WAEMU: Cocoa, cotton and oil pulled exports down in 2016
(Ecofin Agency) - Last year, exports of goods and services from the whole West African Economic and Monetary Union (WAEMU) slumped by 7.6% standing at CFA15.67 trillion. This was revealed in the latest report of the BCEAO, the region’s central bank.
This negative performance results from the drop in exports of cocoa (-9.4%), cotton (-1.1%) and oil products (-22%), which is due to the global economic crisis marked by the fall in prices of commodities and unfavorable weather conditions in Ivory Coast.
Yet, the decrease was somehow cushioned by the robustness of sectors such as those of cashew and gold, whose respective performances soared by 11.4% and 7.2%, with their prices rising, over the period.
Regarding services, exports fell by 0.2% but their share in global sales volume, WAEMU excluded, improved by 1.7% to 15.2% in 2016, against 13.5% in 2015.
An improvement spurred by a significant increase of insurance services sales outside WAEMU (+62.4%), of financial services (+25.4%) and of services related to buildings and public works (+23.3%).
Meanwhile, in 2016, the union’s trade deficit rose to 6% of GDP, against 7.3% in 2015.
Fiacre E. Kakpo