News in Brief:
Driven by an increase in agricultural exports, Central African countries saw a substantial rise in overall export prices during the first quarter of 2024, partially offset by a decline in energy product prices.
The Central African Economic and Monetary Community (CEMAC) enjoyed a significant boost in export prices during the first quarter (q1) of 2024, thanks in large part to a surge in agricultural commodities, according to a recent report by the Bank of Central African States (BEAC).
The composite index (containing the prices of the 20 top export commodities) for CEMAC exports rose by a healthy 6.8% compared to the previous quarter. Take note that these 20 commodities account for roughly 90% of the total value of the bloc’s exports. The goods are categorised as energy products, metals and minerals, forest products, agricultural products, and fishery products.
Agricultural products take center stage
This growth story is primarily driven by a boom in non-energy commodities, with prices rising by an impressive 20%. The increase more than compensated for a decline of 4.9% in energy product prices.
The prices for agricultural exports from the countries skyrocketed by a remarkable 29.5% in q1 2024. A deeper look shows that forest product pricesrose by 1.9% while prices for metals and minerals, as well as fishery products, declined slightly by 1.1% and 0.5%, respectively.
Despite the positive trend, the bank acknowledges the ongoing volatility in commodity markets. The report cautions that commodity markets are still influenced by geopolitical, macroeconomic, and climatic uncertainties, indicating that the upward trend may not be guaranteed.
