >2500cc, accounting for N114.9billion of total imports during the period under Review. Other products imported were Durum wheat, Seed (N36.7billion), Durum wheat (Not in seeds) (N30.7billion) and Other refrigerated vessels (N27.3billion) among others.


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E. The Netherlands

The largest exported commodity to The Netherlands in Q2 2019 was crude oil (N442.9billion), followed by Other petroleum gases etc in gaseous state (N10.6billion), Dredgers (N6.5billion), Natural gas, liquefied (N6.4billion), Good Fermented Nigerian Cocoa Beans (N3.3billion) and others .  On the other hand, Motor Spirit valued at N255.4billion, Gas oil valued at N59.4billion, Supported catalysts with precious metal or its compounds as the active substance, valued at N4.8billion, Blue whitings (Micromesistius poutassou, Micromesistius australis) meat, frozen (N4.5billion) and others were also imported from The Netherlands.


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Click Here to Download Q2 2019 Commodity Price Indices and Terms Of Trade PDF Report

 

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Latest 2019 NBS Reports

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Q3 2019

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  2. 1.57m Candidates Sat For WAEC In Public Schools in 2018 - NBS
  3. Average Price Of 1kg of Rice Increases By 0.14% MoM To N356.61 In August 2019
  4. Average Fare Paid For Intercity Journey Increases By 0.35% MoM To N1,624.76 In August 2019
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  8. Active Voice Subscribers Grew By 0.18% In Q2 2019 - NBS
  9. Total Value Of Capital Importation Stood At $5,820.21m In Q2 2019 - NBS
  10. Nigeria's GDP Grew By 1.94% YoY In Real Terms In Q2 2019 - NBS
  11. FAAC Disburses N762.6bn in July 2019 - NBS
  12. FAAC Disburses N679.7bn in June 2019 - NBS
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Q2 2019

  1. All Commodity Group Export Price Index Rose By 1.85% In Q1 2019
  2. Average Price of 1kg of Rice Increased By 1.07% MoM to N361.39 in May 2019 - NBS
  3. Average Prices of PMS, AGO, HHK and Cooking Gas – May 2019
  4. Headline Inflation Increases By 11.40% YoY in May 2019; 0.03% Higher Than April 2019 Rate
  5. 8.57m Workers Are Registered Under The Pension Scheme As At Q1 2019 - NBS
  6. Nigeria’s Merchandise Trade Grew Marginally By 2.50% QoQ in Q1 2019
  7. Banking Sector Records 557.08m Volume of Transactions in Q1 2019 - NBS
  8. 723,995 Passengers Travelled Via Rail in Q1 2019 - NBS
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  10. N289.04bn Generated as VAT in Q1 2019 - NBS
  11. 4.87bn Litres of PMS Imported in Q1 2019 - NBS
  12. FAAC Disburses N617.57bn in April 2019 - NBS
  13. Average Price of 1kg of Tomato Increased by 7.05% MoM to N257.25 in April 2019 - NBS
  14. Average Fare For Bus Journey Intercity Increased By 0.77% MoM to N1604.36 in April 2019 - NBS
  15. Nigeria’s GDP Grew By 2.01% YoY In Real Terms In Q1 2019
  16. Headline Inflation Increases By 11.37% YoY in April 2019; 0.12% Higher Than March 2019 Rate
  17. Average Prices of PMS, AGO, HHK and Cooking Gas - April 2019
  18. N3.42m Students Enrolled in Public Senior Secondary School in 2017 - NBS
  19. N324.59bn Generated as IGR in Q4 2018 - NBS
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  21. 316,365kg of Drug Seized in 2018 - NBS
  22. Average Price of 1kg of Tomato Decreased By 6.32% MoM to N240.29 in March 2019 - NBS
  23. Average Fare Paid By Commuters Intercity Increased By 2.85% MoM to N1,592.07 in March 2019 - NBS
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  25. Average Prices of PMS, AGO, HHK and Cooking Gas - March 2019
  26. FAAC Disburses N619.86bn in March 2019
  27. Domestic Passenger Traffic Grew By 23.19% YoY in 2018 - NBS
  28. Lagos State Has The Highest Debt Profile in 2018 - NBS
  29. 1.65m Applications Received By JAMB in 2018 - NBS
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Q1 2019

  1. 8.41m Workers Are Registered Under The Pension Scheme As At Q42018 - NBS
  2. Average Price of 1kg of Yam Tuber Decreased By -2.24% MoM to N206.48 in February 2019 - NBS
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  4. Average Fare Paid By Commuters Within City Increased By 1.43% MoM to N177.57 in February 2019 - NBS
  5. Headline Inflation Increases By 11.31% YoY in February 2019; 0.06% Lower Than January 2019 Rate
  6. Average Prices of PMS, AGO, HHK and Cooking Gas - February 2019
  7. Active Voice Subscribers Grew By 6.66% in Q4 2018 - NBS
  8. 2,532 Road Traffic Crashes Occurred in Q4 2018 - NBS
  9. Total Trade Declined By 5.1% QoQ in Q4 2018; Rose By 42.9% YoY
  10. GDP By Income and Expenditure Approach Q1 and Q2 2018 - Household Final Consumption Grew by 0.78%
  11. 1.67m Customers Metered As At Q4 2018 - NBS
  12. N298.01bn Generated as VAT in Q4 2018 - NBS
  13. Total Value of Credit Allocated By Banks Stood At N15.13trn As At Q4 2018 - NBS
  14. Average Price of 1kg of Tomato Decreased By 2.39% YoY To N265.49 in January 2019 - NBS
  15. FAAC Disburses N649.19bn in January 2019
  16. Average Intercity Bus Fare Decreased By -13.90% MoM To N1,541.38 in January 2019
  17. Headline Inflation Increases By 11.37% YoY in January 2019; 0.07% Lower Than December 2018 Rate
  18. Average Prices of PMS, AGO, HHK and Cooking Gas - January 2019
  19. Total Value of Capital Importation into Nigeria Stood at $16,812.47m in 2018 - NBS
  20. Nigeria’s GDP Grew By 2.38% YoY in Real Terms in Q4 2018 and 1.93% in Full Year
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  22. States Generate N264.38bn as IGR in Q3 2018 - NBS
  23. NBS Publishes Drug Use in Nigeria 2018 Survey Report
  24. FAAC Disburses N3.19trn To FG in 2018 - NBS
  25. FAAC Disburses N2.38trn To FG in 2017 - NBS
  26. FAAC Disburses N812.76bn in December 2018 - NBS
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  28. Average Within City Bus Journey Fare Decreased By -5.64% MoM To N181.61
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  30. Average Prices of PMS, AGO, HHK and Cooking Gas - December 2018

 

 

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