2023-09-07 07:39:58
Benin’s sales of goods abroad are estimated at 167 billion CFA francs, while imports stand at 514.5 billion in the second quarter of 2023. This shows respective drops in transactions of 6.1% and 19. 8% compared to the first quarter.
What a MIDA
Benin’s merchandise exports fell by 6.1% in the second quarter of 2023 compared to the previous quarter. Indeed, sales of goods abroad are estimated at 166.967 billion F Cfa in FOB value (Free on Board) compared to 177.9 billion F Cfa in the first quarter, indicates the Quarterly Bulletin of Foreign Trade Statistics – Second Quarter published by the National Institute of Statistics and Demography (Instad, August 2023).
Year-on-year, the total value of merchandise sales abroad fell by 10%. The ten main products exported during the second quarter of 2023 represent 138.8 billion CFA francs, or 83.1% of the total value of exports. Among others, cotton is sold at 104.5 billion Cfa (80,751.7 tonnes), edible nuts at 10.6 billion Cfa (20,688.8 t), petroleum or bituminous mineral oils. exclusively intended for re-export at 5.5 billion Cfa (9,082.7 t), cakes and other residues for 4.5 billion Cfa (23,447.3 t) and cotton seeds for a total amount of 2 .8 billion CFA francs (22,009.1 t). Added to this are soybeans sold at 2.2 billion F Cfa (6,200.9 t), iron and steel wire rod at 2.15 billion F Cfa (4,806.8 t), mechanical shovels , excavators, loaders and backhoe loaders, self-propelled at 2.1 billion F Cfa (748 t), cotton fabrics, unbleached at 1.917 billion F Cfa (610.2 t).
Bangladesh ranks first among Benin’s client countries, with 49.2% of the overall value of foreign sales during the period under review. It is followed by India, China (8.8%), Togo (4.5%), Pakistan (3.6%) and Chad (2.8%).
Assets acquired
Imports of goods are down 19.8% compared to the previous quarter, according to Instad. In the second quarter of 2023, they are valued at 514.5 billion CFA francs in CIF value (Freight Insurance Cost) compared to 641.8 billion CFA francs a quarter earlier. Year-on-year, property acquisitions fell by 7.2%.
The value of the ten main products purchased for the quarter is estimated at 287.7 billion CFA francs, or 55.9% of the total value of imports. Among others, petroleum or bituminous mineral oils are acquired for an amount of 94.4 billion Cfa (211,838.2 tonnes), rice for 74.4 billion Cfa (298,570.6 t), meat and poultry offal for 19.1 billion CFA francs (37,360 t). Benin also imported frozen fish, palm oil and its fractions, tubes, pipes and other construction materials, herbicides, fertilizers, electrical appliances, medicines, motor vehicles.
India finds itself at the head of the top 10 main suppliers to Benin, totaling 21.1% of the total value of goods purchased, or 108.3 billion CFA francs. China accounts for 10.0% of acquisitions, the United States: 8.9%, France: 7.2%, the United Arab Emirates: 5.7%.
In the ECOWAS area, Togo occupies first place among suppliers to Benin with 36.4% of the value of purchases of goods from the community area in the second quarter of 2023, followed by Nigeria with 32.1%. Togo is also Benin’s leading export partner in the zone, with 46.8% of the value of sales of Beninese products in the community area, during the period.
Top 10 export and import partners of Benin
Source: INSTAD, August 2023
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QA September 7, 2023
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