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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 fourth quarter 2024, the index decreased slightly by 0.2 percent to 113.9 from 114.1 that was recorded in the previous quarter. However, when compared to the similar quarter in 2023, the index increased by 5.7 percent.
Chapter 17: Sugars and sugar confectionery This chapter contributes 1.6 percent of the total weight of the imported commodities. During the fourth quarter 2024, the index increased by 1.9 percent to 123.8 from 121.5 recorded in the third quarter 2024. The rise in sugar prices was attributed to unfa vorable weather conditions in major sugar-producing countries in Brazil and India. Likewise, when compared to the corresponding quarter of 2023, the index increased by 12.9 percent.
Chapter 27: Mineral fuels, oils and product of their distillation
During the fourth quarter 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 7.1 percent to 74.4 from 80.1 recorded in the previo us quarter. The decrease
was attributed to increased global supply by non -OPEC+ countries and reduced demand in
major consuming countries particularly China. Similarly, when compared to the same quarter
last year, the index decreased by 21.9 percent.
Chapter 30: Pharmaceutical products The index for "Pharmaceutical products", which constitutes approximately 5.3 percent of the total weight, slightly decreased by 1.0 percent to 113.0 in the fourth quarter of 2024, up from 114.1 in the previous quarter. Similarly, when compared to the simil ar quarter in 2023, the index increased by 2.9 percent.
Chapter 31: Fertilisers The "Fertilisers" index, accounting for 2.4 percent of the total weight, increased by 5.9 percent from 86.0 to 91.1 in the fourth quarter of 2024. The performance was attributed to the increase in prices of Urea resulting from supply dynamics and higher energy cost, particularly natural gas, which is used in the production of Urea. Nonetheless, when compared to the similar quarter last year, the index decreased by 8.0 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, decreased by 1.9 percent to 81.1 in the fourth quarter 2024, from 88.8 recorded in the third quarter 2024. The performance was associated with a shift in demand from costly branded pesticides to generic pesticide usage. Similarly, when compared to the same quarter of 2023, the index slightly declined by 0.4 percent.
Chapter 39: Plastics and articles thereof
In the fourth quarter of 2024, the index for “Plastic and articles thereof” which contributes 7.1
percent to the total weight of imported commodities decreased by 2.4 percent to 85.9 from
88.0 recorded in the previous quarter. The performance was associate d with the decrease in
word-market prices of polyethylene associated with moderating demand from key industries
of construction and packaging. Likewise, when compared to the similar quarter last year, the
index increased by 6.5 percent.
Chapter 40: Rubber and articles thereof This chapter contributes 2.5 percent to the total weight of imported commodities. During the fourth quarter 2024, the index decreased slightly by 0.7 percent to 106.2 from 107.0 recorded in the third quarter 2024. Correspondingly, when compared to the same quarter in the preceding year, the index increased by 7.4 percent.
Chapter 63: Other made-up Textile Articles; Sets; worn Clothing etc In the fourth quarter 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 decreased by 2.6 percent to 110.8 from 113.7 recorded in the preceding quarte r. This decrease was largely influenced by oversupply and subdued global economic conditions. However, when compared to the same quarter of 2023, the index increased by 3.6 percent. Chapter 72: Iron and steel During the fourth quarter 2024, the index for “Iron and steel”, which accounts for 7.0 percent of the total weight, increased by 1.4 percent to 112.0 from 110.5 recorded in the third quarter of 2024. The performance was largely associated with the increase in world-market prices of
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iron ore due to supply constraints and tariff threats from the new United States administration. Likewise, when compared to the same quarter last year the index decreased by 1.4 percent.
Chapter 73: Articles of iron and steel This chapter contributes 4.4 percent of the total weight. In the fourth quarter 2024, the index for “Articles of iron and steel” increased by 2.2 percent to 111.4 from 109.1 recorded in the preceding quarter. The performance was associated with the rise in world market prices due to increased cost of materials used to manufacture steel. Similarly, when compared to the corresponding quarter of 2023 the index increased by 5.4 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 fourth quarter 2024, the index for this chapter dropped slightly by 0.9 percent from 118.8 to 117.8 recorded in the previous quarter. However, when compared to the corresponding quarter in 2023, the index increased by 9.9 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 1.4 percent to 101.9 in the fourth quarter 2024 from
103.4 recorded in the previous quarter. The performance was attributed to the decrease in
word-market prices of transformers attributed by the stabilization of prices of raw materials
that are used in the manufacturing of transformers. Likewise, when compared to the same
quarter in 2023, the index decreased by 3.2 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 2.3 percent to 117.8 in the fourth quarter 2024 from 115.2
recorded in the previous quarter. The performance was largely expl ained by the increase in
prices of private vehicles and trucks especially in the element of freight. Similarly, when
compared to the same quarter in the previous year the index increased by 13.6 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 fourth quarter 2024, the index increased slightly by 0.5 percent to 108.3 from 107.7 recorded in the third quarter of 2023. Correspondingly, when compared to the similar quarter in 2023, the index increased by 5.1 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 cashew nuts, while the Imports Price
Index was driven by prices of mineral fuels and cereals. Overall, during the fourth quarter
2024, Terms of Trade remained favourable, increasing by 1.5 points to 112.4 from 110.9
recorded in the third quarter 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