Importation

The National Bureau of Statistics (NBS) says the All-commodity group import index on average increased by 0.79 per cent in Q4 2023.

This is according to the NBS Commodity Price Indices and Terms of Trade for Q4 of 2023 released in Abuja on Thursday.

The report said the increase could be attributed to the changes in import prices, mainly in the price of mineral products and prepared foodstuffs; beverages, spirits and vinegar and tobacco.

Others are textiles and textile articles and papermaking material; paper and paperboard, articles.

The NBS said the All-commodity group export price index on average also increased by 0.57 percent points in Q4 2023.

It said the increase was majorly attributed to an increase in the prices of prepared foodstuffs; beverages, spirits, and vinegar; tobacco., and live animals; animal products.

others are: vehicles, aircraft and parts, vessels among others and products of the chemical and allied industries.

The report said the All products Terms Of Trade (TOT) index on average decreased by 0.22 percent.

The TOT represents the ratio between a countrys export prices and its import prices.

The NBS said the All-region group export index increased by 0.57 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 0.79 per cent points due to increases in import prices from all regions.

It said the All-region terms of trade on average decreased by 0.22 per cent.

The report said the major export destinations in Q4 2023 were The Netherlands, India, Spain, Canada, and France.

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