The prices of vehicles, aircraft, and their parts rose by 0.92% in the first quarter of 2024, driving a 0.51% increase in the All-Commodity Group Index for the same period.
This data is from the Commodity Price Indices & Terms of Trade report for Q1 2024, recently released by the National Bureau of Statistics (NBS).
The report also highlighted other key contributors to the All-Commodity Group Index increase for Q1 2024, including a 0.89% rise in mineral product prices, a 0.86% increase in articles of stone, plaster, cement, asbestos, mica, and ceramics, and a 0.79% rise in papermaking materials, paper, and paperboard articles.
“The All-Commodity Group Import Index increased by 0.51% between January and March 2024. This is a result of increases in the change in prices of products of “Vehicles, aircraft and parts thereof; vessels etc.” by (0.92%), “Mineral products” by (0.89%), “Articles of stone, plaster, cement, asbestos, mica, ceramic’’ by (0.86%), and “Papermaking material; paper and paperboard, articles.’’ By (0.79%),” the report read in part.
Breakdown of All-Commodity Group Import Index in Q1 2024
The report also showed that from January to February 2024, the All-Commodity Group Import Price Index went up by 0.34%. This increase was mainly due to higher prices for vehicles, aircraft, and parts, which rose by 0.63%, plastic, rubber, and related articles, which increased by 0.57%, and mineral products, which went up by 0.53%.
Between February and March 2024, the All-Commodity Group Import Index increased by 0.17%. This rise was driven by higher prices for articles of stone, plaster, cement, asbestos, mica, and ceramics by 0.37%, mineral products by 0.36%, vehicles, aircraft, and parts by 0.28%, and papermaking materials, paper, and paperboard by 0.28%.
Regional contributions to the All-Region Import Price Index increase in Q1 2024
- In the first quarter of 2024, the All-Region Import Price Index, which increased by 0.51%, was driven by higher import prices from key regions.
- Asia saw the largest rise with 0.66%, followed by America with 0.52%, Europe with 0.49%, Oceania with 0.25%, and Africa with 0.22%.
- Month-on-month changes showed a 0.34% increase in February and a 0.17% rise in March. Between January and February, regional contributions were led by Asia (0.46%), Europe (0.38%), America (0.29%), Oceania (0.17%), and Africa (0.12%).
Nigeria’s merchandise import trade with the top 5 trade partners in Q1
The NBS report provides a detailed analysis of the volume, value, and types of merchandise imported by Nigeria from its top trading partners in the first quarter of 2024, highlighting key trade dynamics with these countries.
- For France, total imports in Q1 2024 were valued at N162.27 billion. The most traded commodities included motor spirit (ordinary) worth N31.11 billion, followed by “other lubricating oils meant to be mixed further” valued at N13.96 billion, and “other, containing antimalarial active principles described in SH N2 to this chapter” at N9.71 billion.
- Spain, another top trading partner, saw total imports valued at N131.70 billion for “motor spirit ordinary,” followed by N49.49 billion worth of “mixed alkylbenzenes and mixed alkylnaphthalenes, other than those of heading 27.07,” and N12.93 billion worth of gypsum; anhydrite.
- For the Netherlands, Nigeria imported mainly “motor spirit ordinary” valued at N399.49 billion. Other significant imports included “other air compressors not specified” at N26.55 billion and “other lubricating oils meant to be mixed further” at N20.34 billion.
- From India, Nigeria’s imports totalled N1.07 trillion in Q1 2024. The largest imported commodity was gas oil valued at N361.38 billion, followed by kerosene-type jet fuel at N100.71 billion, and motorcycles and cycles fitted with auxiliary motors, petrol fuel, capacity >50<250cc, in completely knocked down (CKD) form, worth N73.59 billion.
- The United States also featured prominently among Nigeria’s top trading partners. Imports from the USA included “other liquefied petroleum gases and other gaseous hydrocarbons” worth N168.05 billion, “butanes” valued at N152.12 billion, and heat exchange units at N91.29 billion during the period under review.
