Nigeria’s Terms of Trade deteriorated in the second quarter of 2023

The Terms of Trade (TOT) release from the National Bureau of Statistics (NBS) indicates a decline in Q2 2023. The term of trade calculates how much imports cost in relation to exports. It was 100.8 in April and dropped to 100.72 in May. In June, it dropped even more, to 100.67. As a result, TOT decreased on average by 0.13 percent in Q2 2023.

The All-Commodity Group Ex-port Index (ACGEI) climbed by 0.02 percent between April and June 2023, while the All-Commodity Group Import Index (ACGII) increased by 0.14%. According to the data, the TOT declined as a result of the import index being greater than the export index.

The Terms of Trade (TOT) release from the National Bureau of Statistics (NBS) indicates a decline in Q2 2023. The term of trade calculates how much imports cost in relation to exports. It was 100.8 in April and dropped to 100.72 in May. In June, it dropped even more, to 100.67. As a result, TOT decreased on average by 0.13 percent in Q2 2023.

The All-Commodity Group Ex-port Index (ACGEI) climbed by 0.02 percent between April and June 2023, while the All-Commodity Group Import Index (ACGII) increased by 0.14%. According to the data, the TOT declined as a result of the import index being greater than the export index. This suggests that in order to equal the precise value of imports, more exports are needed. Though a