Trade deficit widens by 30% in 2020, due to Covid-19

Economic governance
Wednesday, 16 June 2021 04:13
Trade deficit widens by 30% in 2020, due to Covid-19

(Togo First) - Togo’s trade deficit (including services) widened further last year. From CFA349 billion in 2019, it deepened by 31% to CFA460 billion, according to recent data released by the BCEAO.  

This is mostly due to the Covid-19 which almost froze the global economy, and Togo’s especially, as governments shut their borders and implemented various restrictions to contain the spread of the virus. 

Despite the crisis, goods imports into Togo over the past year improved slightly compared to 2019. Indeed, the country’s imports were estimated at CFA1,080 billion in 2020, down by 1.7% compared to 2019 where they stood at CFA1,061 billion. 

Meanwhile, exports generated CFA580 billion in 2020, against CFA618 billion (-12%) the year before. 

Service balance also contracted, by 58%, from CFA94.5 billion to CFA39.5 billion, over the period reviewed.

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