CEM Report, Lagos
The All commodity group import index fell by 0.84% between January and March, the Nigerian Bureau of Statistics revealed in a report this week
According to the report, the all commodity group import index fell as a result of the declines in the prices of Plastic, rubber and articles thereof (-7.80%), Articles of stone, plaster, cement, asbestos, mica, ceramic (-4.73%) and Footwear, headgear, umbrellas, sunshades, whips (-4.23%).
The fall was, however, offset by increase in the prices of Raw hides and skins, leather, furskins etc.; saddler (+6.63%), Prepared foodstuffs; beverages, spirits and vinegar; tobacco (+6.26%) and Pearls, precious and semi-precious stones, precious metals (+ 5.10%).
Month –on-month change in the All Commodity group import index showed that import prices decreased in February by 0.94% compared to January. It however went up in March by 0.10% on average which was attributed to the increase in prices of prepared foodstuffs, hides and skin and plastic/rubber articles, except for body wear, automobile parts and Mineral products which recorded decrease.
On the export side, the All commodity group export price index decreased by 0.59% due to decreases in Boilers, machinery and appliances (-22.25%), Base metals and articles of base metals (-5.14%), Prepared foodstuffs; beverages, spirits and vinegar; tobacco (-3.22%) and Miscellaneous manufactured articles (-3.10%). This was, however, offset by Wood and articles of wood, wood charcoal and articles (+6.69%), Vegetable products (+4.10%) and Live animals; animal products (+3.05%).
Monthly breakdown shows that All Commodity Group Export Index decreased in February by 0.41% due to decreases in Base metals (-6.87%), Wood articles (-6.52%), machinery (-3.42%). This decline was offset by increased prices of Textiles and textile articles (+3.45%), Vegetable products (+1.49%) and Vehicles, aircraft and parts; vessels etc.(+1.0%).
The index equally decreased in March at -0.18% attributed to a significant decrease in machinery (-18.83%), Prepared foodstuffs; (-3.90%) and Textiles (-2.34%). The decline was offset by increases in the prices of Wood and articles of wood, (+13.21%) and animal and products (+3.59%).
The All commodity group Terms of Trade stood at 102.93 in January, 103.48 in February and 103.19 in March representing an increase of 0.54% in February when compared with January but a decrease of 0.28% in March against the preceding month. On average, the terms of trade rose by 0.26% during the quarter.
The All region group export index fell by 0.59% between January and March due to declines in the prices of exports to all regions. The month –on-month change showed that the all region export index fell in February by -0.41%, and in March by -0.18%.
On the other hand, the All region group import index fell by 0.84% on average, following a decrease of 0.92% in February and an increase of 0.08% in March. This was due to declines in import prices of goods from Europe (-2.16%), Asia (-1.76%) and Oceania (-0.29%), but offset by increases in import prices from America (+8.08%) and Africa (+0.95%).
Analysis of merchandise trade by top five partners and by major commodities for Q1, 2020 shows that petroleum largely dominated export
Nigeria’s exports to India was valued at N637.53 billion or 15.61% of total exports while imports stood at N334.53 billion representing 7.92% of total imports. Petroleum dominated export at N526.87 billion and followed by Natural gas N91.34 billion, while largest import commodity was motorcycles at N93.97 billion
Exports to China in Q1 2020 was valued at N113.06 billion with Petroleum dominating at N54.19 billion while import trade was valued at N1,109.46 billion accounting for 26.28 % of total import, dominated by fully automatic rifles and carbines with single smooth-bore barrels valued at N51.97 billion.
Nigeria’s total export to Spain was valued at N402.9 billion dominated by Petroleum oils and oils obtained from bituminous minerals, crude valued at N360.44 billion. Imports on the other hand, stood at N39.99 billion.
Netherlands received Nigeria’s export valued at N396.93 billion in Q1 2020. Petroleum share of the export was valued at N360.70 billion, while Good fermented Nigerian cocoa beans, and Superior quality raw cocoa beans, was valued at N16.53 billion and N11.22 billion respectively.
In Q1 2020, Nigeria’s exports to South Africa was valued at N319.47billion, representing 7.8% of total exports. Petroleum was N318.5 billion while technically specified natural rubber, in primary forms or in plates was valued at N0.3billion.
On the import side, imports from South Africa were valued at N40.6 billion or 0.96% of total imports during the period under review. The main commodities imported were Polypropylene, in primary forms at N9.02 billion, followed by Fresh Apples at N2.66billi