By Elizabeth Adegbesan

The National Bureau of Statistics (NBS) said that all commodity terms of trade (ToT) fell by 0.55   basis points in the fourth quarter of 2022 (Q4’22).

The ToT declined by 0.50 point in the preceding quarter, Q3’22.

Disclosing this yesterday in its Q4’22 Commodity Price Indices and Terms of Trade report,   NBS noted that the all-commodity group import index increased by 0.40 percentage point, when compared to 0.76 percentage point increase recorded in Q3’22.

According to NBS, the increase in import index  was due to the rise in the prices of products of   animal, vegetable fats and oils and other cleavage products, vehicles, aircraft, and parts thereof; vessels etc, and mineral products.

The bureau also said that the All-Commodity Group Export Index decreased by 0.15 per cent between October and December 2022.

The report stated:  “The All-Commodity Terms of Trade for October, November, and December 2022 stood at 101.61 per cent, 101.16 per cent, and 101.05 per cent, respectively.  

“The All-Commodity Group Terms of Trade declined by 0.44 per cent points in November and as well as by 0.11 per cent points in December, resulting in a decline of 0.55 per cent points between October and December.

“The All-commodity group import index increased by 0.40 per cent points between October and December 2022.  

“This was driven mainly by an increase in the prices of products of animal and vegetable fats and oils and other cleavage products (+1.19), vehicles, aircraft, and parts thereof; vessels etc (+0.76), and mineral products (+0.58).  

“The All-Commodity Group Export Index averagely decreased by 0.15 per cent between October and December 2022.  

“This is due to slower changes in the prices of papermaking material; paper and paperboard, articles (0.86), base metals and articles of base metals (0.20), and mineral products (0.15).”