CEM REPORT | The Nigerian All Products Terms of Trade (TOT) index on average fell by 0.25% as a result of decreases in the prices of Products of the chemical and allied industries, mineral products and Animal and vegetable fats and oil and other cleavage products.
According to the report released Tuesday, the All-commodity group import index on average increased by 0.47%. The highest increase was recorded by Textiles and textile articles, followed by Boilers, machinery and appliances, parts thereof and Wood and articles of wood, wood charcoal and articles.
The All-commodity group export price index averagely declined by 0.33% in Q4 2021. The decline was majorly attributed to decreases in the prices of Products of the chemical and allied industries, Mineral products, and Animal and vegetable fats and oils and other cleavage.
The report shows the All region group export index decreased by 0.33% mainly due to lower prices for export to most regions.
The All region group import index increased by 0.47% due to increases in import prices to the regions.
The All region terms of trade on average decreased by 0.25% due to lower export prices to all the regions with rising import prices from all the regions.
The major export and import markets of Nigeria in Q4, 2021 were India, Spain, The Netherlands, France and China.