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Yaoundé - 25 February 2024 -
Energy

CEMAC: oil and gas lowered export commodity prices in Q2’2023 (BEAC)

CEMAC: oil and gas lowered export commodity prices in Q2’2023 (BEAC)
  • Comments   -   Monday, 07 August 2023 18:46

(Business in Cameroon) - The price of commodities exported by CEMAC countries fell by 1.7% in Q2’2023, according to the composite commodity index recently published by the central bank BEAC. "[...]The fall in natural gas and oil prices hastened the deterioration of the overall index, these two components being the sub-region's flagship export products. Energy product prices fell by 6.7%, compared with 17.9% in the previous quarter," the BEAC explains in the index.  

The central bank continued: "In contrast, prices of non-energy products rose by 5.4%, compared with 6.3% in the first quarter of 2023. By product category, agricultural products recorded the strongest rise (+8.3%), followed by forestry products (+2.6%) and fishery products (1.7%). Prices of metals and minerals fell by 2.0%."

However, this further fall in the prices of products exported by CEMAC countries is less pronounced than that of the first quarter of 2023, when prices contracted by 10%, the central bank points out. Moreover, despite their sustained decline since the last quarter of 2022, the prices of the main raw materials exported by CEMAC countries have remained "above their pre-pandemic levels," the BEAC indicates.

The situation could well change over the coming months, the BEAC warns. "[...] According to the latest World Bank report, global commodity prices are expected to decline at an unprecedented pace, clouding the growth prospects of nearly two-thirds of developing economies, which are heavily dependent on these exports," the report stresses.

As a reminder, the commodity price index is based on the prices of the 20 commodities that fetch 90% of CEMAC countries’ export earnings. The basket is broken down into five main categories: energy products, metals and minerals, forestry products, agricultural products, and fishery products.

BRM

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