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21, August 2024
Cameroon’s Export Revenue to the EU Falls by 22% in 2023 0
In 2023, Cameroon’s export revenue to the European Union (EU) totaled CFA1,524.6 billion, down from CFA1,964.4 billion in 2022, according to a report by the National Institute of Statistics (INS). This represents a 22.4% decline year-over-year, reversing a trend of increasing export revenue to the EU since 2020. The decrease is primarily due to a 33.3% drop in revenue from hydrocarbon sales.
On the other hand, Cameroon’s imports from the EU have increased during the same period. The value of goods imported from the EU rose to CFA1,323 billion in 2023, up from CFA1,267 billion in 2022, marking a 4.4% year-over-year increase.
Despite the decline in export revenue, Cameroon still maintained a trade surplus of CFA201.5 billion with the EU. However, this surplus is 71% lower compared to 2022, when it was CFA697.6 billion. The INS report suggests that while the trade balance remains positive, the significant drop in trade with the EU highlights the need to reduce imports of certain products that negatively impact the trade balance, and to invigorate and diversify export activities.
In 2023, fuel and lubricants were the most expensive imports from the EU, accounting for 22.4% of total imports. This was followed by wheat and barley at 10.8%, medicines (including veterinary) at 4.8%, and unroasted malt at 3.6%. The main exports from Cameroon to the EU in 2023 included crude oil, which made up 42.6% of exports, followed by raw cocoa beans at 17%, liquefied natural gas at 15.1%, and sawn timber at 7%.
Source: Business in Cameroon