The prices of agricultural products exported by Cemac countries dropped 4.9% between July and September 2022. Over the previous quarter, the decline was 3.5%, according to official data from the Bank of Central African States.
“This trend is explained by the improved prospects for the resumption of production following the destocking of certain products stocked after exports from Indonesia and Russia were suspended,” the Beac points out in its latest report on the commodity price index. By product, the most significant price declines were observed for palm oil (-39.0%), rubber (-21.3%), and cotton (-21.0%). On the other hand, according to the same source, “an increase was recorded in the price of sugar (+5.6%), and to a lesser extent tobacco (0.6%) and coffee (0.3%)”.
As a reminder, the Composite Commodity Price Index (ICCPB) is a quarterly document based on the prices of 20 commodities exported by CEMAC countries, representing 90% of the value of their exports. It covers five main categories, including energy products, metals and minerals, forest products, agricultural products, and fishery products.
BRM