Togo's Exports Hit 211.8 Billion FCFA in Q1 2023, (INSEED)

Economic governance

Sunday, 30 July 2023 03:52

Togo's Exports Hit 211.8 Billion FCFA in Q1 2023, (INSEED)

(Togo First) - Togo's exports reached about $382 million or CFA211.8 billion in Q1 2023. By volume, the exports stood at 886,575 Mt, according to the National Institute of Statistics and Economic and Demographic Studies (INSEED).

Comparing Q1 2023 to Q1 2022, exports, by value, grew by 11.4%. Compared to Q4 2022, the exports were down by 5.5% and 1.8%, respectively, by value and size.

Phosphates, Soybeans, and Plastic Products Lead the Pack

Over the first quarter of 2023, the country's top 10 export products represented 63.5% of the total value of exported goods.

Phosphates were the most exported products in Q1 2023. They accounted for 19.6% of the quarter's exports, with a value of 41.57 billion FCFA (around $75 million USD).

Soybeans followed. In the quarter concerned, Togo exported 43,654.8 Mt of the cash crop. This earned the country 14.8 billion FCFA (approximately $27 million USD), or 7% of the total exports.

Rounding up the top three were "bags, sachets, pouches, and cones of plastic". They generated 14.18 billion FCFA (about $25.6 million USD), making up 6.7% of national exports.

Other Top Ten Products

In fourth place was another cash crop product, refined palm oil and its fractions, worth 11.52 billion FCFA (roughly $20.8 million USD), or 5.4% of exports. Beauty or prepared makeup products came fifth, and accounted for 11 billion FCFA (almost $20 million USD), or 5.2% of exports.

From sixth to tenth place, the country exported: soybean oilcake and other solid residues, worth 10.7 billion FCFA (about $19.3 million USD), or 5.1% of sales; petroleum bitumen and other residues of petroleum oils, valued at 9 billion FCFA (approximately $16.3 million USD), or 4.3%; bituminous petroleum oils (8.4 billion FCFA, around $15.2 million USD, or 4.0%); clinker, valued at 6.69 billion FCFA (about $12 million USD), or 3.2%; and finally, motorcycles with a displacement exceeding 50 cm3 but not exceeding 250 cm3, re-exported at a value of 6.42 billion FCFA (roughly $11.6 million USD), or 3.0%.

Togo's top three buyers, in Q1 2023, were India (accounting for 19.3% of the quarter's exports), Burkina Faso (10.1%), and Benin (8.7%).

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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.