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prices of palm oil as a result of supply constraints resulting from excessive rainfall in Southeast Asia. Likewise, compared to the similar quarter in 2023, the index increased by 9.3 percent.
Chapter 17: Sugars and sugar confectionery
This chapter contributes 1.6 percent of the total weight of the importe d commodities. During
the third quarter of 2024, the index increased by 1.0 percent to 121.5 from 120.3 that was
recorded in the previous quarter. The rise in su gar prices is attributed to the concerns over
tighter global availabilities in the upcoming 2024/25 season, as well as, worsening crop
prospects in Brazil due to prolonged dry weather and fires that damaged sugarcane fields.
Similarly, compared to the corresponding quarter of 2023, index has increased by 9.1 percent.
Chapter 27: Mineral fuels, oils and product of their distillation
During the third 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 10.7 percent to 80.1 from 89.7 recorded in the second quarter of 2024 . The
decrease was attributed by increased supply by non -OPEC+ countries and subdued demand
in China due to slowdown in economic activities . Likewise, when compared to the similar
quarter in the preceding year, the index decreased by 19.4 percent.
Chapter 30: Pharmaceutical products The index for "Pharmaceutical products", which constitutes approximately 5.3 percent of the total weight, increased slightly by 0.7 percent to 114.1 in the third quarter of 2024, up from 113.4 in the previous quarter. Similarly, when compared to the similar quarter in 2 023, the index increased by 7.3 percent.
Chapter 31: Fertilisers The "Fertilisers" index, accounting for 2.4 percent of the total weight, increased by 5.2 percent from 81.7 to 86.0 in the third quarter of 2024. The performance was attributed to the increase in prices of UREA resulting from supply dynamics in the global markets. Nonetheless, when compared with the same quarter last year, the index decreased by 10.8 percent.
Chapter 38: Miscellaneous chemical products The index for “Miscellaneous chemical products” which accounts for 3.3 percent of th e total weight, increased by 3.2 percent to 88.8 in the third quarter of 2024, from 86.0 recorded in
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the second quarter . This rise can be attributed to a rebound in production costs, driven by slightly higher raw material costs. Similarly, when compared to the same quarter of 2023, the index still reflects a 7.4 percent increase.
Chapter 39: Plastics and articles thereof
In the third quarter of 2024, the index for “Plastic and articles thereof” which contributes 7.1
percent to the total weight o f imported commodities decreased by 1.1 percent to 88.0, from
89.0 recorded in the previous quarter. The performance was associated with the decrease in
word-market prices of polyethylene associated with moder ating demand from key industries
of construction and packaging. Likewise, when compared to the similar quarter last year, the
index decreased by 12.5 percent.
Chapter 40: Rubber and articles thereof This chapter contributes 2.5 percent to the total weight of importe d commodities. During the third quarter of 2024, the index increased by 4.7 percent to 107.0 from 102.2 recorded in the second quarter of 2024. The surge in prices was largely attributed to adverse weather conditions in Thailand, the world's largest rubber producer . Similarly, when compared to the same quarter in the preceding year, the index increased by 10.5 percent.
Chapter 63: Other made-up Textile Articles; Sets; worn Clothing etc In the third 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 4.1 percent to 113.7 from 109.3 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 9.4 percent. Chapter 72: Iron and steel During the third quarter of 2024, the index for “Iron and steel”, which accounts for 7.0 percent of the total weight, increased by 3.8 percent to 110.5 from 106.4 recorded in the second quarter of 2024 . The performance was largely associated with the increase in wor ld-market prices of iron ore due to supply constraints. Likewise, when compared to the same quarter last year the index increased by 8.0 percent.
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Chapter 73: Articles of iron and steel This chapter contributes 4.4 percent of the total weight. In the third quarter of 2024, the index for “Articles of iron and steel” increased by 2.8 percent to 109.1 from 106.1 recorded in the preceding quarter. The performance was associated with the increase in wor ld market prices due to increased cost of materials used in steel production . Similarly, when compared to the corresponding quarter last year the index increased by 6.6 percent.
Chapter 84: Nuclear reactors, boilers, machinery and mechanical appliance and parts The chapter accounts for 13.6 percent of the total weight of importe d commodities. During the third quarter of 2024, the index for this chapter increased by 5.3 percent to 118.8 from 112.8 recorded in the preceding quarter. This performance was attributed due to high cost of production resulting from higher costs of raw material. Similarly, when compared with the corresponding quarter of 2023 the index increased by 11.1 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, decreased by 2.2 percent to 103.4 in the third quarter of 2024
from 105.6 recorded in the previou s quarter. The performance was attributed to increase in
world-market prices of transformers. Likewise, when compared with the same quarter in 2023,
the index decreased by 1.1 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 wei ght increased by 5 .2 percent to 115.2 in the third quarter of 2024 from
109.5 recorded in the previous quarter. The performance was largely explained by the increase
in prices of private vehicles and trucks. Similarly, when compared to the same quarter in the
previous year the index increased by 13.9 percent.
Chapter 90: Optical, photographic, cinematographic, measuring, checking, precision, etc. This chapter accounts for 2.1 percent of the total weight. During the third quarter of 2024, the index increased slightly by 0.9 percent to 107.7 from 106.7 recorded in the second quarter of 2023. Correspondingly, when compared to the similar quarter in 2023, the index has increased by 6.4 percent.
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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, coffee, cement and oil seeds , while the
Imports Price Index was driven by prices of fertilizer, vehicles, rubber and machineries. Overall,
during the third quarter of 2024, Terms of Trade remained favourable, increasing by 0.3 points
to 110.9 from 110.6 recorded in the second 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 Q1 Q2 Q3 Q4 Q1 Q2 Q3 EXPI 100.0 101.7 104.7 108.5 110.5 113.6 115.6 MPI 100.0 99.1 100.7 101.8 101.0 102.7 104.2 TOT 100.0 102.6 104.0 106.6 109.4 110.6 110.9 Indices 2023 2024