According to allcitypopulation, Burkina Faso is a landlocked country located in the Sahel region of West Africa. It is bordered by six countries: Mali to the north, Niger to the east, Benin to the southeast, Togo and Ghana to the south, and Côte d’Ivoire to the southwest. The capital city of Ouagadougou lies in the geographic center of Burkina Faso and is home to over 1.5 million people. According to Petwithsupplies, the capital city of Burkina Faso is Ouagadougou with a population of 2,741,000 (2015 estimate). Other major cities include Bobo-Dioulasso with a population of 721,000 (2015 estimate).
The economy of Burkina Faso relies heavily on subsistence agriculture which employs over 80% of the population and accounts for about 40% of GDP. Cotton is by far the most important agricultural commodity for export, accounting for around 50% of total exports and 25% of GDP. Other important agricultural products include sorghum, millet, maize, peanuts, rice, sesame seeds and shea nuts. The livestock sector also plays an important role in Burkina Faso’s economy with cattle being an important source of food as well as income for many households throughout the country.
Burkina Faso also has significant deposits of gold which account for around 25% of total exports and 11% of GDP; however, this sector has been hampered by low gold prices in recent years. Mining also contributes significantly to Burkina Faso’s economy with some other minerals such as manganese ore being mined as well although not on a large scale yet due to lack of infrastructure development in this area.
In terms of industry manufacturing makes up approximately 13% of GDP with textiles being a major contributor along with food processing such as milling grains or producing beverages like beer or soft drinks; although much industrial activity takes place on a small-scale basis due to limited resources available within Burkina Faso’s borders.
Services make up around 45% percent GDP with trade services making up most (30%) followed by financial services (7%), transport & communication (4%) and public administration (4%). Tourism is also beginning to play an increasingly important role within Burkina Faso’s economy although it still only accounts for around 1-2 percent of total economic output at present due to limited infrastructure development in this area thus far.
Overall, Burkina Faso remains one of the least developed countries in Africa largely due its reliance on subsistence agriculture coupled with low levels investment from abroad into its manufacturing sector thus far; however there are signs that this situation could be improving slowly but surely over time as more resources become available within its borders along with increased foreign investment into its industrial infrastructure allowing it greater access into regional markets across West Africa and beyond.
Foreign Trade of Burkina Faso
Burkina Faso is an African nation located in West Africa. It is a landlocked country bordered by Mali to the north and east, Niger to the east, Benin to the south east, Togo and Ghana to the south, and Cote d’Ivoire to the south west. Its foreign trade has been steadily increasing over the years with exports reaching $1.7 billion in 2018. The primary exports of Burkina Faso are gold, cotton, livestock, and other agricultural products such as peanuts and sesame seeds. Gold is by far its most important export commodity accounting for over one-third of total exports in 2018. Cotton is also an important export commodity representing around 14% of total exports that same year. Burkina Faso has seen an increase in its imports recently due largely to a growing demand for consumer goods such as electronics and cars from neighboring countries like Mali and Cote d’Ivoire. In 2018 imports totaled $2 billion with food products being the largest import commodity representing almost one-third of total imports followed by machinery at 24%. Additionally, Burkina Faso has seen a rise in foreign direct investment (FDI) from countries such as China who have invested heavily in infrastructure projects such as roads, railway lines and telecommunications networks throughout the country. This influx of FDI has helped boost Burkina Faso’s economy significantly over recent years which has resulted in more jobs being created for locals. In addition to this, Burkina Faso participates in various regional economic initiatives which provide opportunities for increased trade with countries like Senegal which helps further stimulate economic growth within the region.
Major Trading Partners of Burkina Faso
Burkina Faso has numerous trading partners throughout the world. Its largest trading partner is China, which accounts for over one-third of total imports and exports combined. This is largely due to the large influx of Chinese investments into Burkina Faso in recent years which have resulted in increased trade between the two countries. Other major trading partners include France, Cote d’Ivoire, India, Niger, and Mali. France is Burkina Faso’s second largest trading partner accounting for almost 15% of total imports and exports combined in 2018. This is largely due to French investments in Burkina Faso as well as their trade agreements with the country. Cote d’Ivoire is another important trading partner for Burkina Faso accounting for around 8% of total imports and exports combined in 2018. India has also been an increasingly important trading partner for Burkina Faso recently with imports from India increasing by over 13% between 2017 and 2018 alone. In addition to this, Niger and Mali are also important trading partners accounting for around 5% each of total imports and exports combined in 2018.
Burkina Faso also participates in various regional economic initiatives such as UEMOA (West African Economic and Monetary Union) which allows it to export goods tariff free to other member countries including Benin, Cote d’Ivoire, Guinea Bissau, Senegal, Togo, Mali and Niger among others. This has further stimulated economic growth within the region providing more opportunities for increased trade with neighboring countries. In addition to this, Burkina Faso has also signed several bilateral trade agreements with countries such as Nigeria which helps facilitate trade between the two nations even more so than before.
Major Imports and Exports of Burkina Faso
Burkina Faso is a landlocked country located in West Africa. It has a population of just over 19.5 million people and a GDP of around $19 billion (2018). The main imports and exports of Burkina Faso are agricultural products, textiles, metals, machinery, and fuels.
Agricultural products make up the bulk of Burkina Faso’s exports with cotton, livestock, and other food items such as sorghum making up the majority of its exports. Cotton is by far the most important export item from Burkina Faso accounting for around two-thirds of total exports in 2018. Other agricultural items such as livestock and sorghum also make up significant portions of total exports accounting for around 12% and 7% respectively in 2018.
Textiles are another major export item from Burkina Faso with clothing items making up around 10% of total exports in 2018. This includes various types of clothing items such as traditional African garments which are popular among tourists visiting the country. Metals also make up an important part of Burkina Faso’s exports with gold being one of its most important export items accounting for over 8% of total exports in 2018.
Burkina Faso’s main imports consist mainly of machinery and fuels with machinery making up the bulk of its imports at over 50% in 2018. This includes various types of machines used for industrial purposes such as tractors and other agricultural equipment as well as machines used for mining operations. Fuels make up another significant portion at around 20%, mainly consisting of crude oil which is used to generate electricity within the country. Other important imports include chemicals, pharmaceuticals, electronic goods, metals, plastics, rubber products, vehicles and parts thereof among others making up smaller portions but still playing an important role in Burkina Faso’s economy overall.