Cameroon's trade deficit widened significantly in 2025, reaching 2145.2 billion FCFA, according to a report by the National Institute of Statistics (INS) published on April 1, 2026. This represents a 22.8% increase compared to the 1747.3 billion FCFA recorded in 2024.
The increase in Cameroon's trade deficit in 2025 is the result of a combination of factors. On the one hand, export earnings decreased by 168.1 billion FCFA, a drop of 5.2%. On the other hand, import expenditure increased by 4.6%, representing a rise of 229.8 billion FCFA. The INS points out that if crude oil is excluded, the trade deficit is even more significant, amounting to 2850.9 billion FCFA, a 3.7% increase compared to 2024. This situation highlights the crucial role of hydrocarbons in Cameroon's foreign trade.
These figures raise questions about the effectiveness of the import substitution policy implemented by the Cameroonian government since 2022. This policy aims to encourage local production by facilitating investment in various sectors, with the aim of reducing imports of products that can be manufactured locally.
However, after four years of implementation, this strategy still seems far from achieving its objectives. Petroleum derivatives (fuel and domestic gas) and food products (cereals and fish) remain the main drivers of the country's trade deficit. Although Cameroon reduced its cereal imports by 14.1% in 2025, this decrease appears to be more related to cyclical factors such as currency tensions and inflation than to an improvement in local production.
At the same time, imports of fuels and lubricants decreased in value by 19.1%, probably due to lower world prices. However, imported volumes increased by 10.4%. This situation is due to Cameroon's dependence on imports of finished petroleum products since the fire at the Société Nationale de Raffinage (Sonara) in 2019. The rehabilitation of this refinery, the only one in the country, is still awaited.
In 2025, cocoa temporarily dethroned oil as the top export product, thanks to soaring prices.
The rehabilitation of Sonara is a major challenge to reduce Cameroon's dependence on imports of petroleum products. The completion of this project could have a significant impact on the country's trade balance.
