Cemac agricultural export prices decline in Q3 2024

WEST AFRICA – Agricultural export prices in the Cemac region have dropped by 14.3% in the third quarter of 2024, according to the latest report from the Bank of Central African States (BEAC). 

This marks a reversal after a period of steady price increases.

The Composite Index of Commodity Prices (ICCPB) published by BEAC highlighted that the decrease is largely attributed to varied price movements across different sectors. 

Cocoa prices saw a significant decline of 21.4% and rice dropped by 6.8%. In contrast, other commodities experienced price hikes. 

Coffee prices rose by 10.1%, rubber gained 3.8%, and palm oil prices climbed by 3.2%.

The ICCPB monitors the prices of 20 primary commodities from the Cemac region, which represent about 90% of the area’s export value. 

These goods are categorized into five sectors: energy, metals and minerals, forest products, agricultural products, and fishery products.

Agriculture plays a major role in the Cemac region’s economy, employing nearly 65% of the working population. 

However, this figure varies from country to country, with Gabon having the lowest at 29%, and Chad the highest at 69%. 

Despite agriculture’s significant role in employment, it only accounts for approximately 14% of the region’s export earnings. 

Agricultural output contributes about 25% to the region’s overall GDP, but this also varies widely by country. 

For example, Cameroon’s agriculture sector contributes 17% of its GDP, while in Chad, it represents up to 50%.

The region’s livestock population is substantial, with an estimated 44.7 million cattle, 46 million sheep, 56 million goats, 3.5 million pigs, and 75 million poultry. 

Despite this, the sector’s contribution to exports remains relatively small in comparison to other industries.

Cemac’s agricultural export performance continues to be influenced by global commodity price fluctuations, affecting the region’s economic stability.

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