(Business in Cameroon) - During the first quarter this year, Cameroon’s imports grew by 12% compared to the same period last year, the National Statistics Institute (INS) indicated. This figure is the combination of an 11.9% increase in goods imports and a 12.4% growth in services imports.

According to INS, the rising in goods imports is subsequent to higher purchases of chemicals, crude oil (as the National Refining Company Sonara resumed activities), as well as products from grain and agricultural processing. However, imports of goods such as paper products and furniture dropped. Excluding oil, the growth in overall imports stood at 10.2%.

Meanwhile, the country witnessed a decline by 3.8% in exports due to a decrease by 3.9% in goods exports and a 3.6% drop in services exports. Exports of goods excluding crude oil are, however, up 1.6%, mainly driven by increases in exports of sawn timber, fuel and lubricants and bar soap.

The downward trend in exports is mainly linked to a slump in the exports of items such as crude oil, agricultural processing and industrial agricultural products. Overall, exports of goods and services dropped GDP growth by 0.8 points in Q1 2018.

S.A