Togo: Exports garnered CFA256.4 billion in Q4 2023

Economic governance

Wednesday, 21 February 2024 17:03

Togo: Exports garnered CFA256.4 billion in Q4 2023

(Togo First) - Exports from Togo earned the country CFA256.4 billion in Q4 2023. The data was disclosed by the National Data Institute, INSEED.

Main export products

Over the period reviewed, "Petroleum oils or bituminous minerals" were the main exports. They generated CFA69 billion and represented 27.0% of quarterly exports.

"Natural calcium phosphates, natural alumino-calcium phosphates, and phosphate chalk" followed. They generated CFA38 billion and made up 15.1% of exports.

Next came soy-based products (oilcake and other solid residues from the extraction of soybean oil) (CFA14 billion FCFA for a 5.5% share).

Togo also sold "Plastic bags, sacks, pouches, and cones", earning CFA13.6 billion from these goods (which made 5.3% of the country's exports in Q4 2023).

Exports of beauty products generated CFA13.16 billion (for a 5,1% share volume-wise).

Other exports included refined palm oil and its fractions, worth CFA8.9 billion (3.5% of exports), other beauty products and extensions (Wigs, beards, eyebrows, eyelashes, locks, and similar articles of hair or textile materials; articles of hair), for CFA8.3 billion or 3.2%.

Extractive and agricultural products came at the bottom of Togo’s top 10 exports in Q4 2023. They include soybeans (CFA7.2 billion, 2.8% share), clinkers (CFA7 billion, 2.8%), and Cotton (excluding linters) (for CFA6.4 billion, 2.5%).

The top 10 made up 72.8% of all exports, generating CFA186.7 billion.

Imports

"Petroleum or bituminous mineral oils (excluding crude oils) and preparations" dominated imports, with a value of CFA30.8 billion and a 6.9% share. "Motor vehicles for the transport of persons" followed (CFA24 billion FCFA, 5.4%). Togo spent CFA18 billion to import "Refined palm oil and derivates". They made up 4% of all imports in Q4 2023. Over this period, imports stood at CFA448 billion, which translates into a trade balance deficit of CFA192 billion.

Trade balance improves

Compared to Q4 2022, Togolese exports went up 14.4% in value and 7.0% in quantity. Imports fell by 7.0% in value but rose by 3.6% in quantity. The trade deficit thus improved, year-on-year, with a significant drop of 25.5%.

From Q3 2023 to Q4 2023, exports rose by 33.3% in value and 18.3% in quantity. Imports also increased by 0.7% in value and 2.0% in quantity. The trade deficit was thus down by 24.2% quarter-on-quarter.

Ayi Renaud Dossavi

REFORMS OVERVIEW

STARTING A BUSINESS (more info)

At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms….

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business’ Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

TRADING ACROSS BORDERS (more info)

In comparison to previous years,Togo has significantly improved its ranking under the“Trading across borders” indicator by adopting multiple reforms that focus mainly on the digitization and reduction in delays, for import and export procedures related to import and export.

In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

CONSTRUCTION PERMIT (more info)

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GETTING ELECTRICITY (more info)

Over the past two years, Togo’s ranking under the Doing Business’ Getting electricity and water indicator has increased consistently. Owing this performance to multiple reforms aimed at making it easier for businesses to access power and water, Lomé plans to introduce even more reforms this year to keep up its improvements.

REGISTERING A PROPERTY (more info)

Out of all the 'Doing Business’ indicators, Property Registration is where Togo has improved the most since 2018. Indeed, after spending years in the lowest part of this ranking, the country now seeks to beat Rwanda which is the best performer on this index in Africa. To do so, Lomé has been introducing many reforms, with the latest batch implemented this year.

PUBLIC PROCUREMENT (more info)

From professionalization to digitization, through legislative regulations, Togo’s public procurement framework is constantly being modernized. Several reforms have been implemented to improve the sector much to the benefit of the private sector, which is the focus of the National Development Plan.

PAYING TAXES AND DUTIES (more info)

To improve its business environment, Togo introduced some important reforms related to the payment of tax and duties. From the replacement of some taxes to the cancellation of others through exemptions, the country has only one objective: offer the most attractive tax framework to investors and economic operators. To achieve this, the authorities relied on digitization.