All commodity group import index increased by 1.07 per cent between April and June, 2021, data on import index by National Bureau of Statistics (NBS) has showed. The increase was mainly driven by an increase in prices of products of chemical and allied industries (1.40 per cent), wood and articles of wood, wood charcoal and articles (1.37 per cent) paper making material; paper and paperboard articles (1.23 per cent).
Between April and May, 2021, import price index grew by 0.12 per cent, NBS noted. The slight increase was attributed to products of the chemical and allied industries (0.78 per cent), wood and articles of wood; wood charcoal and articles (0.72 per cent); paper making material; paper and paperboard (0.44per cent).
“This was offset by decreases in the prices of live animals; animal products (-0.17 per cent), animal and vegetable fats and oils and cleavage (-0.23 per cent) and mineral products (-0.27 per cent). Similarly, the all-commodity group export index increased by 0.72 per cent between April and June 2021 due, mainly, by an increase in the prices of product of the chemical and allied industries (2.54 per cent). “Plastic rubber and articles (0.85 per cent) and mineral products (0.74 per cent). However, the index was negatively affected by live animals, animal products (-2.61 per cent), vehicles, aircraft and parts (-0.24 per cent) and wood and articles of wood; wood charcoal and articles (-0.23 per cent)” the bureau said. The 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.