All-commodity group import index increased by 0.14 per cent on the average in the second quarter of 2023, the National Bureau of Statistics (NBS) stated in Abuja on Friday.
In its Commodity Price Indices for the second quarter of 2023, Q2 of 2023, the NBS attributed the increase to changes in import prices, mainly in the price of base metals and articles of base metals.
“Others are products of the chemical and allied industries, textiles and textile articles, and plastic, rubber, and articles thereof,’’ it stated.
The NBS added that similarly, the All-commodity group export price index also increased by 0.22 per cent on the average in the period.
It attributed the increase majorly to an increase in the prices of “papermaking materials; paper and paperboard, articles”, and “boilers, machinery, and appliances’’.
It attributed the increases also to the prices of “prepared foodstuffs; beverages, spirits, and vinegar; tobacco and vehicles, aircraft and vessels, among others.
The report added that the All Products Terms of Trade (TOT) index on average decreased by 0.13 per cent.
The TOT represents the ratio between a country’s export prices and its import prices.
NBS stated also that the All-region group export index increased by 0.02 per cent mainly due to positive changes in the prices of exports to Europe, America, and Asia.
The report added that the All-region group import index increased by 0.14 per cent due to changes in import prices from all regions.
The report indicated that the major export markets of Nigeria in the second quarter of 2023 were The Netherlands, the U.S.A., Indonesia, France, and Spain.