…Nigeria exports to Spain amounted to N2,007.00 billion, this represents 10.34% of total export in Q2-2024.
THUR SEPT 26 2024-theGBJournal| Nigeria’s The All-Commodity Group Import Index for Q2, 2024 on average inched up by 0.15 percent in Q2 2024, driven by the changes in import prices of Mineral products, according to latest published by the Nigeria’s National Bureau of Statistics (NBS).
Similarly, the All-Commodity Group Export Price Index increased on average by 0.09 per cent in Q2, 2024. The increase was majorly attributed to changes in the prices of “Mineral products.”, “Prepared foodstuffs; beverages, spirits and vinegar; tobacco” “Live animals; animal products”, and “Vegetable products”.
On the other hand, the All Products Terms of Trade (TOT) Index on average decreased by 0.06 percentage points while the All-Region Group Export Index increased by 0.09 per cent points mainly due to an upward price change in exports to all economic regions.
The 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.
The All-Region Group Import Index increased by 0.15 percentage points due to increases in import prices from all regions just as the All-Region Terms of Trade on average decreased by 0.06 percentage points.
The major export destinations of Nigeria in Q2, 2024 were Spain, The United States of America, France, India and The Netherlands.
According to the NBS report, Nigeria exports to Spain amounted to N2,007.00 billion, this represents 10.34% of total export in Q2-2024.
The major commodities exported during the period were Petroleum oils and oils obtained from bituminous minerals, crude valued at N 1.626 billion, and Natural gas worth N191.93 billion, other petroleum gases in gaseous state valued at N157.05 billion.
Import from Spain stood at N261.06 billion during the period under review. The main commodities imported were Motor spirit, ordinary worth (N 145.24 billion), Mixed alkylbenzenes and mixed alkylnaphthalenes, valued at N30.56 billion and Gypsum worth N18.83 billion.
Export trade to United Sates of America accounted for 9.56% (N1,855.94 billion) of total exports. The largest exported commodity to United States of America was Petroleum oils and oils obtained from bituminous minerals, crude valued at N1,622.60 billion. On the other hand, total imports from America in Q2 2024 stood N 971,84 billion.
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