Benín: Visió econòmica i política
Benin is open to foreign trade which represents 45% of its GDP (World Bank). The country is a member of various trade organizations including the World Trade Organisation and the West African Economic and Monetary Union (WAEMU). The vast majority of its trade passes through the port of Cotonou, the capacity of which the government wants to develop.
Benin mainly exports cotton (53.4% of total exports), cashew nut, coconut, Brazilian nuts, shea nuts, petroleum products, cement, gold, textile products, and seafood to Bangladesh, India, China, Malaysia, Ukraine, Denmark, the United Arab Emirates and Vietnam. Its main imports are food products (rice, meat, frozen fish), oil products, energy, drugs, vehicles and capital goods from India, China, France, Togo, Belgium, Russia and Turkey. It is also quite active in re-exportation, from Nigeria mainly.
For years now, Benin has had a structural trade deficit. In 2020, the trade deficit in goods amounted to USD 947 million (WTO). This is mainly due to low exports which are largely made up of low-cost agricultural products, and the country’s heavy reliance on foreign countries for its oil and energy supply. According to WTO data, in 2020, Benin exported goods with a total value of USD 2.3 billion while it imported goods worth USD 3.3 billion. Concerning services, Benin exported USD 410 million worth of services in 2020 and imported USD 578 million worth of services.
Foreign Trade Values | 2017 | 2018 | 2019 | 2020 | 2021 |
Imports of Goods (million USD) | 3,494 | 4,375 | 3,932 | 3,263 | 4,333 |
Exports of Goods (million USD) | 2,216 | 3,344 | 3,052 | 2,316 | 3,445 |
Imports of Services (million USD) | 577 | 762 | 803 | 578 | 984 |
Exports of Services (million USD) | 323 | 485 | 510 | 410 | 555 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
Foreign Trade (in % of GDP) | 61.5 | 61.8 | 63.7 | 44.8 | 62.7 |
Trade Balance (million USD) | -344 | -556 | -444 | -156 | n/a |
Trade Balance (Including Service) (million USD) | -704 | -821 | -722 | -436 | n/a |
Imports of Goods and Services (Annual % Change) | 14.3 | 4.8 | 3.4 | -19.8 | 44.4 |
Exports of Goods and Services (Annual % Change) | 7.0 | 5.0 | 8.6 | -25.0 | 53.5 |
Imports of Goods and Services (in % of GDP) | 34.3 | 34.5 | 34.1 | 25.0 | 34.3 |
Exports of Goods and Services (in % of GDP) | 27.2 | 27.3 | 29.6 | 19.9 | 28.5 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2022 | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | -15.2 | 7.1 | 10.9 | 11.0 | 10.6 |
Volume of imports of goods and services (Annual % change) | -9.5 | 5.9 | 8.9 | 13.3 | 11.4 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2021 |
Bangladesh | 41.7% |
India | 10.0% |
China | 9.8% |
Vietnam | 5.0% |
Chad | 3.6% |
See More Countries | 29.9% |
Main Suppliers (% of Imports) |
2021 |
India | 17.2% |
China | 11.7% |
France | 11.0% |
Belgium | 5.6% |
Togo | 4.2% |
See More Countries | 50.4% |
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: January 2023