(Business in Cameroon) - The country’s quarterly accounts published by the National Statistics Institute (INS) showed that compared to the third quarter in 2017 when it stood at 8.5%, Cameroon’s trade deficit worsened reaching 13.9% of GDP in Q3 2018.

Between the two periods, the 13.4% decline in exports added to the rise in imports by 13.9% deteriorated the trade balance in volume. INS indicated that exports fell, driven by a combined drop in the export of goods (-13.2%) and services (-14.0%). Overall, exports gave -2.4 points to GDP growth over the period under review. Export by volume of crude oil fell 19.4% and that of non-oil items dropped 10.9%.

The document said, lower non-oil exports are the consequence of weaker exports of industrial agriculture products and other manufactured items. However, this downward trend in the exports by volume of goods is cushioned by the exports of logs and processed wood (sawn, veneers and plywood), as well as agricultural processing products especially cocoa paste and butter.

As for the increase in imports, it is the result of a combined growth of the import of goods (+14.0%) and services (+13.7%). This contributed negative 3.7 points to GDP growth. Higher imports of goods are spurred by higher imports of agribusiness products and furniture manufacturing products, INS indicated.

Sylvain Andzongo