In 2019, the trade balance deficit widened further and stood at 1,464.2 billion CFA francs, thus recording a worsening of 171.3 billion CFA francs (13.3%) compared to 2018.
This situation is the result of an increase in import expenditure of 451.7 billion CFA francs, corresponding to 13.3% year-on-year. The increase in export earnings of 280.4 billion CFA francs (13.3% year-on-year), driven mainly by exports of liquefied natural gas and crude petroleum oils, was not enough to cover the import bill.
The evolution of imports is mainly attributable to fuels and lubricants, the bill of which in 2019 amounted to 724.6 billion CFA francs against 473.9 billion CFA francs in 2018, an increase in value of 251.2 billion CFA francs (53.1%). These imports were made by the National Refining Company (SONARA) to supply the local market and thus make up for the production deficit caused by the fire that occurred on May 31, 2019 in this company. The coverage rate is 62.0%, thus maintaining the same level as in 2018.
Excluding oil, the trade balance deficit is more pronounced and amounts to 2,243.8 billion CFA francs, an increase of 261 billion CFA francs (13.2%) compared to 2018. The worsening of the non-oil deficit is linked to the increase in non-oil imports of 404.7 billion CFA francs (12.5%); while exports excluding crude oil increased by only 143.2 billion CFA francs (11.5%).
The non-oil coverage ratio is almost stable compared to 2018 and stands at 38.3%. Excluding crude oil and gas, the trade balance is more in deficit. This deficit amounts to 2,472.2 billion CFA francs, up 403 billion CFA francs (19.5%) compared to 2018. The coverage ratio excluding crude oil and gas deteriorated by about four points, to 31.4% in 2019.