Nigeria’s commodity import increased by 1.07% in Q2 2021

Food importation: Nigeria living on borrowed time, says economist 

 

Latest data released by the National Bureau of Statistics (NBS) have shown that Nigeria’s all-commodity group import index increased by 1.07 per cent between April and June 2021.

The all-products terms of trade index on average decreased by 0.35 per cent as a result of declines in the prices of live animals, animal products, wood and articles of wood; wood charcoal and articles, vehicles, aircraft and parts thereof, vessels among others.

The terms of trade represent the ratio between a country’s export prices and its import prices.

The NBS disclosed this in its quarterly report that was published yesterday.

According to the report, the increase in commodity import was driven mainly by an increase in the prices of products of the chemical and Allied industries (1.40 per cent), wood and articles of wood, wood charcoal and articles (1.37 per cent) Paper making material; Paper and paperboard articles (1.23 per cent).

Between April and May, 2021 the all-commodity group import price index grew marginally by 0.12 per cent due to marginal increases in the index of products of the chemical and Allied industries (0.78 per cent), wood and articles of wood, wood charcoal and articles (0.72 per cent), paper making material; paper and paperboard (0.44 per cent).

The NBS said that was offset by decreases 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).

Between May and June, 2021, the all commodity group import index grew by 0.95 per cent. This was driven by mineral products (1.15 per cent), animal and vegetable fats and oils and other cleavage products (1.13 per cent) and live animals; animal products (1.10 per cent) and others.

The all-region terms of trade on average declined by 0.35 per cent due to unfavourable terms of trade across all-regions except America.

The major export and import market of Nigeria in Q2, 2021 were India, Spain, Canada, Netherlands and China.

The major export to these countries were crude petroleum and natural gas liquefied.

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