The National Bureau of Statistics (NBS), has said the All-commodity group import index on average increased by 0.51 per cent in the first quarter(Q1) of 2024.

This is according to the NBS Commodity Price Indices and Terms of Trade for Q1 of 2024, which was released on Tuesday.

The report said the increase could be attributed to changes in import prices, mainly in the prices of vehicles, aircraft, and their parts.

Others are mineral products, articles of stone, plaster, cement, asbestos, mica, ceramics, papermaking material, and paper and paperboard articles.

The NBS said the all-commodity group export price index, on average, also increased by 0.39 per cent points in Q1 2024.

It said the increase was majorly attributed to an increase in the prices of mineral products and products of the chemical and allied industries.

Others are plastic, rubber and articles, including wood and charcoal, wood charcoal.

The report said the All Products Terms Of Trade (TOT) index decreased by an average of 0.12 per cent.

The TOT represents the ratio between a country’s export and import prices.

The NBS said the all-region group export index increased by 0.39 per cent, mainly due to positive changes in the prices of exports to all economic regions.

The report said the import index of the all-region group increased by 0.51 per cent due to increases in import prices from all regions.

It said the All-region terms of trade, on average, decreased by 0.12 per cent.

The report said Nigeria’s major export destinations in Q1 2024 were France, Spain, the Netherlands, India, and the United States of America.

(NAN)