The terms of trade (ToT) for all commodities declined by 0.12 percentage points in the first quarter of 2024 (Q1’24), while the value of imports rose by 0.51 percentage points during the same period.
This information was disclosed by the National Bureau of Statistics (NBS) in its All Commodity Price Indices and ToT report for Q1’24. The bureau defines ToT as the ratio between a country’s export prices and its import prices.
An increase in the terms of trade (when ToT is greater than 100 percent) indicates that the value of exports is rising relative to the value of imports, allowing the country to afford more imports for the same value of exports.
The report also highlighted that both the all group export and all group import indices increased by 0.39 percent.
According to the NBS, “The All-Commodity ToT for January, February, and March 2024 were 101.89 percent, 101.77 percent, and 101.75 percent, respectively.
“The All-Commodity Group ToT decreased by 0.16 percentage points in February and marginally increased by 0.03 percentage points in March, resulting in an overall decrease of 0.12 percentage points between January and March 2024.”
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