La Bceao analyzed the foreign trade situation of the UEMOA states, in his report on monetary policy Eacute; zone published in December 2022.

The report mentions that the foreign trade of the Member States of the Union is characterised by an overall balance of payments deficit of 2,272.7 billion in the third quarter, compared with a deficit of 508.8 billion noted at the same time Riode from the previous year. According to the BCEAO, this increase is the result of a worsening of the current account deficit.

For the bank, “compared to GDP, the current account deficit stood at 9.6% in the third quarter of 2022, compared with 6.0% a year earlier, an increase of 3.6 percentage points. Net inflows to the financial account increased, driven by higher net government draws and higher foreign direct investment.”