Congo: Visió econòmica i política
Congo’s foreign trade policy promotes a favorable social and economic environment aimed at fostering international trade, which represented 96% of GDP in 2021 (World Bank). Customs duty are harmonized by the Central African Customs and Economic Union (UDEAC). They fluctuate between 5 and 30%. Congo is also a member of the Central African Economic and Monetary Community (CEMAC) and of the Economic Community of Central African States (ECCAS). However, its integration is being delayed. Congo mainly exports crude oil and refined petroleum (55% of total exports), raw timber (14.5%), vessels (14.3%), vehicles, copper, machinery and zinc. Its main import products are meat (10.8% of total imports), boats (9.7%), machinery (8.5%), cereals (5.9%), vehicles, mineral fuels, electrical equipment, food and medicinal products (International Trade Centre, 2021).
Congo's exports are mainly sent to China (45.8% of total exports), Ivory Coast (8.6%), Togo (7.5%), Cameroon (5.4%), Gabon (4%), India and the United Arab Emirates; while its main suppliers are China (19.6% of total imports), France (12.5%), Belgium (9%), Russia, the United States, Namibia and India (International Trade Centre, 2021).
In 2021, WTO data showed that the country’s exports and imports of goods were valued at USD 6.97 billion and USD 2.3 billion respectively. Export of goods and services decreased by -12.2% compared to 2020, while imports increased by 2.5%. Increased oil production has stimulated exports and contributes to a substantive trade surplus.
Foreign Trade Values | 2017 | 2018 | 2019 | 2020 | 2021 |
Imports of Goods (million USD) | 3,745 | 3,486 | 2,242 | 1,866 | 2,302 |
Exports of Goods (million USD) | 6,078 | 11,155 | 5,576 | 3,340 | 6,970 |
Imports of Services (million USD) | 1,909 | 0 | 0 | 0 | 0 |
Exports of Services (million USD) | 187 | 0 | 0 | 0 | 0 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
Foreign Trade (in % of GDP) | 113.2 | 120.0 | 127.0 | 99.4 | 95.6 |
Trade Balance (million USD) | n/a | n/a | 4,308 | 2,199 | n/a |
Trade Balance (Including Service) (million USD) | n/a | n/a | 2,910 | 1,391 | n/a |
Imports of Goods and Services (Annual % Change) | -34.5 | 5.1 | 3.2 | -36.3 | 2.5 |
Exports of Goods and Services (Annual % Change) | 14.4 | 11.4 | 7.4 | -11.1 | -12.2 |
Imports of Goods and Services (in % of GDP) | 55.2 | 49.0 | 53.2 | 42.4 | 37.2 |
Exports of Goods and Services (in % of GDP) | 58.1 | 71.0 | 73.8 | 57.0 | 58.5 |
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) | 2.5 | -0.2 | 5.5 | 8.7 | 3.7 |
Volume of imports of goods and services (Annual % change) | 4.6 | 16.5 | 9.0 | -0.8 | -0.2 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
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Actualitzacions: November 2023