That dollar amount results from a 42% increase compared to $1.025 billion 5 years earlier in 2019.
Year over year, the overall value of products exported from Togo grew by 7.7% versus $1.35 billion starting from 2022.
Based on average exchange rates for Togo’s official currency in 2023, the West African CFA franc depreciated by -3.5% against the US dollar since 2019 but appreciated by 2.8% from 2022 to 2023. The weaker West African CFA franc since 2019 makes Togo’s exports paid for in stronger US dollars relatively less expensive.
Togo’s Top Trading Partners
The latest available country-specific data shows that 82.3% of products exported from Togo was bought by importers in: India (22.5% of the Togalese total), Burkina Faso (9.2%), Benin (8.4%), Mali (7.8%), Ivory Coast (6.8%), France (6.5%), Ghana (5.4%), United States of America (4.2%), Niger (3.6%), Senegal (3.5%), Australia (2.7%) and the Netherlands (1.7%).
From a continental perspective, 49.3% of Togo’s exports by value was delivered to fellow African countries while 30.5% was sold to importers in Asia. Togo shipped another 11.6% worth of goods to buyers in Europe.
Smaller percentages went to customers in North America (5%), Oceania (3.6%) led by Australia and New Zealand then Latin America (0.01%) excluding Mexico but including the Caribbean.
Given Togo’s population of 9.1 million people, its total $1.46 billion in 2023 exports translates to roughly $160 for every resident in the West African country. That per-capita dollar amount exceeds the average $150 for 2022.
Togo’s Top 10 Exports
The following export product groups represent the highest dollar value in Togolese global shipments during 2023, at the 2-digit Harmonized Tariff System (HTS) code level. Also shown is the percentage share each export category represents in terms of overall exports from Togo.
- Salt, sulphur, stone, cement: US$331.5 million (22.8% of total exports)
- Mineral fuels including oil: $203.2 million (14%)
- Plastics, plastic articles: $125.5 million (8.6%)
- Animal/vegetable fats, oils, waxes: $97.2 million (6.7%)
- Food industry waste, animal fodder: $84.7 million (5.8%)
- Perfumes, cosmetics: $83.7 million (5.7%)
- Oil seeds: $72.4 million (5%)
- Cotton: $66.5 million (4.6%)
- Vehicles: $50.5 million (3.5%)
- Feathers, artificial flowers, hair: $45.4 million (3.1%)
Togo’s top 10 exports accounted for 79.7% of the overall value of its global shipments.
Food industry waste and animal fodder represents the fastest grower among the top 10 export categories, up by 348.8% from 2022 to 2023.
In second place for improving export sales was mineral fuels including oil via a 68.5% advance.
Togo’s shipments of animal or vegetable fats, oils and waxes posted the third-fastest gain in value, up by 59.8%.
The leading decliner among Togo’s top 10 export categories was vehicles, enduring a -25.6% year-over-year drop.
At the more granular four-digit Harmonized Tariff System code level, natural calcium or aluminum phosphates represent Togo’s most valuable exported product at 19.2% of the country’s total. In second place were refined petroleum oils (12.7%), plastic packing goods including lids or caps (6.1%), soya-bean oil cake plus other residues (5.6%), beauty, makeup or skincare preparations (5.5%), palm oil (4.8%), soya beans (4.1%), hydraulic cements (3.4%), wigs, false bears and eyelashes (3.9%), then motorcycles (2.8%).
Products Creating Greatest Trade Surpluses for Togo
The following types of Togolese product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Salt, sulphur, stone, cement: US$282.1 million (Down by -9.3% since 2022)
- Food industry waste, animal fodder: $81.9 million (Up by 374.7%)
- Perfumes, cosmetics: $67.2 million (Up by 8%)
- Feathers, artificial flowers, hair: $44.8 million (Down by -13.3%)
- Cocoa: $27.3 million (Up by 66%)
- Cotton: $18.3 million (Down by -24.7%)
- Plaiting products, basketware, wickerwork: $16.1 million (Down by -22.9%)
- Beverages, spirits, vinegar: $7.3 million (Down by -47.5%)
- Coffee, tea, spices: $7 million (Down by -4.2%)
- Fruits, nuts: $4.2 million (Up by 105.2%)
Togo has highly positive net exports in the international trade of natural calcium or aluminum phosphates. In turn, these cashflows indicate Togo’s strong competitive advantages under the salt, sulphur, stone and cement product category.
Products Causing Biggest Trade Deficits for Togo
Togo racked up an overall estimated -US$1.6 billion trade deficit for 2023, up by 10.2% from -$1.45 billion in red ink one year earlier in 2022.
Below are exports from Togo that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Togo’s goods trail Togolese importer spending on foreign products.
- Vehicles: -US$266.7 million (Up by 21.6% since 2022)
- Mineral fuels including oil: -$234.4 million (Down by -17.9%)
- Machinery including computers: -$220.8 million (Up by 28.1%)
- Electrical machinery, equipment: -$158.1 million (Up by 2.4%)
- Pharmaceuticals: -$139.5 million (Up by 2.9%)
- Cereals: -$102.3 million (Up by 21.1%)
- Fertilizers: -$82.5 million (Up by 9.4%)
- Plastics, plastic articles: -$73.9 million (Down by -1.6%)
- Iron, steel: -$63 million (Down by -29%)
- Articles of iron or steel: -$52.7 million (Down by -13.1%)
Togo has highly negative net exports and therefore deep international trade deficits under the mineral fuels-related product category, particularly for cars, trucks and motorcycles.
Togo’s Export Companies
One Togolese corporation ranks among the largest businesses on the Forbes Global 2000, namely the regional bank Ecobank Transnational Incorporated.
Wikipedia lists companies from Togo that participate in international trade transactions. Selected examples are shown below.
- ASKY Airlines (airliner)
- Atlantic Bank Group (financial services holding group)
- La Poste du Togo (postal service)
In macroeconomic terms, Togo’s total exported goods represent 5.1% of its overall Gross Domestic Product for 2023 ($28.35 billion valued in Purchasing Power Parity US dollars). That 5.1% for exports to overall GDP in PPP for 2023 compares to 5.9% for 2022. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Togo’s total economic performance, albeit based on a short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Togo’s unemployment rate averaged 3.7% for 2023, down from an average 3.8% in 2022 according to Trading Economics metrics.
Togo’s capital city is Lomé.
See also South Sudan’s Top 10 Exports, Somalia’s Top 10 Exports, Nigeria’s Top 10 Exports and Top African Export Countries
Research Sources:
Central Intelligence Agency, The World Factbook Africa: Togo. Accessed on November 26, 2024
Forbes 2019 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on November 26, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on November 26, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on November 26, 2024
International Trade Centre, Trade Map. Accessed on November 26, 2024
Investopedia, Net Exports Definition. Accessed on November 26, 2024
Wikipedia, Flag of Togo. Accessed on November 26, 2024
Wikipedia, Gross domestic product. Accessed on November 26, 2024
Wikipedia, List of Companies of Togo. Accessed on November 26, 2024
Wikipedia, Purchasing power parity. Accessed on November 26, 2024
Wikipedia, Togo. Accessed on November 26, 2024