Cameroon: increase in commodity exports

The main raw materials exported by Cameroon have experienced an improvement since the beginning of the year, breaking with the gloom observed a few months ago following the appearance of the health crisis linked to Covid-19. At the end of the first quarter of the year, the statistics converge on a favorable dynamic according to the economic report published in May by the Ministry of the Economy, Planning and Regional Development.

Thus, crude oil recorded an increase of 5.0% in March to stand at $ 65.5 / barrel, well above the $ 43.8 / barrel envisaged in the 2021 finance law. of oil reached the bar of 65.5 $ / barrel in March against 62.2 $ / barrel in February, almost returning to the levels at the start of the health crisis in March 2020. If this rise in prices is in line with the Over time, oil revenues will be higher than the forecasts of CFAF 418 billion, approximately $ 775 million, contained in the 2021 finance law.

On this dynamic, with the exception of rubber, whose prices fell 9.4% in March 2021 compared to February, during the same period considered, this upward trend can be observed for other raw materials. Thus, aluminum recorded an increase of 6.0%; 3.0% for cotton; 1.9% for cocoa; 1.9% for arabica coffee and 1.1% for robusta coffee.

In outlook, the prices of these raw materials should continue this trend, driven mainly by the good performance of economic activity in the world. This should allow Cameroon to improve export earnings, foreign exchange reserves and its trade balance.

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