Cameroon has seen an improvement in its trade balance with Iran and the Gulf countries in 2024, although its reliance on hydrocarbon imports remains a major challenge. According to the National Institute of Statistics (INS), the trade deficit has decreased to 156.7 billion FCFA, compared to 231.58 billion FCFA the previous year.
In 2024, Cameroonian imports from this region totaled 182.7 billion FCFA, a 22% decrease compared to the previous year. However, hydrocarbons, particularly crude oil, still account for a significant portion of these imports, reaching 92 billion FCFA. Hydraulic cement and frozen fish follow, with 10 billion and 9.8 billion FCFA respectively. The United Arab Emirates and Saudi Arabia remain the main suppliers, concentrating 88% of exports from this area to Cameroon.
Cameroonian exports to Iran and the Gulf countries experienced a significant rebound, rising from 5.4 billion FCFA in 2023 to 26 billion FCFA in 2024. This growth is mainly due to exports of liquefied petroleum gas (LPG), which generated 18.9 billion FCFA in revenue, representing 73% of exports to this area. Wood, although still important, has seen its share decrease due to the rise of LPG. The United Arab Emirates has become the primary destination for Cameroonian exports in the Gulf, capturing an average of 50.3% of revenue over the past ten years.
Despite their modest volume in the scale of Cameroonian foreign trade, trade with Iran and the Gulf countries is of strategic importance. Dependence on hydrocarbons exposes Cameroon to fluctuations in global energy prices and geopolitical tensions. The country seeks to diversify its trade partners and the structure of its foreign trade to mitigate this vulnerability. Local LPG production in Bipaga helped reduce Cameroon's fuel import bill by more than $25 million in 2023.
Tensions in the Middle East, particularly the conflict involving Iran, have repercussions on the Cameroonian economy, mainly through oil prices and maritime transport costs.
