Yaoundé - 02 October 2023 -

Cameroon: Cocoa, wood, rubber, and bananas slow primary sector growth in Q1 2023

Cameroon: Cocoa, wood, rubber, and bananas slow primary sector growth in Q1 2023
  • Comments   -   Thursday, 07 September 2023 18:01

(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.

Cameroon National Shippers' Council (CNCC) inaugurated last September 27 a community center in Kouseri, Far North, for the purpose of resting and...
The Bank of Central African States -BEAC- noted a good momentum on the primary public securities market throughout the year, despite a constant increase...
The Cameroonian Trade Department announced the introduction of a special facility to support the population in this tough economic context. Minister Luc...
Cameroon’s national refinery- Sonara signed last September 29 a deal with Trafigura PTE LTD to restructure CFA14 billion owed to the Swiss trader. Per...

Mags frontpage

Business in Cameroon n110: April 2022

Covid-19, war in Europe: Some Cameroonian firms will suffer

Albert Zeufack: “Today, the most important market is in Asia”

Investir au Cameroun n120: Avril 2022

Covid-19, guerre en Europe : des entreprises camerounaises vont souffrir

Albert Zeufack: « Le marché le plus important aujourd’hui, c’est l’Asie »