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the Black Sea region for sunflower oil, further contributed to the price increase. Likewise, compared to the similar quarter in 2023, the index increased by 12.5 percent.
Chapter 17: Sugars and sugar confectionery This chapter contributes 1.6 percent of the total weight of the imported commodities. During the second quarter of 2024, the index increased by 1.8 percent to 120.3 from 118.2 that was recorded in the previous quarter. The rise in sugar prices is attribute d to the global sugar deficit, driven by a combination of reduced production in key markets like India and Mexico, amid rising consumption globally. Similarly, compared to the corresponding quarter of 2023, index has increased by 19.0 percent.
Chapter 27: Mineral fuels, oils and product of their distillation
During the second 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, increased by 5.1 percent to 89.7 from 85.4 recorded in the fou rth quarter of
2023. This development was attributed to the decision by OPEC+ to maintain production that
has reduced global oil output and created tighter supply conditions. Additionally, geopolitical
uncertainties and disruptions in major oil -producing regions added to supply constraints.
Nonetheless, when compared with the same quarter last year, the index decreased slightly by
0.1 percent.
Chapter 30: Pharmaceutical products The index for "Pharmaceutical products", which constitutes approximately 5.3 percent of the total weight, increased by 1.4 percent to 113.4 in the second quarter of 2024, up from 111.8 in the previous quarter. The growth was driven by more patients getting treated with better medicines, especially in immunology, endocrinology, and oncology. Similarly, when compared to the similar quarter in 2023, the index increased by 12.4 percent.
Chapter 31: Fertilisers The "Fertilisers" index, accounting for 2.4 percent of the total weight, slightly declined by 0.5 percent to 81.7 in the second quarter of 2024, down from 82.2 in the previous quarter. Correspondingly, when compared with the same quarter last year, the index decreased by 14.7 percent.
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Chapter 38: Miscellaneous chemical products The index for “Miscellaneous chemical products” which accounts for 3.3 percent of the total weight, increased by 1.9 percent to 86.0, up from 84.4 in the second quarter of 2024. This rise can be attributed to a rebound in production costs, driven by slightly higher energy prices and raw material costs. Similarly, when compared to the similar quarter of 2023, the index still reflects a 10.7 percent decline.
Chapter 39: Plastics and articles thereof
In the second quarter of 2024, the index for “Plastic and articles thereof” which contributes
7.1 percent to the total weight of imported commodities increased by 1.2 percent to 89.0, up
from 87.9 in the previous quarter. The rise was attributed by continued upward pressure on
global polyethylene prices due to supply constraints and increased demand in the packaging
industry. Nonetheless, when compared to the similar quarter last year, the index decreased by
11.2 percent.
Chapter 40: Rubber and articles thereof This chapter contributes 2.5 percent to the total weight of imported commodities. During the second quarter of 2024, the index increased by 1.5 percent to 102.2 from 100.6 recorded in the first quarter of 2024. The surge in prices was attributed to a combi nation of factors, including adverse weather conditions in key production areas of Malaysia, Thailand and Indonesia, as well as, increased global demand for natural rubber , especially in China. Similarly, when compared to the same quarter in the preceding year, the index increased by 5.3 percent.
Chapter 63: Other made-up Textile Articles; Sets; worn Clothing etc In the second 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 increased by 2 percent to 109.3 from 107.2 recorded in the preceding quarter. This increase was mainly due to increase in labour costs especially in the textile industries. Similarly, when compared to the same quarter of 2023, the index increased by 2.5 percent.
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Chapter 72: Iron and steel During the second quarter of 2024, the index for “Iron and steel”, which accounts for 7.0 percent of the total weight, marginally increased by 0.4 percent to 106.4 from 105.9 recorded in the first quarter of 2024. Likewise, when compared to the same quarter last year the index increased by 4.5 percent.
Chapter 73: Articles of iron and steel This chapter contributes 4.4 percent of the total weight. In the second quarter of 2024, the index for “Articles of iron and steel” increased slightly to 106.1 from 106.0 recorded in the preceding quarter. Similarly, when compared to the corresponding quarter last year the index increased by 9.1 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 second quarter of 2024, the index for this chapter increased by 4.0 percent to 112.8 from 108.5 recorded in the preceding quarter . This performance was attributed to the cost of production due to the high cost of raw material and supply chain disruptions. Similarly, when compared with the corresponding quarter of 2023 the index increased by 9.0 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, marginally decreased by 0.7 percent to 105.6 in the second quarter
of 2024 from 106.4 recorded in the previous quarter. Likewise, when compared with the same
quarter in 2023, the index decreased by 1.7 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 2.8 percent to 109.5 in the second quarter of 2024 from
106.5 recorded in the previous quarter. The performance was largely explained by the increase
in prices of private vehicles and trucks amid high freight costs. Similarly, when compared to
the same quarter in the previous year the index increased by 14.7 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 second quarter of 2024, the index increased by 1.7 percent to 106.7 from 104.9 recorded in the first quarter of 2023, largely on account of increase in prices of medical equipment. Correspondingly, when compared to the similar quarter in 2023, the index has increased by 8.4 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, fish, tobacco & sisal, while the Imports
Price Index was driven by prices of mineral fuels, vegetable oils, vehicles, machinery and
appliances. Overall, during the second quarter of 2024, Terms of Trade remained favourable,
increasing by 1.2 points to 110.6 from 109.4 recorded in the first quarter of 2024 ( Table 3).
This implies that for every unit of goods exported, the country can obtain more units of imports.
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