Nigeria’s imports rose by 1.07 percent Q2 2021, says NBS

*The National Bureau of Statistics says the growth during the quarter was informed by mainly by-products of the chemical and allied industries, wood and articles of wood, wood charcoal and articles, and paper-making materials among others

Alexander Davis | ConsumerConnect

The National Bureau of Statistics (NBS) has disclosed that the all-commodity group Import Index grew marginally by 1.07 percent in the second quarter (Q2) of 2021.

ConsumerConnect reports the Bureau  stated this development Wednesday, September 22, 2021, through the “Commodity Price Indices and Terms of Trade for Quarter Two, 2021” report published on its corporate Web site.

The report noted the growth during the quarter was driven principally by-products of the chemical and allied industries (1.40 percent), wood and articles of wood, wood charcoal and articles (1.37 percent) and paper-making materials, paper and paperboard articles (1.23 percent).

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The NBS noted that between April and May this year, the all-commodity group import price index grew marginally by 0.12 percent.

This, it said, was due to marginal increases in the index of products of the chemical and Allied industries (0.78 percent), wood and articles of wood, wood charcoal and articles (0.72 percent), paper making material, paper and paperboard (0.44 percent).

It also stated: “This was offset by a decrease in the prices of live animals, animal products (-0.17 per cent), animal and vegetable fats and oils and cleavage (-0.23 per cent) and mineral products (-0.27 per cent).”

According to the report, between May and June, the all commodity group import index grew by 0.95 percent, driven by mineral products (1.15 percent), animal and vegetable fats and oils and other cleavage products (1.13 percent) and live animals, animal products (1.10 percent) and others.

The NBS further said the all-commodity group export index increased by 0.72 percent between April and June, driven mainly by an increase in the prices of the product of the chemical and allied industries (2.54 percent).

Others, it stated, are plastic rubber and articles (0.85 percent) and mineral products (0.74 per cent).

However, the Bureau said that the index was negatively affected by live animals, animal products (-2.61 percent), vehicles, aircraft and parts (-0.24 percent) and wood and articles of wood, wood charcoal and articles (-0.23 percent).

It also explained the Terms of Trade (TOT) represents the ratio between a country’s export prices and its import prices.

It added: “The ratio is calculated by dividing the price of the exports by the price of the imports, usually in percentage terms.

“An increase in the TOT between two periods (or when the TOT is greater than 100 per cent) 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.”

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