Benin is a democratic country with a modest domestic market of Agri Commodities. The economy of the nation is highly reliant on economic connections with its neighbors, notably Nigeria.
Benin’s overall macroeconomic circumstances improved in 2017, with a 5.6 percent growth rate.
Benin’s cotton sector and other cash crops, the Port of Cotonou, and telecommunications all contributed significantly to the country’s economic prosperity.
The production and processing of cashews and pineapples have significant commercial potential.
The Port of Cotonou is the mainstream of income, although the government is looking to diversify its revenue sources.
A sizable informal economy, estimated to account for more than 70% of GDP, is based largely on uncontrolled commerce with Nigeria.
Cotton represents 40% of Benin’s GDP and almost 80% of official export earnings. Benin also produces textiles, palm products, and cocoa beans.
For local consumption, it grows maize (corn), beans, rice, peanuts, cashews, pineapples, cassava, yams, and other tubers.
The value of merchandise exports from Benin totaled $ 851 million in 2019. Overall commodity exports from Benin decreased by 10.5% compared to 2018.
Merchandise exports fell by $100 million (the value of Benin’s merchandise exports was $952 million in 2018).
Benin country-wise export data during 2019
Benin’s top commodity export destinations in 2019:
- Bangladesh with a share of 26% (229 million US$)
- India, with a 14.1% stake (120 million US dollars).
- Vietnam, with a 10.3 percent stake (88 million US dollars).
- China, with a 7.38 percent stake (62 million US dollars).
- Nigeria with a share of 5.65% (48 million US$)
- Denmark with a share of 3.56% (30 million US$)
- Egypt has a 3.43 percent stake (29 million US dollars).
- Niger with 3.1 percent (26 million US dollars).
- Malaysia has a 2.95 percent stake (25 million US dollars).
- Burkina Faso, with a 2.3 percent stake (19.6 million US dollars).
Benin’s Top Exports in 2019:
- 5201 – Cotton, neither carded or combed (52%, $450 million)
- 96 percent ($76 million): 0801 – Fresh or dried coconuts, Brazil nuts, and cashew nuts shelled or peeled
- 6 percent ($56 million): 1207 – Other oil seeds and oleaginous fruits, broken or not
- 93 percent ($24 million): 2710 – Petroleum oils and bituminous mineral oils other than crude.
- 89 percent ($24 million): 2523 – Portland cement, aluminous cement, slag cement, super sulfate cement, and similar hydraulic cement, whether colored or in clinker form
- 3 percent ($19.6 million): 0207 – Frozen meat and edible offal from fowl of heading 01.05.
- 61 percent ($13.7 million): 2306 – Oil-cake and other solid wastes arising from the extraction of vegetable fats or oils, whether crushed or in the shape of pellets, other than those of headings 23.04 or 23.05.
- 45 percent ($12.4 million): 2008 – Fruit, nuts, and other edible plant parts, whether or not cooked or preserved, whether or not containing added sugar or other sweetening substance or spirit, not otherwise mentioned or included.
The value of merchandise imports to Benin totaled $ 2.9 billion in 2019.
Overall commodity imports to Benin fell by 11.3 percent in 2019 compared to the previous year.
Merchandise imports fell by $373 million (the value of merchandise imports to Benin in 2018 was $3.27 billion).
Benin country-wise import data during 2019
Top trading nations (import sources) of Benin in 2019:
- India with a share of 13.6% (396 million US$)
- China with a share of 11% (321 million US$)
- Togo with a share of 10.9% (316 million US$)
- France with a share of 8.79% (255 million US$)
- Thailand with a share of 5.41% (157 million US$)
- Belgium with a share of 3.79% (110 million US$)
- The United Arab Emirates, with a 3.42 percent stake (99 million US dollars).
- Morocco, with a 2.86 percent stake (83 million US dollars).
- Netherlands with a share of 2.62% (76 million US$)
- Russia with a share of 2.62% (76 million US$)
- 15% (91 million US$): 72 – Iron and steel
Benin’s Top Imports in 2019:
- 6% ($570 million): 1006 – Rice.
- 4 percent ($363 million): 2710 – Petroleum oils and bituminous mineral oils other than crude.
- 83% ($140 million): 2716 – Electrical energy. (optional heading)
- 15% ($120 million): 1511 – Palm oil and its fractions, whether or not refined, but not chemically modified.
- 6% ($104 million): 0207 – Meat and edible offal, of the poultry of heading 01.05, fresh, chilled, or frozen.
- 59 percent ($104 million): 0303 – Frozen fish, except fillets and other fish meat of heading 03.04.
- 02% ($87 million): 3105 – Mineral or chemical fertilizers containing two or three of the fertilizing elements nitrogen, phosphorus, and potassium; other fertilizers.
SOURCE- Trendeconomy.com
