Cameroon’s intra-Africa trade fetched 379 billion FCA in 2023 – Report.

Basically, the statistic institute stated that overall exports within Africa witnessed an increase of 10.6%; with revenues from these intra-continental exports totaling some 379 billion in the 2023 business year.

On the specific trade exports, the NIS singled out key exports to included crude petroleum oils; that accounted for 19.2% of the total package; household soap, accounting for 14.5%; and sawn wood, (Semi processed timber), 5.3%.

Other exports included food preparations, accounting for 4.5%; semi-milled rice, 3.3%. It also delved into the items that specific African countries bought from Cameroon. 

In which case, NIS stated that Chad emerged as Cameroon’s top African customer, representing 39.3% of the market value of what citizen from that neighbouring country brought; followed by South Africa, whose share stood at 12.6%; Nigeria, 10.4%; and the Central African Republic, CAR, with 9.0% of Cameroon´s total exports to other African countries.

The positive outlook therefore led to improvement in Cameroon’s trade deficit with other African countries as the deficit fell to 62% in 2023, according to the NIS.

In quantitative terms, the NIS stated that: “Cameroon’s trade deficit with other African nations dropped significantly in 2023, falling by 62.3% to 97.2 billion FCFA; down from 257.8 billion FCFA in 2022. This data made public recently by the National Institute of Statistics, shows a notable improvement in the country's trade balance with the continent”.

The institute added that the improvement stems from a sharp reduction in Cameroon's imports from other African countries, which the NIS report went further to clarify. In 2023, imports fell by 20.7%, reaching 476.2 billion FCFA compared to 600.6 billion FCFA in 2022. 

Paradoxically, Cameroon´s principal imports were items she can conveniently produce at home. Like palm oil which constituted 18.9% of Cameroon´s imports; cement, 12.5%; petroleum oils, 10.3%; and frozen fish 9.5%. 

Meanwhile, main suppliers of these items to Cameroon, during the year in review included Côte d'Ivoire, which the NIS identified as Cameroon’s leading African supplier, accounting for 15.9% of total imports; followed by Morocco, with 9.9%; South Africa, 9.7%; Egypt, 9.6%; and Nigeria accounting for 8.3% of Cameroon´s imports.

Despite this positive shift in the trade deficit, the NIS highlighted that trade between Cameroon and the rest of Africa remains relatively modest and below expectations.

The situation is particularly worrying in light of the fact that the African Continental Free Trade Area, AfCFTA, went into full force since 2021.  An initiative which aims at boosting trade exchanges across the continent. 

The NIS deplored the fact that in 2023, Africa still accounted for just 12.7% of Cameroon’s exports and 9.5% of its imports.

This story was first published in The Guardian Post issue No:3212 of Wednesday August 28, 2024