The National Bureau of Statistics says the All-commodity group import index increased by 0.79 per cent on average in Q4 2023.

This is according to the NBS Commodity Price Indices and Terms of Trade for Q4 of 2023, which was released on Thursday.

The report said the increase could be attributed to changes in import prices, mainly in the prices of mineral products and prepared foodstuffs, beverages, spirits, vinegar, and tobacco.

Others are textiles, textile articles, papermaking material, and paper and paperboard articles.

The NBS said the average all-commodity group export price index also increased by 0.57 per cent points in Q4 2023.

It said the increase was mainly attributed to increased prices of prepared foodstuffs, beverages, spirits and vinegar, tobacco, live animals, and animal products. Other factors include vehicles, aircraft and parts, vessels, and products of the chemical and allied industries.

The report said the all-product’s terms of trade index, on average, decreased by 0.22 per cent points. The TOT represents the ratio between a country’s export and import prices.

The NBS said the all-region group export index increased by 0.57 per cent, mainly due to positive changes in the prices of exports to all economic regions.

The report said the All-region group import index increased by 0.79 per cent points due to increased import prices from all regions.

It said the All-region terms of trade, on average, decreased by 0.22 per cent.

The report said the major export destinations in Q4 2023 were The Netherlands, India, Spain, Canada, and France. 

(NAN)