(Business in Cameroon) - Despite an improved economy with a 3.2% GDP growth in Cameroon during the first quarter of 2023, the primary sector has experienced a slowdown in activity. This situation is mainly the result of declining cocoa and rubber exports, according to a report recently issued by the National Institute of Statistics (INS).

"The first quarter of 2023 is marked by a 0.7% slowdown in activity in the primary sector compared to the same quarter in 2022. The decline is attributed to a 6.2% decrease in the export agriculture segment as a result of underperformance in exports of cocoa beans (-32%), rubber (-16%), and fresh bananas (-4%)," read the report.

Forestry operations also experienced a slowdown during the period, following “the measures taken by the government to promote local processing.” These include the increase in customs duties from 10% to 15% of the FOB value on timber exports and from 50% to 60% on log exports, effective from January 1, 2023.

However, the INS notes that subsistence farming recorded a 2.6% growth during the period, a significant improvement compared to the previous quarter. The same trend was observed for livestock, fishing, and hunting activities, which saw a 6.1% growth over the period reviewed.