The foreign trade of the member countries of the West African Economic and Monetary Union (UEMOA) improved in a difficult environment with a 10.6% increase in exports (FCFA 17,984.4 billion) while imports did not progressed only 3% (FCFA 17,698.1 billion), according to the report of the Central Bank of West African States (BCEAO).

Exports therefore dynamic, driven by the rise in gold prices (+15.9%), the first product exported by the union. However, cocoa and rubber also benefited from an appreciation in their value, respectively of 7.8% and 8.3%.

Thus, exports of cocoa products rose by 14.7% to FCFA 2,912.4 billion. The favorable evolution of prices was combined with a 7% increase in volumes. Similarly for rubber, the entry into production of new plantations also favored a 26.9% increase in exports (FCFA 532.9 billion). For cotton, the Union's second agricultural export product, shipments increased by 1% to FCFA 1,048.5 billion. The main exporters were Benin (30.7%), Burkina (27.7%), Côte d'Ivoire (19.9%) and Mali (15.3%).

Cashew exports suffered sharply from the fall in prices of around 30% leading to a 23.7% contraction in shipments to FCFA 719.1 billion in 2019. The contraction of the cashew sector is the main cause of the drop of 0.9 points in the contribution of agricultural products to 32% in 2019. On the other hand, the share of mining products (gold, oil and uranium) increased further to reach 34.5% of WAEMU exports, i.e. 1.9% more than in 2018.

However, the "other export products" category is mainly made up of agricultural products, such as coffee, groundnuts, fish products, palm oil, shea kernels, wood or fruits. (bananas, pineapple) or onion. It represents 28.4% of WAEMU exports.

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Decline in WAEMU exports to Africa

Europe remains the main market for WAEMU exports with a share of 46.6% (compared to 42.9% in 2018) with a jump of 21.5% in exports in 2019 (FCFA 7,177.2 billion) driven by gold, cocoa and petroleum products. The Union's second partner, Asia, has also seen its share increase but less rapidly, rising from 22.5% in 2018 to 23.3% in 2019.

The closure of Nigeria's borders with some WAEMU members is the main cause of the drop in exports to Africa, the share of which fell from 25.9% in 2018 to 21.9% in 2019.