( Minutes Read)
Only a miniscule 12.7% of Cameroon’s export earnings (CFA2,988.6 billion) were from its African trading partners in 2023 despite the implementation of AfCFTA. According to figures released by Cameroon’s National Stats Agency (INS), this share of export earnings is equivalent to what Cameroon captured solely from its exports to France, its second-largest customer in 2023, after the Netherlands.
As far as imports are concerned, trade between Cameroon and African countries presents an even bleaker picture. “Imports from African countries (in 2023) fell by 2.2 percentage points on the previous year, representing 9.5% of total import expenditure (CFA4,993 billion). Within this sub-group, Côte d’Ivoire leads with a share of 1.5%, followed by Morocco and South Africa. This low proportion of trade between African countries highlights the opportunity offered by the African Continental Free Trade Area (AfCFTA) to strengthen and promote intra-African economic ties”, said the INS. However, INS data revealed a lack of adoption by many African states of this preferential trade regime, which came into force on January 1, 2021, opening the doors to a vast market of around 1.3 billion consumers on the continent.
In October 2022, Cameroon cautiously ventured to boost intra-African trade by making its first exports under the AfCFTA. On October 19, 2022, Cameroonian customs issued AfCFTA certificates to agri-food companies Cameroon Tea Estate and Ndawara Tea Estate for the export of 38.6 kg of Cameroonian tea to Ghana. These companies, headed by billionaire Baba Danpullo, have followed the example of Gic Afatex.
Read Also:
https://trendsnafrica.com/cameroon-nachtigal-dam-injects-first-60-megawatts-into-power-grid/
Since October 6, 2022, this SME has become the first Cameroonian company to export goods (dried safou and pineapple, ginger) to Ghana under the AfCFTA preferential tariff. The first import under this preferential regime took place on July 2, 2023, involving a cargo of resin imported from Tunisia by Inoda Industries Sarl, which specializes in the production of paint and coating materials.
