The National Bureau of Statistics (NBS) says the all-commodity group import index grew marginally by 1.07 percent between April and June.
It said this on Wednesday in Abuja, in the “Commodity Price Indices and Terms of Trade for Quarter Two, 2021” published on its website.
According to the report, the growth was driven mainly by-products of the chemical and allied industries (1.40 percent), wood and articles of wood, wood charcoal and articles (1.37 percent), and paper-making material, paper and paperboard articles (1.23 percent).
The NBS also said that between April and May, the all-commodity group import price index grew marginally by 0.12 percent.
This, it said, was due to marginal increases in the index of products of the chemical and Allied industries (0.78 percent), wood and articles of wood, wood charcoal and articles (0.72 percent), paper making material, paper and paperboard (0.44 percent).
Read More: Donald Duke, Jega, Utomi launch political project to rescue Nigeria from PDP, APC
“This was offset by decrease in the prices of live animals, animal products (-0.17 percent), animal and vegetable fats and oils and cleavage (-0.23 percent) and mineral products (-0.27 percent).”
It also said that between May and June, the all commodity group import index grew by 0.95 per cent, driven by mineral products (1.15 percent), animal and vegetable fats and oils and other cleavage products (1.13 percent), and live animals, animal products (1.10 percent) and others.
The document said that the all-commodity group export index increased by 0.72 percent between April and June drove mainly by an increase in the prices of products of the chemical and allied industries (2.54 percent).
Others are plastic rubber and articles (0.85 percent) and mineral products (0.74 percent).
It, however, said that the index was negatively affected by live animals, animal products (-2.61 percent), vehicles, aircraft, and parts (-0.24 percent), and wood and articles of wood, wood charcoal, and articles (-0.23 percent).
The NBS explained that Terms of Trade (TOT) represent the ratio between a country’s export prices and its import prices.
“The ratio is calculated by dividing the price of the exports by the price of the imports, usually in percentage terms.
“An increase in the TOT 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 and the country can afford more imports for the same value of exports.”
 says the all-commodity group import index grew marginally by 1.07 per cent between April and June.){kind=link}