Abuja, Dec. 24, 2023: The National Bureau of Statistics (NBS) says the All-commodity group import index on average increased by 0.21 per cent in Q3 2023.
This is according to the NBS Commodity Price Indices and Terms of Trade for Q3 of 2023 released in Abuja on Saturday.
The report said the increase can be attributed to the changes in import prices mainly in the price of “Textiles and textile articles”, and “Mineral products”.
“Others are “Wood and articles of wood, wood charcoal and articles’’, and” Paper making material; paper and paperboard, articles.’’
The NBS said the All-commodity group export price index on average also increased by 0.18 per cent points in Q3 2023.
It said the increase was majorly attributed to an increase in the prices of “Boilers, machinery and appliances; parts thereof”, “Vehicles, aircraft and parts thereof; vessels etc.” “Mineral Products”, and “Plastic, rubber and articles thereof. ”
The report said the All products Terms Of Trade (TOT) index on average decreased by 0.03 per cent.
The TOT represents the ratio between a country’s export prices and its import prices.
The NBS said the All-region group export index increased by 0.18 per cent mainly due to positive changes in the prices of exports to all economic regions.
The report said the All-region group import index increased by 0.21 per cent points due to increases in import prices.
It said the All-region terms of trade on average decreased by 0.03 per cent.
The report said the major export destinations in Q3 2022 were Spain, India, The Netherlands, Indonesia, and France.
