Structurally in deficit, Burkina Faso's trade balance is exceptionally in surplus in the second quarter of 2020, according to data established by the National Institute of Statistics and Demography (INSD).
"This fact is due to the combined effect of an increase in exports and a fall in imports in value during the quarter", explains the INSD in its quarterly note on foreign trade statistics. The trade balance thus went from a deficit of 18.7 billion FCFA in the first quarter of 2020 to a surplus of 55.8 billion FCFA, achieving an improvement of 397.3% quarter-on-quarter and 132.9% quarter-on-quarter. year-on-year.

As a result, underlines the INSD, there is an appreciation of the rate of coverage of imports by exports, which goes from 96.9% in the first quarter of 2020 to 110.3% in the second quarter of 2020.

During the period under review, Burkina exported CFAF 598.4 billion in value against CFAF 577.6 billion in the first quarter of 2020, an increase of 3.6%. Year-on-year, the increase in the value of exports is clearer, standing at +41.1%.

Cumulatively over the first six months of the year, Burkina's exports amounted to 1176 billion FCFA against 971.4 billion FCFA, an increase of 21.06%.

According to the INSD, the exported quantities of goods followed the same upward trend. Indeed, from 449,800 tonnes in the first quarter of 2020t, exports increased by 5.2% to 473,300 tonnes in the second quarter. Compared to the same quarter of 2019, the quantities exported increased by 61.8%.

"During the second quarter of 2020, only three products constitute 90% of Burkina Faso's export earnings", underlines the INSD. In value, non-monetary gold, which has remained the main product exported for ten years, represents 80.5% of the value of the country's exports. The value of gold exports amounts to 481.9 billion FCFA. It is followed by cotton (6.2%) and fruits with the exception of oleaginous fruits, fresh or dried (3.8%).

Sharply up, non-monetary gold exports increased by 20.6% compared to the first quarter of 2020. This increase is even more substantial year-on-year (+56.5%). As for cotton, it recorded a sharp seasonal quarterly decline of 56.4%. According to the INSD, it is dictated by rainfall. On the other hand, year-on-year, the value of cotton exports rose sharply by 51.0%.

Finally, concerning fruits with the exception of oleaginous fruits, fresh or dried, the INSD data indicate that they recorded a rise of 65.6% quarter-on-quarter but a fall of 37.0% compared to the second quarter. quarter 2019.

What about Burkina's client countries? “Switzerland is strengthening its position as the leading export partner in terms of value for products from Burkina Faso,” reports the INSD. This country is the destination of 82.7% of Burkina Faso's total exports in the second quarter of 2020, mainly due to non-monetary gold which recorded a sharp increase during the quarter under review.

Ivory Coast and Singapore come in second and third position with respective shares of 2.4% and 1.9%. Ghana and Togo close the march of the Top five of the main destinations for exported products in value during the second quarter of 2020.

Regarding imports, the INSD notes a drop of 9% compared to the first quarter of 2020. From 596.4 billion FCFA in the first quarter of 2020, the total value of goods imported by Burkina Faso fell to 542.6 billion FCFA. FCFA. Similarly, compared to the second quarter of 2019, a drop in the value of imports was also noted in the same proportions (-8.6%). “The drop recorded is mainly due to the drop in imports of refined petroleum products, motor cars with all engines, for the transport of people, rice, manufactured fertilizers and motorcycles, scooters and other velocipedes with or without engine” , specifies the INSD.

As for the quantities imported, they rose from 1,589,900 tons to 1,639,100 tons, an increase of 3.1% quarter-on-quarter and 19.4% year-on-year.

What about the evolution of the main imported products? On this point, the INSD reports that refined petroleum products have seen their value drop significantly both quarter-on-quarter (-20.5%) and year-on-year (-18.7%). Mechanical handling equipment products, parts and spare parts, recorded sharp quarterly (-36.3%) and annual (-33.3%) declines.

Rice imports fell from CFAF 13.9 billion in the first quarter of 2020 to CFAF 10.7 billion in the second quarter, a decrease of 22.9% quarter-on-quarter and 52.1% year-on-year.

For their part, manufactured fertilizers fell by almost half (-49.1%) compared to the previous quarter but rose by 7.1% compared to the second quarter of 2019. Motor cars with all engines, for the transport of goods saw a rise in imports quarter-on-quarter by 78.5% and 48.8% year-on-year.

Regarding the countries supplying goods to Burkina Faso, the INSD notes that China retains its leading position in the second quarter of 2020. The value of imports from this country amounts to 64.9 billion FCFA, or 12. 0% of the country's total import value. In the Top 5, it is still followed by France (47.6 billion), Côte d'Ivoire (38.6 billion), the USA (38.4 billion) and Ghana (23.1 billion) which gains a place at the expense of India which comes in 6th position.

The African countries of the Top 10 are Togo, Niger and Benin which come respectively in 7th, 8th and 10th position.

In the top 10 supplier trading partners of Burkina Faso during the second quarter of 2020, five are African (Côte d'Ivoire, Ghana, Togo, Niger and Benin) and two are European (France and Belgium).