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Cameroon: The trade balance deficit was CFA1,089.5 billion in 2017

Business in Cameroon | In 2017, Cameroon’s external trade decreased by 8.2% in volume and 3.8% in value. This is revealed by the national institute for statistics in a report it just published.

According to the institute, despite a continuous reduction of the trade deficit, the balance registered a negative progress of CFA1,089.5 billion in the year under review. Compared to the trade balance in 2016, this has decreased by CFA38.2 billion.

“This decrease is essentially due to the surplus registered in the exchanges of crude oil, due to the decrease in the imports of the product following the technical stop of SONARA in Q1 2017”, the institute reveals.

As far as the trade balance of non-oil product is concerned, it has increased by 13% compared to its level in 2016 and the deficit is CFA1,705.5 billion. This is because exports of these products have decreased by 10% and the imports increased by 2.5%. Finally, the coverage rate of these range of products decreased by 6% to stand at 40%.

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  1. This deficit will get worse with a further 8billion fcfa dip over the next 5years due to the silly EU/Cameroon free trade agreement which robs cameroon of billions in import duty to european products annually. Guess who would suffer the pinch: the mqn on thecstreets as taxes willbe increased to meet normal functioning of public operations. Cameroon must take economic transformation and industrialization to a new level to offset these fiscal losses if they hope to emmerge economically by 2035. The key at rhis point is leverage digitization and encourage entrepreneurship.

    • [email protected] completely agree with you bringing up carved in stone juggernort negatives that should be changed.
      .I thought that the EU agreement hadnt been signed .
      One question about the write up ,does this mean that Sonara is paying an above market fortune for refining somewhere else if it makes such a dent on the figures ?

  2. if developing leaders thought that the EU would be in favour of any positive trade agreements with their developing countries especially the French colonial African countries they must be living in fantasy, within the EU, there is nothing to give to Africa, As Macron stated that they have too many children therefore a burden, many of the EU countries would be happy to see their doors closed completely to all African migrants, they hate black people period! yet many of their African leaders are either being bullied by the white man to sign worthless trade, naive, frightful of not getting free financial aid, as they have been dependent, some have colonial mentalities, personal finance gains or not bothered about the welfare of their own people, country and continent still in the dark ages