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Côte d'Ivoire's trade balance shifts to surplus in 2023 driven by key exports

Tuesday, 27 February 2024 16:00
Côte d'Ivoire's trade balance shifts to surplus in 2023 driven by key exports

(Ecofin Agency) - Ivorian exports in 2023 were mainly dominated by key products including cocoa and its derivatives, petroleum products, raw gold, and natural rubber, which collectively accounted for 70.1% of total exports.

Côte d'Ivoire’s trade balance saw a significant upturn, recording a surplus of CFA850 billion ($1.4 billion), a report from the Ivorian customs authorities showed. This figure reflects a major improvement from the CFA866 billion deficit seen in 2022.

The report highlighted that exports surged to CFA12,301 billion in 2023, up from CFA9,204 billion the previous year. Improvement was also observed for imports, which grew from CFA10,070 billion to CFA11,451 billion during the same period.

Authorities reported that cocoa beans and their derivatives, along with petroleum products, raw gold, and natural rubber made up 70.1% (CFA 8,625 billion) of total Ivorian exports in 2023, significantly contributing to the surplus. Mali emerged as Côte d'Ivoire's top trading partner, buying CFA1,817.8 billion worth of goods from the country. The Netherlands and Switzerland followed closely with purchases worth CFA1,281.3 billion and CFA1,180.8 billion, respectively.

On the import side, Côte d'Ivoire mainly acquired crude oil, petroleum products, mechanical machinery, iron, and rice. Collectively, these products represented 41.3% of the total import value, which amounted to CFA4,734 billion over the period. China stood out as the country's main supplier, with exports valued at CFA1,695.2 billion in 2023. Nigeria and France also ranked as significant contributors, with respective values of CFA1,602.2 billion and CFA638.1 billion.

These positive trends have bolstered Côte d'Ivoire's position in the regional economic landscape. By the third quarter of 2023, Côte d'Ivoire's exports accounted for 55.6% of the total sales of the West African Economic and Monetary Union (WAEMU).

It is worth noting that from 2019 to 2023, Côte d'Ivoire's trade balance has remained in surplus, except for 2022, which was marked by a significant increase in the prices of imported goods, particularly crude oil, customs administration revealed.

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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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