Trade and Investment Trends

Trade and Investment Trends

1. Trade in goods and services

   1. 
      Re-export trade is generally difficult to identify owing to the large informal economy. According to the available statistics, the structure of Togo's imports has not changed significantly since 2005 (Chart I.2 and Tables AI.1 and AI.2). Leading imports include fuel, food products, materials and equipment, vehicles, clinker and medicines. The boom in the price of oil and foodstuffs on international markets between 2006 and 2008 appears to have affected the trend in their respective shares of the total value of imports. The European Union, notably France, is still the main source of merchandise imports, followed by China (Chart I.3). Imports from Thailand have progressed steadily, whereas those from Côte d'Ivoire have fluctuated somewhat.
      
   2. 
      Manufactures account for a significant share of Togo's exports; the latter include cement, fertilizers and articles for the packing of goods. Exports of primary products are based essentially on cotton and phosphates, although their respective shares of total exports have evolved at different speeds. According to the available statistics, Togo exports goods primarily to Africa, especially Burkina Faso, Benin, Niger, Ghana and Nigeria. The strong regional focus displayed by Togo's exports appears to be attributable, in part, to the strength of transit trade. Also, Togo's exports to China have been on a steady upward trend.
      
   3. 
      In spite of its great potential in the areas of transit trade and port services, Togo is still a net importer of services (Table I.2), freight being the primary reason for the deficit; despite sustained progress, the surplus posted by the travel balance remains relatively modest.
      

2. Foreign direct investment

   1. 
      Foreign direct investment (FDI) in Togo, at 2.8 per cent of GDP in 2011, continues to fall short of its potential. Despite the consolidation of macroeconomic stability, the business environment remains difficult because of deficiencies in basic infrastructure and constraints on access to credit. The State still intervenes in order to guarantee or support domestic production in sectors that are important and/or strategic for the country; the recent acceleration of public investment expenditure could also crowd out private investment.
      
   2. 
      During the review period, FDI went primarily to the telecommunications sector, especially for the purposes of renewal of mobile telephony licences, and to the modernization of facilities in the Autonomous Port of Lomé. Portfolio investment reflects the subscription to Togolese Treasury bills issued on the WAEMU public securities market.
      

2. 
   
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