(Business in Cameroon) - Cameroon generated XAF300.7 billion of customs revenues in H1-2020, according to the budget implementation report recently published by the Ministry of Finance. This represents a drop by XAF58.8 billion (-16.4%) compared with the XAF359.5 billion collected in H1-2019.
According to the report, the drop in revenues was recorded in all the segments constituting the customs revenue. Indeed, import duties dropped by XF25.2 billion, VAT by XAF29.2 billion, and excise duties by XAF2.6 billion.
Compared to the XAF308.5 billion forecast for the first half of 2020, customs revenues were down by XAF7.8 billion, representing a 97.5% implementation rate. The report explains that the drop in the amount of customs revenues collected was due to a 25.2% decrease in overall trade exchanges (27.6% drop for imports and 21.4% for exports).
The Ministry of Finance explains that the target set in the June 2020 budget amendment could be reached by the end of the year if marketers pay their debts. Initially, Cameroon set a customs revenue collection target of XAF905 billion for 2020. Because of the coronavirus pandemic, it reduced that target by XAF22 billion to XAFAF883 billion.