Congo: Economic and Political Overview
Congo's foreign trade policy aims to create a conducive environment for international trade, which constitutes around 96% of its GDP (World Bank, latest data available). Customs duties are harmonized by the Central African Customs and Economic Union (UDEAC), ranging from 5% to 30%. As a member of the Central African Economic and Monetary Community (CEMAC) and the Economic Community of Central African States (ECCAS), Congo is integrated into regional trade frameworks. Crude oil is the primary export of Congo, accounting for 91% of total exports in 2022. Raw timber follows as the second-largest export item (3%), with petroleum oils or bituminous minerals (2.04%) and sawn timber (2.0%) also contributing (data French Ministry of Economy). In terms of imports, agricultural and agri-food products are the primary items, with a total value of XOF 400 billion. This category includes products like "meat and edible offal," "wheat and meslin," "fish," palm oil, and rice. "Instruments and apparatus for medicine" constitute the second-largest import category (6.2%), followed by "medicines" (2.4% - data French Ministry of Economy).
In 2022, China emerged as the leading customer and supplier of Congo, accounting for 51% of Congolese exports and holding a 29% market share in imports (data French Ministry of Economy). Asia absorbed 72% of Congo's exports, primarily comprising petroleum and timber, followed by Europe (19%), America (4%), and Africa (3%). Despite this, exports to other African countries remained marginal, indicating limited regional integration and diversification.
Congo maintains a structurally positive trade balance, largely due to its high exports of hydrocarbons. In 2022, its exports and imports of goods were valued at USD 10.6 billion and USD 3 billion, respectively (WTO data). The country's trade surplus was estimated at 29.5% of GDP, up from 20.1% in the previous year (World Bank, latest data available).
Foreign Trade Values | 2019 | 2020 | 2021 | 2022 | 2023 |
Imports of Goods (million USD) | 2,242 | 1,908 | 2,352 | 3,040 | 3,950 |
Exports of Goods (million USD) | 5,576 | 4,893 | 7,390 | 7,160 | 5,970 |
Imports of Services (million USD) | 1,663 | 1,041 | 0 | 0 | n/a |
Exports of Services (million USD) | 265 | 234 | 0 | 0 | n/a |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2018 | 2019 | 2020 | 2021 | 2022 |
Foreign Trade (in % of GDP) | 120.0 | 127.0 | 99.4 | 95.6 | 111.6 |
Trade Balance (million USD) | n/a | 4,308 | 2,199 | n/a | n/a |
Trade Balance (Including Service) (million USD) | n/a | 2,910 | 1,391 | n/a | n/a |
Imports of Goods and Services (Annual % Change) | 5.1 | 3.2 | -36.3 | 2.5 | 4.8 |
Exports of Goods and Services (Annual % Change) | 11.4 | 7.4 | -11.1 | -12.2 | -0.9 |
Imports of Goods and Services (in % of GDP) | 49.0 | 53.2 | 42.4 | 37.2 | 40.2 |
Exports of Goods and Services (in % of GDP) | 71.0 | 73.8 | 57.0 | 58.5 | 71.4 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2023 | 2024 (e) | 2025 (e) | 2026 (e) | 2027 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 3.5 | 5.2 | 2.3 | 3.5 | 4.0 |
Volume of imports of goods and services (Annual % change) | 14.0 | 6.5 | 4.6 | 2.4 | 2.6 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
To go further, check out our service Import-Export Flows.
0.2 bn USD of services exported in 2020 | |
59.42% | |
32.32% | |
3.60% | |
1.71% | |
Personal travelPersonal travel | 1.14% |
OtherOther | 65.97% |
Business travelBusiness travel | 0.57% |
1.65% | |
1.06% | |
0.18% | |
0.04% | |
0.01% | |
0.01% |
1.0 bn USD of services imported in 2020 | |
59.07% | |
21.66% | |
10.32% | |
3.43% | |
3.09% | |
Personal travelPersonal travel | 2.70% |
OtherOther | 75.25% |
Business travelBusiness travel | 0.39% |
0.78% | |
0.70% | |
0.58% | |
0.27% | |
0.10% |
Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Any Comment About This Content? Report It to Us.
© eexpand, All Rights Reserved.
Latest Update: September 2024