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Economy

Morocco Strengthens Position as Cameroon's Top African Trade Partner in 2022

Friday 15 March 2024 - 10:15

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Morocco has firmly established itself as Cameroon's primary African trade partner in 2022, showcasing remarkable economic strength by exporting a record-breaking 319,200 tons of goods valued at 70.5 billion CFA francs (approximately 109 million euros). This achievement is highlighted in the latest report on Cameroon's foreign trade, recently published by the prestigious National Institute of Statistics (INS).

The report vividly illustrates Morocco's ascendancy, capturing its commanding 1.4% share of Cameroon's total imports from African nations. Surpassing contributions from regional heavyweights like Equatorial Guinea, Côte d'Ivoire, and Gabon, Morocco's strategic economic maneuvering within the continent is underscored.

In a year characterized by unprecedented trade volumes, Morocco's exports to Cameroon more than tripled compared to the previous year, showcasing the dynamic and deepening economic cooperation between the two nations. This surge not only solidifies Morocco's position as Cameroon's primary African trade partner but also highlights the vast untapped potential for future growth.

While China remains Cameroon's principal global supplier, constituting 15.8% of the nation's total imports by value, Morocco's rise within the African trade landscape is noteworthy. The diversification of economic exchanges between the two countries, spanning sectors such as agriculture, water management, banking, and engineering, further underscores the multifaceted nature of their partnership.

Beyond trade statistics, the burgeoning economic cooperation extends to initiatives like the Morocco-Cameroon Economic Meetings on wood and leather, held in Rabat last year. These efforts pave the way for enhanced collaboration and investment opportunities, aligning with Cameroon's 2020-2030 National Development Strategy (SND).

Cameroon's strategic location, providing access to landlocked markets and sharing borders with Nigeria, Africa's largest economy, renders it an attractive investment destination for Moroccan investors seeking to leverage the region's immense potential.

As Morocco solidifies its dominance as Cameroon's leading African trade partner, the groundwork is laid for a future characterized by sustained economic growth, mutual prosperity, and deepened diplomatic ties between these dynamic nations.