The trade balance deficit increases by 20% in 2019
This situation in Cameroon results from an increase in import expenditure of 15.9% and a smaller increase in export earnings (13.5%)
In 2019, Cameroon’s trade balance deficit widened further to stand at 1,547.9 billion F CFA. This represents an increase of 255.1 billion F CFA (19.7%) compared to 2018. This is what the National Institute of Statistics (Ins) reveals in its recent note on trade exterior in 2019.
This situation in Cameroon, explains Ins, is the result of an increase in import spending of 15.9% compared to 2018, and a smaller increase in export earnings (13.5%). In details, Cameroon imported in 2019, goods and market services worth 3,945.7 billion CFA francs, or 540.6 billion F more than the previous year. According to the Ins, this increase results mainly from “the increase in the purchases of fuels and lubricants (65.9%), cereals (41.8%) including rice (60.9%), crude petroleum oils ( 27.2%), clinkers (30.7%) and towing vehicles (5.8%) ”.
Regarding export receipts, they amount to FCFA 2,397.8 billion, thus recording an increase of nearly FCFA 285.5 billion compared to 2018. This upward trend is driven by exports of crude oil which recorded an increase in value of 15.9%, Liquefied Natural Gas (LNG) whose exported quantities increased considerably (+ 55.9%), Sawn timber (+ 6.4%) and raw cotton (+ 9.5%). « This upward trend in export earnings
was amortized by exports of raw timber in logs and raw aluminum, which recorded respectively a decrease in value of 29.2% and 16.6% compared to 2018 « specifies Ins.
Excluding oil and gas, these exports would experience a drop in quantity of 12.2% and a slight increase in value of 0.8% compared to 2018.