Cameroon’s trade deficit with other African nations dropped significantly in 2023, falling by 62.3% to CFA97.2 billion, down from CFA257.8 billion in 2022. This data, released recently by the National Institute of Statistics (INS), shows a notable improvement in the country’s trade balance with the continent.

The improvement stems from a sharp reduction in Cameroon’s imports from other African countries. In 2023, imports fell by 20.7%, reaching CFA476.2 billion compared to CFA600.6 billion in 2022. These imports were primarily composed of palm oil (18.9%), cement (12.5%), petroleum oils (10.3%), and frozen fish (9.5%). Côte d’Ivoire was Cameroon’s leading African supplier, accounting for 15.9% of imports, followed by Morocco (9.9%), South Africa (9.7%), Egypt (9.6%), and Nigeria (8.3%).

On the export side, Cameroon saw a 10.6% increase in revenue from exports to other African nations, totaling CFA379 billion in 2023. Key exports included crude petroleum oils (19.2%), household soap (14.5%), sawn wood (5.3%), food preparations (4.5%), and semi-milled rice (3.3%). Chad emerged as Cameroon’s top African customer, representing 39.3% of the market, followed by South Africa (12.6%), Nigeria (10.4%), and the Central African Republic (9.0%).

Despite this positive shift in the trade deficit, the INS highlighted that trade between Cameroon and the rest of Africa remains relatively modest. This is notable even after the implementation of the African Continental Free Trade Area (AfCFTA) in 2021, which aimed to boost trade across the continent. In 2023, Africa accounted for just 12.7% of Cameroon’s exports and 9.5% of its imports.

Source: Business in Cameroon