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According to the data published recently by the French treasury Cameroon’s exports to France reached CFAF656 billion in 2022, this is about a four-fold rise compared with the CFAF170.5 billion of goods Cameroon exported to France.
According to the data published recently by the French treasury Cameroon’s exports to France reached CFAF656 billion in 2022, this is about a four-fold rise compared with the CFAF170.5 billion of goods Cameroon exported to France. This rise was spurred by hydrocarbon exports. In 2020, Cameroon’s hydrocarbon exports to France were CFAF65.6 million. In 2021, they rose to CFAF26.8 billion before skyrocketing to CFAF495.9 billion in 2022. These are composed of crude oil CFAF299.7 billion and liquefied natural gas CFAF 196.2 billion. Hydrocarbons alone accounted for 96.5% of the increase in export value.
Due to the Russia-Ukraine war, France has turned to Cameroon to replace its hydrocarbon imports from Russia, which is under embargo. It is a fact that in Cameroon, the main hydrocarbon producer is a French company. According to the latest EITI report, out of a total crude oil production of 26.56 million barrels, 18.81 million, or 70.8%, came from fields operated by Perenco. The oil company is also responsible for 97.64% of liquefied natural gas (LNG) production, estimated at 72.34 billion cubic feet, and 100% of liquefied petroleum gas (LPG) production, estimated at 25,064 metric tons.
This sharp rise in exports has improved Cameroon’s trade balance with France. The Central African country has gone from a deficit of CFAF185 billion in 2021 to a CFAF235 billion surplus in 2022.
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Other than hydrocarbons the surplus was mainly driven by agricultural and forestry products (+5.9 billion), agri-food products (+5.2 billion), iron and steel products (+5.2 billion), as well as wood, paper, and cardboard (+3.9 billion). There was a significant fall in the exports of transport equipment (-2.6 billion).
