(Business in Cameroon) - Cameroon national institute of statistics INS revealed that during Q1, 2018, the country’s commercial balance registered a deficit of CFA253.4 billion. This represents a decline by CFA159.5 billion (+169.7%) of the deficit in Q1, 2017.
According to the INS, this is the result of an increase by CFA105.8 billion in imports and decrease by CFA53.7 billion of the exports between the two periods.
«The imports increase is partially due to the resumption of Société nationale de raffinerie du Cameroun (SONARA)’s activities after a technical stop during Q1,2017 », the institute explains. It adds that this reduction boosted imports of crude to about CFA43.1 billion during Q1, 2018.
Oil trade excluded, the deficit is CFA406.5 billion which is an increase by CFA104.9 billion (+34.8%) compared to its volume in Q1, 2017. This performance is due to a drop by 13.5% of the non-oil exports followed by an increase of the non-oil imports by 10.2%, according to INS.