The first quarter of 2018 recorded a trade balance deficit of 253.4 billion CFA francs, an increase of 159.5 billion CFA francs (+169.7%) compared to the first quarter of 2017.
This worsening of the trade deficit is the result of an increase in imports of 105.8 billion CFA francs and a decrease in exports of 53.7 billion CFA francs compared to the first quarter of 2017. The increase in imports is partly the result of the resumption of activities at the National Refinery Company of Cameroon (SONARA) after a technical shutdown observed in the first quarter of 2017. Indeed, this resumption of activity has led to a recovery in crude oil imports, which amounted to nearly 43.1 billion CFA francs in the first quarter of 2018. The coverage rate fell to 65% compared to 85% in the first quarter of 2017.
Excluding oil, the trade balance deficit stands at 406.4 billion CFA francs, an increase of 104.9 billion CFA francs (+34.8%) compared to the first quarter of 2017. This increase in the non-oil deficit is linked to a 13.5% drop in non-oil exports followed by a 10.2% increase in non-oil imports.
