The year 2024 marked a notable development in Burkina Faso's external accounts, with a dramatic reversal in its trade balance. While the national economy accelerated its growth rate to 4.8% (compared to 3.0% in 2023), trade in goods and services helped to mitigate the overall current account deficit, which fell from 617.0 billion FCFA in 2023 to 556.8 billion FCFA in 2024, representing 4.0% of GDP.
The most striking element is the shift in the balance of goods from a deficit of 56.7 billion FCFA in 2023 to a surplus of 178.6 billion FCFA in 2024.
This performance resulted in an improved import coverage ratio, reaching 105.1%, an increase of 6.8 percentage points. Burkina Faso was thus able to finance all of its foreign purchases of goods through its export revenues.
The increase in the value of exports (+15.6%, to 3,708.3 billion FCFA) was greater than that of imports (+8.1%, to 3,529.7 billion FCFA).
Export growth was primarily driven by mining products (up 505.6 billion FCFA) and agricultural products (up 39.2 billion FCFA). Non-monetary gold maintained its dominant position, representing 78.6% of the total export value. The value of gold exports climbed 32.1% in 2024. This increase resulted from a combination of a significant strengthening of the international selling price of gold (up 16.9%) and an increase in the quantities shipped (up 13.0%).
The second largest exported product, cotton fibre, also recorded a moderate recovery, with a value of 203.4 billion FCFA, up 32.2% compared to 2023, thanks to an increase in the volume shipped.
On the import side, the increase in the bill is mainly due to energy products, supplies of which rose by 153.7 billion FCFA. Energy products constitute the main component of imports (37.9% of the total). Capital goods were the second most imported product (18.9% of the total).
Europe remains the primary destination for Burkinabe exports (55.2%). Switzerland is the partner with which Burkina Faso enjoys its largest bilateral trade surplus (1,915.8 billion CFA francs), due to its status as the main buyer of gold. Asia has become the second largest destination (26.7%), surpassing Africa. The United Arab Emirates recorded the second largest surplus (857.3 billion CFA francs).
However, Burkina Faso has widened its bilateral trade deficits with its main suppliers. The largest deficit is with Côte d'Ivoire (624.9 billion CFA francs), primarily due to increased purchases of energy products. Next are China (500.9 billion CFA francs, capital goods) and Russia (378.8 billion CFA francs, petroleum products and equipment).
Regarding the services account, the deficit widened slightly to 510.5 billion FCFA, mainly due to the increase in the costs of transport services, particularly freight, impacted by disruptions to global waterways.
The primary income account deficit widened to 691.6 billion FCFA (compared to 544.4 billion in 2023). This deterioration is attributable to the increase in net income payments to non-residents, particularly dividends paid by mining companies (462.9 billion FCFA, up 38.3%), boosted by high gold prices.
Overall, financial operations resulted in significant net capital inflows of 777.8 billion FCFA. This reversal, compared to net inflows of 11.1 billion FCFA in 2023, allowed the overall balance of payments to reach a surplus of 455.5 billion FCFA.
Burkina Faso's Global External Position (GEP) remains in deficit, worsening to -5,778.9 billion FCFA at the end of 2024, due to an increase in the stock of financial liabilities.