Cameroon’s export revenue fell by CFA187.1 billion in the first quarter of 2026, dropping to CFA606.9 billion from CFA794 billion a year earlier, according to the National Economic and Financial Committee (CNEF). The 23.6% decline was driven primarily by three of the country’s main export commodities: cocoa, crude oil and liquefied natural gas (LNG).

Cocoa and cocoa products alone generated CFA199.3 billion in export revenue between January and March 2026, down from CFA319.9 billion during the same period a year earlier. The sector lost CFA120.6 billion in revenue, accounting for nearly two-thirds of the country’s overall export decline.

When combined with lower earnings from crude oil and LNG exports, CNEF data show that these three commodities accounted for about 91% of the overall contraction in export revenue during the quarter, underscoring Cameroon’s heavy reliance on a handful of commodity exports.

Cocoa Revenue Falls by CFA120.6 Billion

Revenue from cocoa and cocoa products declined 37.7% year over year, reflecting a sharp reversal in global cocoa prices. According to the World Bank, the benchmark cocoa price fell from $8.08 per kilogram in March 2025 to $3.24 per kilogram in March 2026, a decline of nearly 60%.

Those figures, however, are monthly international benchmarks and do not necessarily reflect the prices received by Cameroonian exporters. Since first-quarter export volumes have not been released, it is not yet possible to determine how much of the revenue decline resulted from lower prices, reduced export volumes or changes in the product mix.

Crude oil presented the opposite picture. Despite higher international prices, Cameroon’s crude oil export revenue fell 14.4% year over year to CFA152.4 billion. LNG export revenue declined 28.4% to CFA59.9 billion.

The World Bank estimated Brent crude at $103.70 per barrel in March 2026, up from $72.60 a year earlier, a 42.8% increase. Over the same period, the European benchmark natural gas price rose 35.3% to $17.91 per million BTU. The decline in Cameroon’s export revenue despite stronger prices suggests lower export volumes, although the available data do not allow that conclusion to be quantified.

Other export sectors also weakened. Revenue from wood and wood products fell 11.5%, raw rubber declined 16.7%, and coffee dropped 17.6%. Revenue from aluminum and aluminum products plunged more than 53%, even as international aluminum prices rose 26.9% between March 2025 and March 2026.

A few sectors bucked the trend. Cotton export revenue jumped 57.5% to CFA21.1 billion from CFA13.4 billion a year earlier. Revenue from bananas and plantains rose 27.9%, while household soap exports increased 16.8%.

Trade Deficit Narrows Despite Weaker Export Performance

Imports also declined during the first quarter, falling 16.2% to CFA1.23 trillion from CFA1.46 trillion a year earlier. In absolute terms, imports decreased by CFA237.9 billion, compared with a CFA187.1 billion decline in exports.

As a result, the trade deficit narrowed to CFA619.6 billion from CFA670.4 billion a year earlier, an improvement of CFA50.8 billion. That improvement does not necessarily signal stronger trade performance. The export-to-import coverage ratio deteriorated to 49.5% from 54.2% a year earlier. In other words, Cameroon generated only CFA49.5 in export revenue for every CFA100 spent on imports during the first quarter, down from CFA54.2 a year earlier.

Import values declined across several categories, including cereals, fish and seafood, electrical equipment and pharmaceuticals. Because only value data are available, it is not possible to determine whether the declines reflect lower prices, reduced import volumes or weaker domestic demand.

The first-quarter downturn extends a trend that began in 2025. According to the National Institute of Statistics, Cameroon’s exports fell 5.2% last year to CFA3.08 trillion. Cocoa and cocoa products accounted for 38.5% of export revenue, compared with 22.9% for crude oil and 11.4% for LNG.

Source: Business in Cameroon