That dollar amount results from a -9.3% decrease from $125.2 million 5 years earlier in 2019.
Year over year, overall sales of exported goods from the Central African Republic dropped by -3.6% compared to $117.8 million starting from 2022.
Based on average exchange rates for the Central African Republic’s official currency in 2023, the Central African CFA franc depreciated by -3.5% against the US dollar since 2019 but appreciated by 2.8% from 2022 to 2023. The weaker Central African CFA franc since 2019 makes the Central African Republic’s exports paid for in stronger US dollars relatively less expensive.
The top 5 most valuable goods exported from the Central African Republic in 2023 were unwrought gold, unmounted and unset diamonds, rough wood, sawn wood, then automobile parts or accessories. Combined, those leading exports represent 90% of Central African Republic’s total revenues from international shipments during 2023. Such a high percentage suggests an intensely concentrated portfolio of exported products.
Central African Republic’s Major Trading Partners
The latest available country-specific data shows that 97.2% of products exported from Central African Republic was bought by importers in: United Arab Emirates (69.4% of the African country’s total), Italy (7.1%), France (5.7%), mainland China (3.8%), Gabon (3.7%), Vietnam (1.8%), Germany (1.6%), Cameroon (1.28%), Spain (1.22%), Türkiye (0.62%), India (0.59%) and Canada (0.3%).
From a continental perspective, 76.8% of Central African Republic’s exports by value was delivered to Asian countries while 16.1% was sold to importers located in Europe. Central African Republic shipped another 6.4% worth of goods to fellow African countries
Tinier percentages went to North America’s Canada only (0.33%), then Latin America’s Turk and Caicos Islands plus Trinidad and Tobago (0.29%).
Given Central African Republic’s population of 5.2 million people, its total $113.6 million in 2023 exports translates to roughly $22 for every resident in the African country. That dollar metric lags the average $25 per capita one year earlier in 2022.
Central African Republic’s Top 10 Exports
The following export product groups categorizes the highest dollar value in Central African global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Central African Republic.
- Gems, precious metals: US$86.8 million (76.4% of total exports)
- Wood: $12.4 million (10.9%)
- Vehicles: $5.3 million (4.6%)
- Machinery including computers: $1.8 million (1.6%)
- Electrical machinery, equipment: $1.4 million (1.3%)
- Headgear: $1 million (0.9%)
- Miscellaneous food preparations: $946,000 (0.8%)
- Cotton: $907,000 (0.8%)
- Toys, games: $752,000 (0.7%)
- Railways, streetcars: $499,000 (0.4%)
Central African Republic’s top 10 export product categories accounted for 98.4% of the overall value of its global shipments.
Miscellaneous food preparations was the fastest grower among the top 10 export categories, up by 31,433% from 2022 to 2023.
In second place for improving export sales was machinery including computers via a 258.3% advance.
Central African Republic’s shipments of wood posted the third-fastest gain in value, up by 101.3%.
The leading decliner among Central African Republic’s top 10 export categories was electrical machinery and equipment, pulled down by a -83.8% year-over-year setback.
From the more granular four-digit Harmonized Tariff System code level, Central African Republic’s most valuable exported product in 2023 was unwrought gold (63.9% of the African country’s total). In second place were unmounted and unset diamonds (12.5%) trailed by rough wood (6.7%), sawn wood (4.2%), automobile parts or accessories (2.7%), headgear (0.9%), miscellaneous food preparations (0.8%), carded or combed cotton (0.8%), machinery parts (also 0.8%), then special purpose vehicles (0.7%).
Products Generating Central African Republic’s Biggest Trade Surpluses
The following types of Central African 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.
- Gems, precious metals: US$86.8 million (Up by 30.1% since 2022)
- Wood: $10.4 million (Up by 110.5%)
- Cotton: $692,000 (Down by -2983.3%)
- Headgear: $592,000 (Down by -264.4%)
- Oil seeds: $157,000 (Down by -245.4%)
- Lead: $27,000 (Down by -292.9%)
- Musical instruments: $7,000 (Down by -800.0%)
Central African Republic generated positive net exports in the international trade of gold and diamonds. In turn, these cashflows indicate Central African Republic’s strong competitive advantages under the gems and precious metals product category.
Products Causing Central African Republic’s Worst Trade Deficits
Overall, Central African Republic incurred a -US$629.1 million trade deficit for 2023 expanding by 22.9% from the -$511.7 million in red ink during 2022.
Below are exports from Central African Republic that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Central African Republic’s goods trail Central African importer spending on foreign products.
- Vehicles: -US$143.4 million (Reversing a $6.7 million surplus in 2022)
- Mineral fuels including oil: -$100.2 million (Up by 246% since 2022)
- Machinery including computers: -$65.6 million (Down by -42%)
- Electrical machinery, equipment: -$57 million (Up by 23.6%)
- Pharmaceuticals: -$48.2 million (Down by -20.1%)
- Articles of iron or steel: -$27.8 million (Up by 263.6%)
- Meat: -$20 million (Up by 17.8%)
- Miscellaneous food preparations: -$19.2 million (Up by 37%)
- Plastics, plastic articles: -$17.5 million (Up by 13%)
- Cereals: -$16.6 million (Up by 57.3%)
Central African Republic has highly negative net exports and therefore deep international trade deficits under the product categories entitled vehicles and mineral fuels including oil.
Central African Export Companies
Not one Central African corporation ranks among Forbes Global 2000.
Wikipedia does list international trade-related companies from Central African Republic. Selected examples are shown below.
- Banque Internationale pour la Centrafrique (commercial bank)
- Enerca (electrical infrastructure)
- Groupe Kamach (timber, mines, real estate)
- Socatel (telecommunications)
In macroeconomic terms, Central African Republic’s total exported goods represent 1.7% of its overall Gross Domestic Product for 2023 ($6.7 billion valued in Purchasing Power Parity US dollars). That 1.7% for exports to overall GDP in PPP for 2023 compares to 2.2% for 2023. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Central African Republic’s total economic performance, albeit based on a short timeframe.
Another key indicator of an economy’s health is its jobless rate. Central African Republic’s unemployment rate averaged 6.3% for 2023, same as the average 6.3% in 2022.
Central African Republic’s capital city is Bangui.
See also Uganda’s Top 10 Exports, Somalia’s Top 10 Exports, Burundi’s Top 10 Exports and Kenya’s Top 10 Exports
Research Sources:
Central Intelligence Agency, The World Factbook Africa: Central African Republic. Accessed on November 27, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on November 27, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity)
International Trade Centre, Trade Map. Accessed on November 27, 2024
Investopedia, Net Exports Definition. Accessed on November 27, 2024
Wikipedia, Central African Republic. Accessed on November 27, 2024
Wikipedia, List of Companies of Central African Republic. Accessed on November 27, 2024
Wikipedia, Flag of Central African Republic. Accessed on November 27, 2024
