Togo’s trade balance degraded significantly in 2018

Economic governance
Monday, 06 May 2019 13:03
Togo’s trade balance degraded significantly in 2018

(Togo First) - In 2018, Togo’s trade balance degraded significantly, in contrast with an improvement the year before. Accorfing to data from the BCEAO, the country’s trade deficit widened by nearly 70%, standing at XOF492 billion, due to a strong rise of goods imports, while exports were slower.

In detail, imports reached XOF1,213.19 billion (free on board value), thus up 25% compared to 2017. On the other side, exports grew 7% only standing at XOF637.4 billion. Thus, trade deficit was XOF576.4 billion and was eased by a surplus of XOF84.4 billion for services balance. The latter it should be noted has been recording a surplus since 2014, with the highest amounting to XOF84.7 billion in 2016. 

Trade deficit recorded last year is the highest in Togo since 2014, after XOF543 billion recorded in 2015, amid commodities crisis. However, the figure is far above WAEMU’s which degraded by 17% in 2018.

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