Togo: Exports generated CFA212.25 billion in Q2 2023

Economic governance

Wednesday, 25 October 2023 19:18

Togo: Exports generated CFA212.25 billion in Q2 2023

(Togo First) - Togolese exports amounted to CFA212.25 billion in Q2 2023. The figure, disclosed by the country’s Institute of Statistics (INSEED), corresponds to 993,316.5 tons of goods. Value-wise, the exports were up by only 0.2% compared to the previous quarter.

Phosphate still on top

During the quarter reviewed, the 10 most exported goods made up 67.7% of the total export value reported.

Phosphorus products (natural calcium phosphates, natural alumino-calcium phosphates, and phosphate chalk) came ahead, accounting for 23.7% of the total or CFA50.33 billion.

They were followed by "Petroleum or bituminous mineral oils (excluding crude oils) and preparations", whose exports totaled CFA18.5 billion. Then came "Prepared beauty or make-up products and preparations for the maintenance or care of the skin," which earned the country CFA12.43 billion.

Compared to Q2 2022, exports in Q2 2023 rose by 16.8% in value, and 26.8% in volume. Imports also rose, by 5.6% in value, and 3.7% in volume. Despite these improvements, the country’s trade deficit slumped by 2.8%.

Main buyers: India leads

Regarding its export destinations, Togo mainly sold to a group of 10 countries, led by India which absorbed 16.6% of all Togolese exports, by value (CFA35.27 billion). Benin was second with 23.75 billion FCFA in value, representing 11.2% of the total.

Burkina Faso, France, and Mali complete the top five destinations, with shares of 8.9%, 8.6%, and 7.5% respectively.

Trade balance still in deficit

Imports stood at CGA449.64 billion, resulting in a trade deficit of CFA237.39 billion.

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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)

After moving from the 133rd to 127th place under the 2020 Doing Business’ construction permit index, Togo intends to reiterate this feat in the coming edition of the global ranking. To this end, it has introduced this year multiple reforms.

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.