Benín: Visió econòmica i política
Benin is open to foreign trade, which represents 51% of its GDP (World Bank). The country is a member of various trade organizations, including the World Trade Organization 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 (64.8% of total exports in 2022), oil seeds, petroleum oils, and coconuts, whereas imports are led by rice (18.2%), petroleum oils (15%), medicaments, and fertilizers (data Comtrade).
The country’s main export partners are Bangladesh (45.3%), India (11.9%), China (6.1%), Egypt (4.5%), and Pakistan (4.2%), while imports come chiefly from India (15.7%), China (13.1%), France (8.1%), the United Arab Emirates (6.7%), and Nigeria (5.1% - data Comtrade 2022).
For years now, Benin has had a structural trade deficit. In 2022, the trade deficit stood at 7.6% of GDP (World Bank). 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 2022, Benin exported goods with a total value of USD 3.54 billion while it imported goods worth USD 4.78 billion. Concerning services, Benin exported USD 540 million and imported USD 982 million (WTO). According to the national statistics bureau, during the third quarter of 2023, Benin's goods exports decreased by 9.6% compared to the previous quarter, while goods imports dropped by 20.8% during the same period.
Foreign Trade Values | 2019 | 2020 | 2021 | 2022 | 2023 |
Imports of Goods (million USD) | 3,932 | 3,555 | 4,370 | 4,784 | 4,234 |
Exports of Goods (million USD) | 3,052 | 2,996 | 3,642 | 3,568 | 4,071 |
Imports of Services (million USD) | 806 | 790 | 931 | 982 | n/a |
Exports of Services (million USD) | 528 | 510 | 512 | 540 | n/a |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2018 | 2019 | 2020 | 2021 | 2022 |
Foreign Trade (in % of GDP) | 61.8 | 63.7 | 44.8 | 48.1 | 50.9 |
Trade Balance (million USD) | -556 | -444 | -156 | -352 | n/a |
Trade Balance (Including Service) (million USD) | -821 | -722 | -436 | -772 | n/a |
Imports of Goods and Services (Annual % Change) | 4.8 | 3.4 | -19.8 | 16.8 | 18.5 |
Exports of Goods and Services (Annual % Change) | 5.0 | 8.6 | -25.0 | 12.6 | 19.1 |
Imports of Goods and Services (in % of GDP) | 34.5 | 34.1 | 25.0 | 27.1 | 29.3 |
Exports of Goods and Services (in % of GDP) | 27.3 | 29.6 | 19.9 | 20.9 | 21.7 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2023 | 2024 (e) | 2025 (e) | 2026 (e) | 2027 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 18.8 | 14.2 | 9.9 | 9.1 | 9.0 |
Volume of imports of goods and services (Annual % change) | 17.3 | 13.2 | 8.4 | 9.3 | 9.1 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2023 |
Bangladesh | 37.2% |
India | 15.4% |
Pakistan | 7.2% |
Togo | 5.4% |
China | 5.3% |
See More Countries | 29.5% |
Main Suppliers (% of Imports) |
2023 |
India | 17.1% |
China | 12.8% |
France | 8.6% |
United States | 5.2% |
Nigeria | 5.2% |
See More Countries | 51.1% |
Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import-Export Flows.
0.5 bn USD of services exported in 2021 | |
47.78% | |
Business travelBusiness travel | 26.49% |
Personal travelPersonal travel | 21.29% |
OtherOther | 16.04% |
36.19% | |
7.53% | |
3.84% | |
1.91% | |
1.78% | |
0.76% | |
0.21% | |
n/a% |
0.9 bn USD of services imported in 2021 | |
63.35% | |
14.05% | |
8.34% | |
Personal travelPersonal travel | 7.79% |
OtherOther | 28.30% |
Business travelBusiness travel | 0.55% |
6.27% | |
5.60% | |
1.19% | |
0.93% | |
0.26% | |
n/a% |
Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: October 2024