(Business in Cameroon) – Cameroon’s national stats agency INS reported that last year, the country’s trade balance with France showed a deficit of CFA13.1 billion. This makes a significant reduction of 77.6% compared to the CFA58.6 billion deficit recorded in 2022.
While the Cameroonian side reported a deficit, French authorities indicated that Cameroon actually had a surplus during the same period. A document from the French Ministry for Europe and Foreign Affairs, based on data from French customs, noted that the African nation recorded a surplus estimated at €340.8 million, equivalent to CFA223.2 billion. This presents a substantial discrepancy of CFA236.3 billion between the two sources.
French authorities further indicated that 2022 was also a surplus year for Cameroon. According to them, in 2022, Cameroon had posted a trade surplus of CFA238.6 billion (€364.4 million).
One thing both sides agree on is the surge in Cameroon’s hydrocarbon exports (oil and natural gas) to France since 2022. INS reported that while hydrocarbon exports from Cameroon to France were almost nonexistent in 2020 (CFA65.6 million), they represented 71.2% of Cameroon’s total exports to France in 2023. For the same year, French customs reported that hydrocarbon and other extractive industry products exported from Cameroon to France amounted to CFA442 billion, accounting for 73.8% of all Cameroonian exports to France.
This surge in hydrocarbon exports is closely linked to the geopolitical situation following the Russian invasion of Ukraine in February 2022. In response to the conflict, Europe, including France, imposed an embargo on Russian hydrocarbons, forcing them to seek alternative sources. It appears that France turned to Cameroon, where French company Perenco dominates the oil and gas industry.
