Home Business Nigeria’s commodity group index rose by 0.07% — NBS

Nigeria’s commodity group index rose by 0.07% — NBS

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The National Bureau of Statistics (NBS) says the all-commodity group import index on average increased by 0.07 per cent, with the highest increase recorded by vehicles, aircraft and parts.

This is according to the NBS Commodity Price Indices for Q2 of 2022 released in Abuja on Friday.

The report said this is followed by products of the chemical and allied industries and live animals animal products.

The NBS said the all-commodity group export price index, on average, also increased by 0.18 per cent in Q2 2022. It said the increase was mainly attributed to an increase in the prices of wood and articles of wood, wood charcoal and articles, paper making material, paper and paperboard, articles, plastic, rubber and articles.

The report said the all products Terms Of Trade (TOT) index, on average, increased by 0.11 per cent. The NBS said the all-region group export index also increased by 0.18 per cent, mainly due to the rise in prices of export to all regions except America.

The report also mentioned that the all-region group import index increased by 0.07 per cent due to changes in import prices in some regions.

It said the all-region terms of trade increased by 0.11 per cent due to the rise in export prices to all the regions compared to the rise in import prices from all the regions.

The report said Nigeria’s major export and import markets in Q2, 2022 were India, Spain, Netherlands, U.S., Indonesia and China.

(NAN)

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