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.
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%.
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.
