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Yaoundé - 21 June 2021 -
Economy

CEMAC: Export commodity price index rose by 19.4% QoQ in Q1-2021, boosted by over 35% increase in oil prices

CEMAC: Export commodity price index rose by 19.4% QoQ in Q1-2021, boosted by over 35% increase in oil prices
  • Comments   -   Friday, 04 June 2021 14:17

(Business in Cameroon) - In Q1-2021, the price index of commodities exported by CEMAC countries rose by 19.4% against 4.3% in Q4-2020, the Bank of Central African States (BEAC) reveals. According to the central bank, that quarter-to-quarter growth was notably spurred by energy products that grew by 35.6% during the period under review against 7.3% a quarter earlier.

Over the period, oil prices rose by 35.9% while the price of natural gas shot up by 33.7%. During Q1-2021, the average crude oil price was $59.3 against $43.6 in Q4-2020. As for natural gas, its average price improved from $4.76 in Q4-2020 to $6.52 in Q1-2021.

The prices improved thanks notably to the optimism that gained grounds with the Covid-19 researches and Hurricane Laura that forced substantial reduction of oil productions in the Gulf of Mexico. Other factors include hopes of growth in oil demands in the USA and China - which are the world-leading oil importers, and forecasts according to which OPEP member countries would reduce their productions because of the record volume they produced in May -July 2020,” the BEAC explains.

This rise in the region’s export commodity price index is good news for national treasuries in the community space since they will generate more export earnings.

Let’s note that the composite index of CEMAC commodities is calculated by averaging the price of the 28 commodities that generate 90% of the community space export earnings. That index is grouped into five categories namely, energy, metals and minerals, forestry, agriculture, and fisheries.

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