The question is on everyone's lips today in the sense that the BCEAO reveals in its report on the
WAEMU's foreign trade in 2018 that Europe remains the main destination for exports of
The union. "Almost half of the Union's goods are destined for Europe, with 43.7% of the total
exports from WAEMU, including 25.0% for the European Union and 18.7% for other European countries.
As for imports, the main sources of supply for WAEMU countries are Europe,
notably the European Union, Asia, Africa and America. Europe remained at the forefront of
Union suppliers with a share in total imports estimated at 41.4% in 2018 compared to 42.5%
in 2017, down 1.1 percentage points. The Union's purchases are made in particular in the Zone
euro (30.2%), specifically in France which accounts for 13.1% of the Zone's total imports.
The share of the Union's external purchases from the Asian continent stood at 35.7% in 2018,
down by 1.4 points compared to the weight recorded in 2017. EU supplies of
from this continent come mainly from China (15.5%) which has become since 2016,
the first supplier of the countries of the Union. According to the economic commission for Africa the COVID-19 can
cause Africa's export earnings to drop by US$101 billion in 2020.
Remittances and tourism are also affected as the virus continues to spread across the
worldwide, leading to a drop in FDI flows; capital flight; tightening of markets
national financial institutions and a slowdown in investment - leading to job losses.
In view of these statistics, it is clear that the economy of the UEMOA zone will certainly be impacted by
the conavirus epidemic and of which Europe is today the epicenter after the Asian continent. What will be
the reaction of the Bceao to reassure and take the appropriate measures to counter the consequences
disasters of the coronavirus that are rapidly looming? Sources interviewed say it is expected
major measures by the BCEAO's monetary policy committee to support the very
ailing.