Despite the COVID-19 impacts on Benin’s economy, Benin’s foreign trade volume in the third quarter of 2020 experienced a slight increase compared to the previous quarter, according to the quarterly bulletin of foreign trade statistics released on Saturday in Cotonou.
Benin’s merchandise exports increased by 1.7 percent during the third quarter of 2020, valued at 114.70 billion CFA francs (about 211 million U.S. dollars), against 112.82 billion CFA francs a quarter earlier, according to the bulletin released by the National Institute for Statistics and Economic Analysis.
“In the third quarter of 2020, the main product sold abroad which contributed to the slight increase in exports is cotton”, it said.
In the third quarter of 2020, imports are valued at 362.5 billion CFA francs, against 311.8 billion CFA francs a quarter earlier, it said. The main goods that contributed to the increase in imports are in particular semi-milled rice, petroleum oils and bituminous minerals, as well as frozen fish.
In 2020, the growth rate was revised to 2.3 percent against an initial forecast of 7.6 percent, due to the coronavirus pandemic, according to the General Directorate of Budget of the Beninese Ministry of Finance and Economy.