FRI 01 APRIL, 2022-theGBJournal| The All commodity group import index rose by 0.47% between October and December, 2021, according to latest data released by the National Bureau of Statistics (NBS) for Q42021.
The rise was driven mainly by an increase in the prices of products of Textiles and textile articles (+0.62), Boilers, machinery and appliances; parts thereof, (+0.61), and wood and articles of wood, wood charcoal and articles (+0.59).
Between October and November, 2021 the All Commodity group import price index grew by +0.41, this was due to increases in the index of products of mineral products (+0.71), Textiles and textile articles (+0.45) Vehicles, aircraft and parts thereof; vessels. (+0.39).
The all commodity group import index also grew by 0.07% between November and December, 2021,.This was due to increases in the prices of Prepared foodstuffs; beverages, spirits and vinegar; tobacco (+0.63), Boilers, machinery and appliances; parts thereof (+0.41),and Articles of stone, plaster, cement, asbestos, mica, ceramic (+0.40).
Meanwhile, the All commodity group export index averagely decreased by -0.33% between October and December, 2021. This is due to decreases in the prices of Products of the chemical and allied industries (-0.51), Mineral products (-0.34), and Animal and vegetable fats and oils and other cleavage (-0.26)
Conversely, between October and November 2021, the All commodity export index increased marginally by 0.03.This was driven by decreases in prices of Live animals; animal products (-0.48), and Animal and vegetable fats and oils and other cleavage (-0.27) and was positively affected by products of the chemical and Allied industries (+0.17), Vegetable products (+0.04).
The All commodity group export fell by 0.35% between November and December 2021.This was majorly determined by products of the chemical and allied industries (- 0.69), Mineral products (-0.37) Plastic, rubber and articles thereof (-0.22). It was positively cushioned by prices of Live animals; animal products (+0.83), Footwear, headgear, umbrellas, sunshades, whips etc (+0.06).
The All Commodity Terms of Trade for October, November and December, 2021 stood at 102.34%, 102.51% and 102.09% respectively. The All commodity group terms of trade increased by 0.16% in November and declined by 0.41% in December resulting in decline of 0.25% between October and December, 2021.
The average decrease in prices in quarter 4, was caused by decreases in Products of the chemical and allied industries (-0.42), this was followed by Mineral products (-0.26) and Animal and Vegetable fats and oils and other cleavage products (-0.19).
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