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UEMOA - Exported raw materials broke their uptrend in October

08/01/2021
Source : AllAfrica
Categories: Economy/Forex

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In its monthly report on the economic situation in the UEMOA countries at the end of October 2020, the BCEAO analyzed the situation on the commodity market. The issuing institute reports that the prices of raw materials exported by the countries of the Union broke with their upward trend during the period under review, under the effect of uncertainties linked to the outbreak of Covid-19 contaminations, which weakened global demand.

On the other hand, the prices of imported food products continued on an upward trend. “The prices of the main commodities exported by the countries of the Union fell by 1.3%, after a fall of -0.3% in September 2020, due to the intensification of uncertainties concerning the resumption of global demand. The price falls concern non-energy products (-1.4% after +0.5% in September 2020), accentuated by the fall in the prices of energy products (-0.1% compared with -6.1% in September 2020)”, reveals the BCEAO. She adds that the fall in the prices of non-energy raw materials exported by the countries of the Union concerns cocoa (-6.8% compared with +4.7%), coffee (-6.2% against +0.5%), gold (-1.1% against -2.4%) and wood (-1.0% against -0.7%).

Price increases in rubber (+12.8% compared with +5.0%), cotton (+6.7% compared with +2.0%), oils (+3.2% compared with +3.6%) and cashew nuts (+3.1% compared with +2.7%) exerted a moderating effect. Concerns about global demand (falling consumption, falling crushing, a surge in Covid-19 cases, overcrowded multinational warehouses, etc.) and good production prospects, particularly in Côte d'Ivoire (good weather conditions), have weakened cocoa prices.

On the other hand, the BCEAO points out that the acceleration of the economic recovery in China, the world's largest consumer of rubber, and the weakness of supplies from Southeast Asian producers, due to heavy rains, have driven rubber prices up.

The tightening of supply for the 2020/21 season, with the downward revision in most producing countries, as well as renewed demand from several major consumer countries, such as Pakistan, Bangladesh, Vietnam and China, have had an upward effect on cotton prices.

Oil prices (palm kernel, palm and peanut oils) have been driven up by renewed global demand, especially from Europe and China, in a context where supply is tight in India, Indonesia and Malaysia.

The resumption of demand, after a halt following the Covid-19 pandemic, supported cashew nut prices. Indeed, the majority of processing plants, particularly in Vietnam and India, have strengthened their activity leading to an improvement in demand.

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