The year-on-year import prices (annual average) of goods rose by 1.85 percent in 2020 after recording a decrease of -0.30 percent in the previous year. Prices of wood, pulp and paper products recorded the highest increase with 13.23 percent while minerals products, cement and electricity dropped by -7.47 percent due to decrease in fuel prices. The year-on-years import price recorded an increase in the three quarters i.e., Q1, Q3 and Q4 while Q2 recorded a drop in price by 0.96 percent. The drop in second quarter was also associated with drop in price of fuel and metal & metal articles. The last quarter of 2020 recorded the highest increase among the four quarters with 4.27 percent mainly contributed by metal and metal articles.
The quarter-on-quarter (current quarter compared to previous quarter) import prices increased in all quarters except for second quarter where the prices dropped by -2.91 percent. Fourth quarter recorded the highest increase with 2.97 percent compared to 2.31 percent in first quarter and 1.94 percent increase in third quarter. Metals and metal articles were the main contributor for higher increase in fourth quarter with 12.85 percent, followed by food and beverages which rose by 6.80 percent, while wood, pulp and paper recorded the highest drop in price by 10.09 percent. Decrease in second quarter was contributed by mineral products, cement and electricity group which decreased by -16.95 percent and metals & metal articles which also recorded a decrease of -2.83 percent.