(Business in Cameroon) - Cameroon’s stats agency INS recently issued the official figures on the evolution of imports and exports in the country over the first three months of 2023.
According to the report, the trade balance posted a deficit of CFA254 billion at the end of March 2023, due to a stronger dynamic in imports than in exports. Imports have increased by 13.8% year-on-year, reaching CFA1,343.8 billion while exports only grew by 8.5% to CFA1,089.7 billion.
On the export segment in particular, INS observed more substantial growth in the sale of goods than in services during this period. Goods exports were primarily propelled by the sale of manufactured products, including agricultural processing items and other manufactured goods. However, the overall uptick in goods sales contrasts with the poor performance in the export of agricultural products, unprocessed timber, and crude oil extraction.
For imports, INS noted a more significant increase in the imports of goods compared to services. The agency revealed that the significant increase in import volumes is a result of "the surge in the level of imports of goods, which have increased by 17.6%, compared to almost stagnant imports of services (1.1%). The observed dynamic in goods imports is due to strong foreign demand for products from the chemical manufacturing industry, agricultural processing industry, beverage industry, grain work, and the textile industry."