Q4 2022 export price index dip by 0.15%, says NBS

From Isaac Anumihe, Abuja

National Bureau of Statistics (NBS), has disclosed that the all-commodity group export price index decreased by -0.15 per cent point in Q4 2022.

The decrease , it said, was majorly attributed to slower changes in the prices of “papermaking material; paper and paperboard, articles, base metals and articles of base metals and mineral products”.
Similarly, the all products terms of terms (TOT) index on average decreased by 0.55 per cent point.

The all-region group export index decreased by 0.15 per cent point mainly due to slower changes in prices of export to all regions except Africa.

“The all-region group import index increased by 0.40 per cent point due to an increase in import prices to most regions.

The all-region terms of trade on average decreased by 0.55 per cent points.

“The major export markets of Nigeria in Q4, 2022 were Spain, The Netherlands, India, France, and Indonesia” the bureau, said.

Also, the all-commodity group import index for Q4 2022 on average increased by 40 per cent points while the highest increase was recorded by animal and vegetable fats and oils and other cleavage prods followed by vehicles, aircraft and parts thereof; vessels etc and mineral products.

Meanwhile, terms of trade (TOT) represent the ratio between a country’s export prices and its import prices. 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 terms of trade between two periods (or when 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. For example, an increase in the price of oil between two periods
(with oil production remaining the same) is likely to increase or improve the terms of trade for Nigeria and
vice versa. The TOT is recorded as an index, and can be used as an indicator of an economy’s health.