Nigeria’s terms of trade index rose in Q3 – NBS

The National Bureau of Statistics (NBS) says all products Terms of Trade (TOT) index in the third quarter (Q3) of 2018 rose by 0.52 per cent.
TOT is the relative price of imports in terms of exports and is defined as the ratio of export prices to import prices.
It can be interpreted as the amount of import goods an economy can purchase per unit of export goods.
The bureau disclosed the figures in its “Commodity Price Index and Terms of Trade for third quarter, 2018’’, posted on its website.
The NBS said the increase in the TOT was driven by prices of prepared foodstuffs, including beverages, spirits and vinegar, tobacco, footwear, headgear, umbrellas, sunshades and whips.
According to the report, the all commodity group import price index decreased in the period under review by 1.76 per cent.
It attributed the decrease to change in prices of vegetable products.
In addition, the report stated that all commodity group export price index rose by 1.26 per cent in the quarter under review.

This, it stated was driven by prices of prepared foodstuffs, beverages, spirits and vinegar, tobacco, footwear, headgear, umbrellas, sunshades and whips, among others.
It further stated that all region group export index rose by 1.05 per cent as a result of trade with Asia.
According to the report, the all region group import index also rose by 1.22 per cent as a result of trade with Oceania and Asian Regions.
It stated that all region terms of trade also rose marginally by 0.10 per cent as a result of trade with Asia and other African Countries.
Also, the bureau listed Nigeria’s top five trading partners in the third quarter as India, China, Spain, France and the Netherlands.
It said the major export to these countries was crude, petroleum and natural gas.
It said the major import from these countries was motor spirit (ordinary) and motorcycles.