The all-commodity group import index increased slightly by 0.76 percent point in the third quarter 2022, as against 0.07 in the second quarter, the National Bureau of Statistics report reveals.
All-commodity export index averagely increased by 0.09 percent as against 0.18 percent in previous quarter.
According to the terms of trade report which shows the ratio between total export and import prices over a given period, all-commodity terms of trade for July, August and September 2022 stood at 102.19 percent, 102.05 percent, and 101.68 percent respectively.
An increase in the terms of trade between two periods (or when ToT is greater than 100 percent) means that the value of exports is increasing relative to the value of imports
The all-commodity group terms of trade declined by 0.14 percent points in August and as well as by 0.36 percent
point in September resulting a decline of 0.50 percent point between July and September
All-commodity export index averagely increased by 0.09 percent, attributed to increases in the prices of Vehicles, aircraft, and parts thereof; vessels, wood and articles of wood, wood charcoal and paper making material.
The highest increase was recorded by animal and vegetable fats and oils and other cleavage products, followed by mineral products and footwear, headgear, umbrellas, sunshades, whips.
According to the report, Spain, India, France, Netherlands and United state of America were Nigeria’s top merchandise trade partners in the period.
“Spain ranked first among other partner countries as the largest export market for Nigeria during the third quarter 2022, exports to Spain stood at N873.62 billion during the quarter under review.
“The largest exported commodity to Spain was petroleum oils and oils obtained from bituminous minerals, crude worth N580.26 billion. This was followed by Natural gas, liquefied valued at N282.49 billion, leather of goats valued at N3.28 billion and others,” it stated.
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However, on the imports side, the highest traded commodity during the period under was mixed alkyl benzenes and mixed alkylnaphthalenes valued at N10.79 billion, followed by other lubricating oils meant to be mixed further worth N6.54 billion, gypsum; anhydrite valued at N4.19 billion, mixtures of odoriferous substances of a kind used in the food or drink industries valued at 2.16 billion.
Exports trade to India was valued at N619.22 billion. The largest exported commodity to India was petroleum oils and oils obtained from bituminous
minerals, crude with N559.35 billion.
This was followed by natural gas liquefied with N46.38 billion and leather further prepared after tanning or crusting with N2.92 billion.
On the other hand, Nigeria imports from India indicates that Kerosene type jet fuel ranked highest with a value of N60.97 billion, this was followed by Gas (N49.33 billion), motorcycles and cycles fitted with auxiliary motor, petrol fuel, capacity (N37.89 billion), CKD for Motor cars and other motor vehicles designed for the transport of persons. (N20.97 billion).
“Export to France was valued at N430.40 billion in the period under review, exports trade with Netherlands was valued at N 420.41 billion and United States of America stood at N335.95 billion.
“Exports to France were largely dominated by petroleum oils and oils obtained from bituminous minerals, crude valued at N413.83 billion, Natural gas N10.26 billion, Oil cake and other solid residues, resulting from the extraction N4.05 billion and others.
“Nigeria export trade with Netherlands was valued at N 420.41 billion.major
commodities exported during the period were petroleum oils and oils obtained from bituminous minerals, crude (N396.51 billion), Urea, whether in aqueous solution (N 6.60 billion) and Superior quality Cocoa beans (N4.95 billion).
“Nigeria export trade to the United States of America stood at N335.95 billion.
Major commodities exported during the third quarter of 2022 were Petroleum oils and oils obtained from bituminous minerals; crude worth N292.83 billion, other petroleum gases etc in gaseous state valued at N32.35 billion and other Refined lead valued at N3.69
billion.
On the other hand, the value of imports from France stood at N108.38 billion with the largest import commodity from being motor spirit, ordinary valued at N34.07 billion, Malt valued at N5.89 billion.
Similarly, imports from Netherlands during the period was valued at N565.90 billion.
“The main commodities imported were Motor spirit, ordinary worth N467.09 billion, Gas oil valued at N30.06 billion and of a thickness of less than 0.5 mm valued at N8.06 billion.
“Import from the United States of America was valued at N365.94 billion during the period under review.
“The main commodity imported were Durum wheat (Not in seeds) worth N78.29 billion, this was followed by used vehicles, with diesel or semi-diesel engine, of cylinder capacity worth N75.15billion and used vehicles, with diesel or semi-diesel engine, of cylinder capacity >1500=<250 valued at N17.15 billion,” it stated.
