Title: Gabonese oil export trends in 2021 and the main buyers
Introduction :
Gabon’s economy is strongly linked to the oil industry, with oil accounting for a significant portion of the country’s GDP and exports. A recent analysis of the Extractive Industries Transparency Initiative (EITI) report highlights Gabonese oil export trends in 2021, as well as the main buyers of this product.
The weight of Asia in Gabonese exports:
According to the EITI report, Asia was the main destination for Gabonese oil in 2021, capturing around 60% of the 65.9 million barrels exported. Asian countries such as China, India and South Korea have been the main buyers of Gabonese oil, with significant export values.
The main buyers of Gabonese oil in 2021:
– China was the first buyer of Gabonese oil, with an export value of 806.3 billion FCFA.
– India comes in second place, with an export value of 430.1 billion FCFA.
– South Korea occupies third place, with an export value of 347.9 billion FCFA.
– Australia is in fourth place, with an export value of 211.2 billion FCFA.
– Indonesia is in fifth place, with an export value of 160.8 billion FCFA.
The importance of economic diversification:
Although the oil sector remains a key economic driver for Gabon, the country’s authorities have been conscious of the need to diversify the economy to reduce its dependence on oil. Despite these efforts, in 2020, the oil sector represented 38.5% of GDP and 70.5% of exports.
Economic outlook for Gabon:
After a contraction of the economy in 2020 due to the Covid-19 pandemic, Gabon experienced a gradual recovery in 2021 thanks to the good performance of the oil, mining and timber sectors. The country’s GDP grew by 1.5% in 2021, and is estimated to grow by 3.1% in 2022.
Gabon has also made progress in managing its public debt, which reduced to 52% of GDP in 2022, compared to 60.7% in 2021. According to the debt sustainability analysis published by the IMF, Gabon’s public debt is considered sustainable and the risks are decreasing.
Conclusion :
The export of Gabonese oil in 2021 was largely dominated by Asia, with China, India and South Korea as the main buyers. Although the oil sector remains an economic pillar for Gabon, the country’s authorities continue to look for ways to diversify the economy to reduce its dependence on oil. With a positive economic outlook and stronger debt management, Gabon seeks to consolidate its position in the global energy market.