(Business in Cameroon) - Cameroon’s trade deficit fell by CFA442 billion year-on-year to CFA701 billion between January and September 2023, the National Stats Agency (INS) reported.

INS says this 38% decline came from a lower increase in import expenditure (+13.4%) compared to export earnings (+49%). In detail, the purchase of products such as fuels and lubricants went up by 65.1%, fertilizers by 43.4%, and frozen sea fish by 42.5%. Meanwhile, spending on coffee, tea, and spices fell by 27.4%, wood and wood products by 20.9%, pharmaceuticals by 13.8%, and cereals by 3.1%.

As for exports, although they increased significantly during the period under review, they consisted mainly of primary products, namely liquefied natural gas (+138.2%) and crude oil (+64.8%). These two products generated CFA1,549 billion, or 62.2% of the overall export earnings. Excluding oil and gas, Cameroon's trade balance deficit would be CFA2,192 billion, according to the INS. Other products contributed to a lesser extent to the increase in the volume of exports. These are raw cocoa beans (+7.0%), sawn wood (+6.1%), raw cotton (+5.5%), and cocoa paste (+3.2%).

CJ