Togo-ECOWAS: Lomé earned CFA102.6 billion from its exports in Q4 2023

Economic governance
Tuesday, 27 February 2024 14:48
Togo-ECOWAS: Lomé earned CFA102.6 billion from its exports in Q4 2023

(Togo First) - Togo exported CFA102.6 billion worth of goods to its neighbors of the Economic Community of West African States (ECOWAS) in Q4 2023. 

Meanwhile, its imports from ECOWAS States amounted to CFA49.6 billion according to data from the National Statistics Institute of Togo (INSEED). This translates into a trade surplus of CFA53 billion, primarily driven by its re-export activities from the bustling port of Lomé.

Throughout the past year, Togo’s exports to other ECOWAS States averaged CFA100 billion quarterly. A laudable performance considering the sanctions against Niger and diplomatic tensions with Sahelian nations Burkina Faso, Niger, and Mali. 

Year-on-year, the value of exports from Togo to ECOWAS States dropped by 9.1%. From Q3 2023 to Q4 2023, however, the figure rose by 6.8%.

West African Economic and Monetary Union (WAEMU)

At the level of the West African Economic and Monetary Union (WAEMU) (which regroups eight CFA-using countries), Togo's exports stood at CFA 84.7 billion in Q4 2023, compared to CFA 28.6 billion for imports. This yielded a trade surplus of CFA56 billion.

The ECOWAS and WAEMU are major business partners of Togo. They respectively captured 40% and 30% of the country’s global exports in Q4 2023. In contrast, imports from ECOWAS and WAEMU accounted for 11.1% and 6.4% of the country's total imports.

Globally, Togo earned CFA256.4 billion from its exports in Q4 2023.

Ayi Renaud Dossavi

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