Q1: All Commodity Terms Of Trade Falls By 51%

 Q1: All Commodity Terms Of Trade Falls By 51%

In the latest Commodity Price Indices released by the National Bureau of Statistics, the All commodity Terms of Trade Index fell by 0.51 percent from January to March 2021.

NBS released the first quarter of 2021, the report stated that the all commodity group import index increased by  0.82 percent between January and March 2021.

Similarly, the all commodity group export index rose by 0.31 percent between January and March 2021.

NBS stated:” The All commodity Terms of Trade Index for January, February and March 2021 stood at 101.64, 101.81 and 101.12 respectively.

“The All commodity group terms of trade increased by 0.17 percent in February but fell by 0.67 percent in March resulting in an average decline of 0.51 percent between January and March 2021.

“The decline was driven by decreases in the prices of Mineral products (-1.21 percent), base metals (-0.65 percent), and Boilers, machinery and chemical appliance (-0.46 percent) but was offset by increases in the prices of Vegetable products (2.0 percent), Live animals; animal products (0.88 percent) and Products of the chemical and, allied industries (0.68 percent) respectively

On imports, it said:” The all commodity group import index increased by 0.82 percent between January and March 2021. This was driven mainly by an increase in the prices of Mineral products (1.53 percent ), Live animals; animal products (1.38 percent), and Animal and Vegetable fats and oils, and other Cleavage products (1.24 percent).

“However, the index was negatively affected by declines in the prices of products of the chemical and Allied industries (-0.36 percent) as well as Wood and articles of wood, wood charcoal, and articles (-0.29 percent).

“The All-Region import index rose 0.82 percent between January and March 2021 due to marginal increases in prices of imports from some Regions: Europe (1.16 percent), Asia (0.75 percent) and Africa 0.11 percent).

” However, prices of imports from America and Oceania during the period recorded marginal decreases of 0.26 percent and 0.36 percent respectively.”

“The month–on–month changes showed an increase of 0.75 percent in February and 0.07 percent in March.”

On exports, NBS said: “The All commodity group export index rose by 0.31 percent between January and March 2021. This was due to increases in the prices of Live animals; Animal product (2.26 percent), Vegetable products (2.09 percent) as well as Animal and Vegetable fats and oil (1.47 percent).”

“All-Region export index increased by 0.31 percent between January and March 2021 due to marginal increases in prices of exports to all Regions as follow: Asia (0.33 percent), Europe (0.31 percent), Oceania (0.31 percent ), America (0.31 percent), and Africa (0.26 percent).

“The month-on-month changes showed an increase of 0.92 percent in February and a decrease of 0.61 percent in March.”

Kehinde Ogunyale

Freelance Investigative and Data Journalist

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