Export prices of goods rose by 16.1 percent in the first quarter (January to March) of the year compared to the figure in the same quarter of last year, according to a report National Statistics Bureau released recently.
The export price index was recorded at -0.98 percent in the first quarter of last year.
Export price index is a measure of average price change over the period for goods that are exported.
“Base metal and other manufactures export prices was the main contributor to the increase in the first quarter recording an increase of 59.85 percent contributing to about 91 percent of the total increase,” the report stated.
Similarly, chemicals, plastic, textile and apparel that contribute 3 percent of the total increase recorded the second highest increase with 41.48 percent over the past one year.
Mineral products, cement and electricity export prices increased by only 1.21 percent and contributed about 6 percent to the overall increase.
However, the export prices of food and beverages, wood, pulp and paper dropped by 2.43 percent and 0.61 percent respectively.
However, the export prices in the first quarter compared to the previous quarter (October to December) last year saw a decrease of 4.94 percent.
It was mainly due to a drop in the price of ferrosilicon by 17.59 percent in the past three months.
Food and beverages, wood, pulp and paper prices also decreased over the previous quarter, while prices of mineral products, cement and electricity, and chemicals, plastics textiles and apparel went up by about 1 percent and 11 percent respectively.
On the import, prices of goods rose by 19.22 percent in the first quarter compared to the same period last year.
All goods imported saw an increase in prices with metal and metal articles becoming expensive by 37.18 percent followed by chemicals, plastics, textile and apparel by 30.98 percent.
Machinery, appliances and other manufacturers recorded the lowest increase of about 7 percent.
Mineral products, cement and electricity increased by 6.98 percent contributing around 21 percent to the overall increase.
Wood, pulp and paper, although had the second highest increase with 11.98 percent, contributed only about 9 percent of the total increase.
The terms of trade in the first quarter dropped to 93.51, a decline of 2.62 percent compared to the same quarter last year.