(Business in Cameroon) – Cameroon’s trade deficit fell by 256.8 billion CFA francs in 2024, reaching a total of 1,747.3 billion CFA francs, according to the country’s annual economic report. The deficit had been 2,004 billion CFA francs in 2023.
This improvement stemmed from a significant increase in non-oil exports relative to imports. As a result, the export-to-import coverage ratio rose by 5.2 points to 65.1%. This marks the first time since 2020 that Cameroon has reduced its trade deficit, which saw a 56 billion CFA franc improvement that year. According to the National Institute of Statistics, the deficit has worsened since 2020, with increases of 103 billion CFA francs in 2021, 496 billion CFA francs in 2022, and 576 billion CFA francs in 2023.
Despite the notable improvement, the deficit remains insufficient to reverse the country’s structurally negative trade balance, which relies heavily on imported food products and capital goods. To address this, Cameroon implemented an import-substitution policy in 2022. The policy aims to develop local production by offering incentives to businesses in targeted sectors, to gradually reduce imports of products that can be manufactured locally or for which local substitutes exist.
Frédéric Nonos
