Cameroon’s trade deficit widened to 2,145.2 billion CFA francs in 2025, up from 1,747.3 billion CFA francs a year earlier. The 22.8% year-on-year increase, equivalent to 398 billion CFA francs, was reported by the National Institute of Statistics (INS) in its annual foreign trade report published on April 1, 2026.
“This deterioration in the trade balance reflects a 168.1 billion CFA franc decline in export revenues, or 5.2%, combined with a 4.6% rise in import spending, amounting to 229.8 billion CFA francs,” the INS said. Excluding crude oil, the deficit widens further to 2,850.9 billion CFA francs, a 3.7% increase, or 100.9 billion CFA francs compared with 2024, the institute added. The figures highlight the dominant role of hydrocarbons in Cameroon’s trade with the rest of the world.
Import Substitution Policy Under Scrutiny
The INS report calls into question the effectiveness of the import substitution policy implemented by the Cameroonian government since 2022. The policy aims to encourage domestic production by facilitating investment in selected sectors, with the goal of gradually reducing imports of goods that can be produced locally or replaced by domestic alternatives.
Nearly four years after its launch, the strategy has delivered limited results, particularly for petroleum derivatives such as fuels and domestic gas, and food products, notably cereals and fish, which remain the main drivers of the country’s trade deficit.
In 2025, Cameroon reduced its cereal import bill by 14.1% year-on-year. However, the decline appears to reflect temporary factors such as currency pressures, higher costs and shifts in domestic demand amid inflation, rather than a sustained improvement in local supply.
Despite a 19.1% drop in the fuel and lubricants import bill, likely reflecting lower global prices, import volumes rose by 10.4% in 2025, according to the INS.
Cameroon has been fully dependent on imports of refined petroleum products since a fire destroyed facilities at the National Refining Company (Sonara) in 2019. Nearly seven years later, rehabilitation of the country’s only oil refinery has yet to begin.
BRM
