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Cameroon: Timer Exporters Skyrocket Prices On International Markets

The International Tropical Timber Organization (ITTO) reveals that Cameroonian producers have increased the wood’s selling price in the international market. It reports this in its January 2018 sectoral report. The organization also reveals that if for the time being the increase is not substantial, it could rise further in the coming weeks.

This increase follows the rise of exports duties on raw log (into force since January 1, 2018, in the framework of Cameroon’s 2018 finance law). Indeed, between 2016 and 2018, this duty has increased from 17,5% to 30%. According to fiscal experts, by repeatedly increasing this tax, Cameroon government wants not only to increase its tax and customs revenues, in a context marked by the generalized decline in public revenues but, above all, it wants to encourage the local wood processing which creates jobs.

Let’s note that since 2011, wood (both sawn and raw) is the most non-oil product exported in Cameroon. Indeed in its different reports, the national port authority (APN) reveals that most of the times, the volumes exported exceeds 50% of the total exports, crude oil excluded.

BIC

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Cameroon Concord  is an online publication covering and reporting on  local and world news, sports, entertainment, politics, business, and religious news. Serving Cameroonians .

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