The West African Economic and Monetary Union (WAEMU) posted a sharply wider trade surplus in the final quarter of 2025 as export earnings surged on the back of stronger shipments of gold, cocoa and rubber, according to a report by the regional central bank.
The eight-member bloc recorded a trade surplus of 3.31 trillion CFA francs about US$5.8 billion in the fourth quarter of 2025, a dramatic increase from 279.8 billion CFA francs in the previous quarter, highlighting a strong improvement in the region’s external trade position. The figures were published in the March 2026 monetary policy report by the Central Bank of West African States (BCEAO).
The turnaround was driven by a sharp acceleration in exports, which rose 50.4 percent over the quarter, while imports increased by a much more modest 3.5 percent, according to the report.
The data points to renewed strength in the commodity-dependent economies of the West African bloc, where export performance remains closely tied to global demand and price movements for raw materials.
WAEMU, known by its French acronym UEMOA, comprises Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo, all of which share the CFA franc and a common central bank.
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According to the BCEAO, the improvement in the trade balance was supported mainly by stronger export receipts from gold and other precious metals, cocoa and rubber, reflecting increased production and resilient international demand for several of the bloc’s key commodities.
The gains, however, were partially offset by weaker export performance in some agricultural products.
The central bank said exports of cotton fell 50.9 percent, while coffee exports declined 9.8 percent and cashew nuts slipped 2.9 percent, largely because of softer international prices.
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Even so, the overall export rebound was strong enough to more than compensate for those declines, underlining the dominant role of mineral and agricultural commodities in the bloc’s trade performance.
Imports remained heavily concentrated in energy products and consumer goods, although the report noted declines in purchases of food products, capital goods and intermediate goods, suggesting a more restrained import profile in some segments of the regional economy.
The bloc also posted trade surpluses with Europe, the rest of Africa, the ECOWAS region and the Americas, an indication that the export upswing was broad-based across multiple trading partners.
The BCEAO report suggests the strong external performance was linked in part to increased raw material output in several member states.
In Burkina Faso, for example, gold production reportedly exceeded 94 metric tons, more than 30 metric tons higher than in 2024, reinforcing the country’s growing role as a major gold exporter in the region.
In Senegal, gold output rose 55.7 percent in December 2025, climbing from 59.1 billion CFA francs to 92.1 billion CFA francs, according to the report.
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Meanwhile, Côte d’Ivoire continued to benefit from rising hydrocarbons production, with output supported by offshore developments and new discoveries. The country produced 16.1 million barrels of crude oil in 2024, according to official data cited in the report.
The latest figures underscore how heavily WAEMU’s external accounts remain dependent on primary commodities, even as governments across the bloc seek to diversify exports and deepen industrialisation.
They also suggest the region entered 2026 with a stronger trade position than many other frontier markets, despite a difficult global backdrop marked by volatile commodity prices, geopolitical risks and slowing growth in some major economies.
For policymakers, the stronger trade balance could help ease pressure on external financing needs and support foreign exchange stability within the CFA franc zone.
But analysts say the durability of the surplus will depend on whether commodity prices remain supportive and whether member states can sustain output gains in sectors that remain vulnerable to climate shocks, security disruptions and swings in global demand.
Still, the fourth-quarter rebound offers a clear sign that WAEMU’s export engine remained resilient at the close of 2025 — and that the region’s commodity strength continues to underpin its external performance.
