FOREIGN TRADE: TRADE BETWEEN CAMEROON, UKRAINE AND RUSSIA

Structural trade deficit with Russia and Ukraine

With Russia, the trade balance recorded a deficit of 96.5 billion CFA francs in 2020, after 84.3 billion CFA francs in 2019, a worsening of 14%. In terms of overall trade, Russia ranks 14th among Cameroon’s trading partners in 2020. It ranks 8th in imports and 74th in exports. Wheat (wheat wheat and meslin) and fertilizers are the two main goods imported from Russia in the period 2018-2020. These two products have a respective weight of 65% and 17% in Cameroon’s imports from Russia in 2020; thus positioning the latter as the leading supplier of these products in Cameroon.With Ukraine, the trade balance deficit increased by 60% in 2020 year-on-year to 64.1 billion CFA francs compared to 40.1 billion CFA francs recorded in 2019. In terms of overall trade, Ukraine is the 19th largest trading partner in 2020, ranking 15th in imports and 93rd in exports.Iron, cast iron and steel products account for about 95% of imports, placing this country in the leading position of Cameroon’s suppliers of iron, cast iron and steel products.The armed conflict between the two countries is already disrupting the supply chains of products supplied to Cameroon by the latter. This situation is likely to lead to an increase in import costs and, consequently, to an increase in inflationary pressures in general, which are more pronounced on products from these two countries, in particular wheat flour and its by-products (bread, pasta, etc.), fertilizers and certain construction materials.