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Cemac: Prices of exported commodities fell by 13.4% in Q4 2022

Cemac: Prices of exported commodities fell by 13.4% in Q4 2022
  • Comments   -   Wednesday, 15 February 2023 03:49

(Business in Cameroon) - The prices of commodities exported by Cemac countries fell 13.4% in Q4 2022, after rising 6.9% and 0.5% respectively in the second and third quarters.

The situation is the result of “the sharp decline in the global prices of oil and natural gas" during the period, Beac points out in its Composite Commodity Price Index (ICCPB). In detail, the quarterly document says, global prices for energy products fell by 18.8%, after a rise of 2.9% in Q3. In Q4, gas fell by 35.5% and a barrel of oil by 11.6%.

According to Beac, this price contraction is related to the increase in European natural gas stocks, supported by the reduction in gas consumption by households and industries, which are turning to renewable energies; the slowdown in global growth; concerns about a global recession; and the maintenance of pandemic restrictions in China.

As a reminder, the Composite Commodity Price Index (ICCPB) is a quarterly document based on the prices of 20 commodities exported by CEMAC countries, representing 90% of the value of their exports. It covers five main categories, including energy products, metals and minerals, forest products, agricultural products, and fishery products.


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