The major export markets for Nigeria in Q4, 2022 were Spain, The Netherlands, India, France, and Indonesia, the terms of trade report of the National Bureau of Statistics has shown.
According to the report, the all-region terms of trade on average decreased by 0.55 per cent points.
The all-commodity group import index for Q4 2022 on average increased by 40 per cent points. The highest increase was recorded by animal and vegetable fats and oils and other cleavage products, followed by vehicles, aircraft and parts thereof; vessels, and mineral products.
The all-commodity group export price index averagely decreased by -0.15 per cent point in Q4 2022. The decrease was majorly attributed to slower changes in the prices of paper making material; paper and paperboard, articles, base metals and articles of base metals, and mineral products.
The all products terms of trade (TOT) index on average decreased by 0.55 per cent points.
The all-region group export index decreased by 0.15 per cent points mainly due to slower changes in prices of export to all regions except Africa.
The all-region group import index increased by 0.40 per cent points due to an increase in import prices to most regions.
