Cameroon-Info.Net:: Cameroon – National Assembly: Hon. Findi quizzes Finance Minister over state of Limbe Deep Seaport, SONARA reconstruction, upgrade of Muyuka cameroon-info.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cameroon-info.net Daily Mail and Mail on Sunday newspapers.
Oil Refining: SONARA Technical Shutdown On Course cameroon-tribune.cm - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cameroon-tribune.cm Daily Mail and Mail on Sunday newspapers.
(Business in Cameroon) - Last year (the 2020 fiscal year), Cameroon recorded a XAF1,375 billion trade deficit, according to the National Institute of Statistics (INS). The figure is down by XAF89.2 billion only compared with the XAF1,464.2 billion deficit recorded in 2019.
So, the coronavirus pandemic that forced border closures worldwide resulting in a drastic drop in import-export activities around the world has had no positive impact on Cameroon’s trade deficit. On the contrary, while international trade exchanges were limited, the deficit recorded was worse than the XAF1,292.9 billion recorded in 2018.
National Development Strategy
This is due to the extroverted nature of Cameroon’s economy. For instance, in 2019, the country spent XAF3,856.9 billion (ed. note: close to 75% of the state budget) on imports, up by 13.3% compared with the 2018 figures, according to the INS. The same sources revealed that over 50% of that amount (about XAF1,700 billion) was spent on six produ