During the year 2023, Cameroon’s merchandise export revenues to the European Union (EU) amounted to 1,524.6 billion XAF compared to 1,964.4 billion XAF in 2022, according to the report from the National Institute of Statistics (INS) on trade between Cameroon and the EU in 2023. This represents a decrease of 22.4% on an annual basis, after a continuous increase in export revenues to the EU recorded since 2020. This decline, according to the INS, is mainly explained by a 33.3% decrease in revenues from the sale of hydrocarbons.
On the other hand, Cameroon’s imports from the EU are on the rise during the period under review. Indeed, the value of products imported from the union is 1,323 billion XAF in 2023, compared to 1,267 billion XAF in 2022, representing a 4.4% increase on an annual basis according to the same source.
Nevertheless, the trade balance between Cameroon and the EU remained positive at 201.5 billion XAF in favor of the Central African country. But, down by 71% compared to 2022 where the surplus was 697.6 billion XAF. “Despite a positive balance, the significant drop in foreign trade with the EU should draw our attention to the need to reduce imports of certain products that are weighing down our trade balance, while revitalizing and diversifying our exports,” recommends the INS.
It is worth noting that in 2023, fuel and lubricant imports were the costliest purchases of Cameroon from the EU. They represented 22.4% of all imports from the EU, followed by wheat and rye (10.8%), medicines (including veterinary) 4.8%, and untorrefied malt (3.6%). The main products exported to the EU in 2023 are crude petroleum oils which account for 42.6% of exports, followed by raw cocoa beans (17%), liquefied natural gas (15.1%), and sawn wood (7%). (Our loose translation)
Source: Investir au Cameroun
