The All commodity Group Import Index Average of Nigeria has increased by 0.51 percent in the first quarter of 2024.
The National Bureau of Statistics reported this at the NBS commodity price indices and terms of trade for Q1 of 2024 released in Abuja on Tuesday.
The increase was as a result of changes in import prices of item such as Vehicle, aircraft, among others.
NBS stated in the report that All-commodity group export price index on average also increased by 0.39% in the first quarter of 2024.
The increase in export was also attributed to increase in price of mineral products and products of chemical allied industries.
“Others are plastic, rubber and articles thereof; and wood and articles of wood, wood charcoal and articles.”
The Terms Of Trade index on average decreased by 0.12 per cent points.
“The terms of trade represents the ratio between a country’s export prices and its import prices. The NBS said the All-region group export index increased by 0.39 per cent mainly due to positive changes in the prices of exports to all economic regions.”
Get instant and latest news updates via Our WhatsApp Community or Google News online channel.
