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Chapter 15: Animal fats and oil and their cleavage product This chapter contributes 2.7 percent of the total weight of the imported commodities. During the first quarter of 2024, the index increased by 1.8 percent to 109.8 from 107.8 that was recorded in the previous quarter. Prices have shown a significant increase amid demand supply imbalances, as major oil producing countries of palm oil such as Malaysia and Indonesia have shown supply and production constraints while demand continued to increase with the holiday festivities. Likewise, compared to the similar qu arter of 2023, the index increased by 9.8 percent.
Chapter 17: Sugars and sugar confectionery This chapter contributes 1.6 percent of the total weight of the imported commodities. During the first quarter of 2024, the index increased by 7.9 percent to 118.2 from 109.6 that was recorded in the previous quarter. This was mainly due to increased ethanol production in major sugar producing countries such as Brazil and India. Ethanol is a renewable fuel produced from sugarcane which is produced in the place of sugar hindering its supply. Similarly, compared to the corresponding quarter of 2023, index has increased by 18.2 percent
Chapter 27: Mineral fuels, oils and product of their distillation
During the first quarter of 2024, import price index for “Mineral fuels, oils and product of their
distillation” which contributes 23.8 percent to the total weight of the imported commodities,
decreased by 10.4 percent to 85.4 from 95.3 recorded in the fourth quarter of 2023. Prices fell
on account of an increase in supply despite supply disruptions caused by the Middle Eastern
conflict. Russia has also increased its oil supply as the major producer despite the agreement
on voluntary supply cuts by the OPEC + in the November 2023 meeting contributing to the
price fall of crude oil. Likewise, when compared with the same quarter last year, the index
decreased by 14.6 percent.
Chapter 30: Pharmaceutical products The index for "Pharmaceutical products," which constitutes approximately 5.3 percent of the total weight, increased by 1.8 percent to 111.8 in the first quarter of 2024, up from 109.8 in the previous quarter. This growth was driven by global health concerns boosting demand and use of generic drugs. Similarly, when compared to the similar quarter in 2023, the index increased by 11percent.
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Chapter 31: Fertilisers The "Fertilisers" index, which accounts for 2.4 percent of the total weight of imported commodities, decreased by 17 percent to 82.2 from 99.1 recorded in the previous quarter. This decline was attributed to global fertiliser price fluctuations driven by the decrease in crude oil prices in the world market. Correspondingly, when compared with the same quarter last year, the index decreased by 17.8 percent.
Chapter 38: Miscellaneous chemical products The index for “Miscellaneous chemical products” which accounts for 3.3 percent of the total weight, decreased by 2.7 percent to 84.4 from 86.8 recorded in the fourth quarter of 2023. This decline was attributed to a decrease in production costs, influenced by lower energy costs, particularly in electricity and fuel prices. Similarly, when compared to the similar quarter of 2023, the index decreased by 15.6 percent.
Chapter 39: Plastics and articles thereof
In the first quarter of 2024, the index for “Plastic and articles thereof” which contributes 7.1
percent to the total weight of imported commodities increased by 9.0 percent to 87.9 from
80.7 recorded in the preceding quarter. The increase was attributed to the rise in the prices of
polyethylene in the world market. Nonetheless, when compared to the similar quarter last year,
the index decreased by 12.1 percent.
Chapter 40: Rubber and articles thereof This chapter contributes 2.5 percent to the total weight of imported commodities. During the first quarter of 2024, the index increased by 1.7 percent to 100.6 from 98.9 recorded in the fourth quarter 2023. The increase was attributed to the increase in pr ices of tyres. When compared to the same quarter in the preceding year, the index slightly increased by 0.6 percent.
Chapter 63: Other made-up Textile Articles; Sets; worn Clothing etc In the first quarter of 2024, the index for “Other made-up Textile Articles; Sets; worn Clothing etc” which contributes 1.9 percent to the total weight of imported commodities, had marginally increased by 0.2 percent to 107.2 from 106.9 recorded in the pre ceding quarter. Similarly, when compared to the same quarter of 2023, the index increased by 7.2 percent.
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Chapter 72: Iron and steel During the first quarter of 2024, the index for “Iron and steel”, which accounts for 7.0 percent of the total weight, decreased by 6.7 percent to 105.9 from 113.6 recorded in the fourth quarter of 2023. The decline was due to fall in levels of demand and abundant supply in the world market, accompanied with a slow in economic activity in major advanced economies like China. However, the index increased by 5.9 percent when compared to the similar quarter of 2023.
Chapter 73: Articles of iron and steel This chapter contributes 4.4 percent of the total weight. In the first quarter of 2024, the index for “Articles of iron and steel” increased marginally by 0.3 percent to 106.0 from 105.7 recorded in the preceding quarter. Similarly, when compared to the corresponding quarter last year the index increased by 6.0 percent.
Chapter 84: Nuclear reactors, boilers, machinery and mechanical appliance and parts The chapter accounts for 13.6 percent of the total weight of imported commodities. During the first quarter of 2024, the index for this chapter increased slightly by 1.2 percent to 108.5 from 107.2 recorded in the preceding quarter . Similarly, when compared with the corresponding quarter of 2023 the index has increased by 8.5 percent.
Chapter 85: Electrical machinery equipment and parts thereof
The index for “Electrical machinery equipment and parts thereof”, which accounts for 8.3
percent of the total weight, increased by 1.1 percent to 106.4 in the first quarter of 2024 from
105.2 attained in the previous quarter. This development was driven by supply chain
constraints, general inflation and strong demand for equipment globally. Likewise, when
compared with the same quarter in 2023, the index increased by 6.4 percent.
Chapter 87: Vehicles other than railway/transport ways roll-stock
The index for “Vehicles other than railway/transport ways roll -stock” which accounts for 10.8
percent of total weight increased by 2.7 percent to 106.5 in the first quarter of 2024 from
103.7 recorded in the previous quarter. The performance was largely explained by the increase
in prices of private vehicles, public buses and trucks amid high freight costs. Similarly, when
compared to the same quarter in the previous year the index increased by 6.5 percent
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Chapter 90: Optical, photographic, cinematographic, measuring, checking, precision, etc. This chapter accounts for 2.1 percent of the total weight. During the first quarter of 2024, the index increased by 1.8 percent to 104.9 from 103.0 recorded in the fourth quarter of 2023, largely on account of increase in prices of medical equipment. Correspondingly, when compared to the similar quarter last year, the index has increased by 4.9 percent.
Terms of Trade
The Terms of Trade Index is the ratio of Export Price Index to Import Price Index. The Exports
Price Index was mostly influenced by prices of gold and edible vegetables while the Imports
Price Index was driven by prices of Mineral fuel, fertilizer, Iron an d steel. Overall, during the
first quarter of 2024, Terms of Trade remained favourable, increasing by 2.8 points to 109.4
from 106.6 recorded in the fourth quarter of the 2023 implying that for every unit of goods
exported, the country can obtain more units of imports (Table 3).
Table 3: Quarterly Terms of Trade (Q1 2023 = 100)
Q1=January-March, Q2=April-June, Q3=July-September, Q4=October-December
XPI = Export Price Index
MPI = Import Price Index
ToT = Terms of Trade
Contact person: Statistician General. National Bureau of Statistics