Foreign trade: China first importing country in Burkina!

Since the last quarter of 2019, the Burkinabè economy seems to be in “ good health ” due to an export rate with an upward trend and a declining import. It is the National Institute of Statistics and Demography (INSD) which lets us know through its quarterly note on foreign trade statistics of July 2020. Read on  !

Generally in deficit, the trade balance continues to improve, which began in the third quarter of 2019, and shows an exceptional surplus of CFAF 55.8 billion. In fact, in the second quarter of 2020, the value of merchandise exports was CFAF 598.4 billion, an improvement of 3.6%. As for imports, they continued to decline to stand at CFAF 542.6 billion. They thus recorded a drop of 9% and achieved a significant increase quarter on quarter (+ 397.3%) and year on year (+ 132.9%).

This is due to a combined effect of rising exports and falling imports which could be partly due to the effects of the Covid-19 pandemic. With the introduction of barrier measures in March 2020 in the country, in particular the restriction of travel, the demand for petroleum products contracted, with the consequence of a significant drop in imports of fuels and derivatives of 20.5% quarter on quarter. The increase in value exports is attributable to the strong increase in gold exports quarter on quarter (+ 20.6%). Export statistics show more than 449.8 thousand tons in the first quarter of 2020. These exports, in the second quarter of 2020, recorded an increase of 5.2% to reach 473.3 thousand quarter), the volumes increased 61.8%.

Studies indicate that three products constitute 90% of exported products. These products include gold, cotton and fruits (with the exception of oleaginous fruits, fresh or dried). Gold has remained the main product exported for ten years; it represents 80.5% of the value of the country’s exports. The value of gold exports amounts to CFAF 481.9 billion. Strongly rising, non-monetary gold exports increased by 20.6% compared to the first quarter of 2020. This increase is even more substantial year-on-year (+ 56.5%). The second product, Cotton (6.2%), recorded a strong seasonal quarterly decline (-56.4%) dictated by rainfall. On the other hand, year-on-year, the value of cotton exports increased sharply (+ 51.0%). Fruits (3.8%), them,

Burkina’s trading partner countries are based on exports and imports. In fact, Switzerland remains Burkina Faso’s leading partner country in terms of exports. It received nearly 82.7% of Burkina Faso’s total exports in the second quarter of 2020, mainly due to the export of gold. Cote d’Ivoire and Singapore come second and third with respective shares of 2.4% and 1.9%. Unlike exports, China is Burkina’s leading supplier country with a value of 64.9 billion FCFA, or 12.0% of the total value of imports. It is followed by France (47.6 billion FCFA), the Ivory Coast (38.6 billion FCFA), the United States of America (38.4 billion FCFA).

Tiba Kassamse Ouédraogo (intern)

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