Cameroon recorded export revenues of CFA1,118 billion in the first quarter of 2025, up 35.3% compared with CFA826 billion in the same period of 2024, according to new data from the National Institute of Statistics (INS). It is the first time in years that export earnings have exceeded CFA1,000 billion in a single quarter.
The surge was driven by raw cocoa bean sales, which generated CFA500.3 billion, equal to 44.8% of total exports. Benefiting from a global price rally since 2023, cocoa overtook crude oil and liquefied natural gas (LNG), which usually dominate the country’s foreign sales.
Crude oil exports brought in just CFA212 billion between January and March 2025, or 19% of total revenues. LNG sales stood at CFA122 billion, representing 10.9% of exports.
Trade deficit sharply reduced
The strong export performance, mainly linked to high cocoa prices, helped offset a 4.7% increase in imports, which reached CFA1,150 billion, up CFA51.3 billion year-on-year. As a result, Cameroon’s trade deficit narrowed significantly in the first quarter.
“The trade balance deficit fell by CFA240.3 billion compared with Q1 2024, reaching CFA32.7 billion, an 88% decrease. This improvement stems from a sharp 35.3% rise in export revenues, which cushioned the impact of import growth,” the INS report stated.
However, INS analysts cautioned that the improvement is largely cyclical rather than structural. The gains reflect favorable world prices rather than an expansion of export volumes or a stronger push into global markets, despite the government’s import-substitution policy. “The volume of goods behind these earnings remains relatively stable, suggesting the rise in revenues is mainly price-driven,” the report concluded.
