• More than 840 billion FCFA in the first quarter of 2023
• That is 9.7% more than last year
• Medicines and other pharmaceutical products down
Por the first quarter of the year, imports increased in both volume and value. Burkina bought goods worth 843.9 billion FCFA. An amount up 9.7% compared to the same period in 2022. The volume of goods imported by the country also increased, i.e. 11.8% compared to the beginning of 2022. More than 2,000 tonnes of goods crossed the country’s borders in the first quarter of 2023, compared to 1,900 tonnes in 2022.
By way of goods, the INSD has listed the main imported products, according to their cost-insurance-freight (CIF) value. Among these main products, certain commodities experienced a significant increase. More than 222% increase for manufactured fertilizer, between the first quarter of 2022 and 2023. Last year, this imported merchandise was worth 8.6 billion FCFA. For 2023, the value is 27.6 billion FCFA. As we know, local fertilizer production does not cover national demand. In 2020, for example, the annual demand for fertilizer was 300,000 tons. Mainly used in the production of cotton, the value of imports also depends on the good performance of this sector. It should be noted that the main players involved in the import and distribution of fertilizers are cotton companies, SN-Sosuco, the State, producer organizations, etc.
Decreasing medicinal and pharmaceutical products
The other batch of imported product whose evolution has undergone a significant increase (+213.7%) is the “Sugar and honey” compound. For the first quarter of the year, Burkina imported 14.8 billion FCFA, against 4.7 billion FCFA last year. After the sugar import ban in 2019, in order to encourage local consumption, the flow of imported sugars has grown since 2021. Thus, 118 tonnes were imported. For 2022, we have consumed just over 19 billion CFA francs of sugar and honey. For the first quarter of 2023 alone, the bill amounted to 14.8 billion. An increase that could be explained by the high demand for these products during the Ramadan period.
There are not only increases in the main products imported by Burkina Faso. The biggest drop came from “medicinal and pharmaceutical products”. Last year, during the first quarter, the country imported drugs for a value of 60.5 billion FCFA. This value has continued to decline to stand at 31.5 billion in the first quarter of 2023, i.e. a drop in value of 47.9%. “Motor cars with all engines, for the transport of people”, also experienced a drop, from 17 billion imports to 14.8 billion between the first quarter of 2022 and the first quarter of 2023.
NK
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Rise in consumer prices
L’harmonized consumer price index for the month of April rose by 0.4% compared to March 2023. It is due to the increase in prices for the functions “Food products and non-alcoholic beverages”, “Leisure and culture “, “Restaurants and hotels” and “Miscellaneous goods and services”.
The increase in the prices of the “Food products and non-alcoholic beverages” function is the consequence of the increase in the prices of fruits (especially citrus fruits), fresh and dried vegetables, tubers and plantain and poultry.
The price increases in the “Leisure and culture”, “Restaurants and hotels” and “Miscellaneous goods and services” functions are due respectively to higher prices for stationery and miscellaneous printed matter, restaurants, cafes and similar establishments and finally, products for body care. Following the volatility, the fall in energy prices is due to that of solid fuel prices. As for the rise in the price of fresh produce, it is mainly linked to the rise in the price of fresh vegetables. The combination of the rise in the prices of local products and the fall in the prices of imported products has resulted in an upward trend in the general level of consumer prices.
