Burkina Faso: Visió econòmica i política
Burkina Faso is open to foreign trade which represents 59% of the country’s GDP (World bank, latest available data). As part of the West African Economic and Monetary Union (WAEMU), Burkina Faso has regulated its tariff structure. Goods produced in the Union are exempt from import tax. While customs duties (apart from oil) have been reduced from 200% to 66%, they continue to account for as much as 14.7% of total tax revenue (World Bank). However, internal and external crisis (in neighboring Mali), as well as the actions of radical groups in the Sahel, have had a negative impact on trade and the industrial outlook. The future railway linking Burkina Faso and Ghana is expected to strengthen trade between the two countries.
Gold is the greatest export (81.4% of its total exports). Burkina Faso is one of the largest exporters of cotton in West Africa, and its production of cotton has quadrupled in the past ten years. However, the commodity has seen its share in the exports decrease from 15.8% of total exports in 2016 to 6% in 2020 (Comtrade). The country’s main imports are petroleum oils (20.8%), drugs (4.8%), cement (4%), electrical energy (3.4%), vehicles (2.5%) and rice (2.4%). Burkina Faso mainly exports to Switzerland (76.3%), India (6.8%), Ivory Coast (2.9%), Singapore (2.7%) and Ghana (1.4%); while imports come chiefly from China (12.4%), Ivory Coast (8.2%), France (7.3%), the USA (7.1%) and Russia (6.9%).
Burkina Faso’s trade balance is structurally negative, but trade deficit has been decreasing gradually over the past years due to increased exports and lower imports. According to the Statistics Office (INSD), the trade balance has turned positive since the second quarter of 2020. During the first and second quarter of 2021, the cumulative trade surplus amounted to FCFA 304.2 billion (INSD). According to WTO data, in 2020 exports of goods rose to USD 4.47 billion, while imports of goods decreased to USD 4.12 billion. Services exports generated USD 413 million while services imports cost the country USD 1.57 billion (WTO).
Foreign Trade Values | 2017 | 2018 | 2019 | 2020 | 2021 |
Imports of Goods (million USD) | 3,895 | 4,301 | 4,284 | 4,117 | 4,614 |
Exports of Goods (million USD) | 2,875 | 3,254 | 3,239 | 4,372 | 5,043 |
Imports of Services (million USD) | 1,354 | 1,497 | 1,455 | 1,572 | 1,508 |
Exports of Services (million USD) | 456 | 507 | 491 | 413 | 573 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2016 | 2017 | 2018 | 2019 | 2020 |
Foreign Trade (in % of GDP) | 57.9 | 59.3 | 60.6 | 58.7 | n/a |
Trade Balance (million USD) | -1 | -5 | 290 | 366 | 1,330 |
Trade Balance (Including Service) (million USD) | -796 | -898 | -656 | -555 | 577 |
Imports of Goods and Services (Annual % Change) | 7.3 | 10.1 | 8.5 | 8.6 | n/a |
Exports of Goods and Services (Annual % Change) | 2.6 | 8.5 | 15.2 | -1.9 | n/a |
Imports of Goods and Services (in % of GDP) | 32.0 | 32.8 | 32.5 | 31.0 | n/a |
Exports of Goods and Services (in % of GDP) | 25.9 | 26.5 | 28.1 | 27.6 | n/a |
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) | 4.7 | 9.3 | 5.9 | 5.1 | 5.0 |
Volume of imports of goods and services (Annual % change) | 0.2 | 0.3 | 3.4 | 4.3 | 4.8 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2021 |
Switzerland | 72.7% |
India | 9.6% |
Singapore | 3.8% |
Ivory Coast | 3.6% |
Mali | 1.6% |
See More Countries | 8.7% |
Main Suppliers (% of Imports) |
2021 |
China | 13.9% |
Ivory Coast | 8.5% |
France | 7.8% |
United States | 6.9% |
Ghana | 5.9% |
See More Countries | 57.1% |
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%.
To go further, check out our service Import Export Flows.
0.6 bn USD of services exported in 2018 | |
21.79% | |
Personal travelPersonal travel | 13.19% |
Business travelBusiness travel | 8.60% |
20.57% | |
16.30% | |
14.38% | |
10.57% | |
9.02% | |
5.76% | |
1.44% | |
0.15% | |
0.01% |
1.4 bn USD of services imported in 2018 | |
49.50% | |
10.06% | |
9.81% | |
8.37% | |
Personal travelPersonal travel | 5.08% |
Business travelBusiness travel | 3.29% |
7.79% | |
7.05% | |
5.18% | |
1.79% | |
0.42% | |
0.03% |
Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: January 2023