Of all countries in the world, Burkina Faso is among the poorest. This particular country only has on average an income per capital of $300 in United States currency. This means that more than 80% of the residents of Burkina Faso live on subsistence agriculture, which a very small amount being related directly to services and industry. The reason for the challenges in the part of the world has to do with poor quality soil, a tremendous amount of rainfall, inadequate infrastructure, poor communication, poor
Of all countries in the world, Burkina Faso is among the poorest. This particular country only has on average an income per capital of $300 in United States currency. This means that more than 80% of the residents of Burkina Faso live on subsistence agriculture, which a very small amount being related directly to services and industry. The reason for the challenges in the part of the world has to do with poor quality soil, a tremendous amount of rainfall, inadequate infrastructure, poor communication, poor literacy rate, and a stagnant economy.
When it comes to Burkina Faso Trade, Burkina Faso Exports, Burkina Faso Imports, the problem is that there are only a few natural resources and gain, soil in this region is bad, which makes agriculture nearly impossible. Even for Burkina Faso exports, it is common to see significant pricing fluctuation. Adding to the issues is the fact that the level of population for Burkina Faso is extremely high. The one positive note for Burkina Faso is that in 1994, the African France was devaluated. Because of this, Burkina Faso exports and Burkina Faso imports began to experience some economic stability and growth.
However, for Burkina Faso trade to continue moving in the right direction, it is imperative that the macroeconomic system be maintained. For this to happen, a great deal remains dependent on a reduction in the trade deficit, as well as lower inflation and reform so private investors would be interested in this part of the world. While the country of Burkina Faso is greatly handicapped due to low natural resources, government officials are dedicated to seeing structural adjustment program continue to encourage improvements. Since this program was first launched in 1991, it has helped the CFA devaluate and the economy experience growth.
Today, officials in Burkina Faso are working hard to develop mineral resources to keep the majority of workers that head off to neighboring areas for work stay closer to home. Other efforts are taking place for infrastructure improvement by developing livestock and agricultural sectors, as well as to help stabilize cereal and supply pricing. Of all opportunities being considered to boost the Burkina Faso trade, agriculture is still at the greatest risk because of the amount of rainfall.
The crops that are used for Burkina Faso exports include sesame, shea nuts, cotton, and ground nuts. Other crops grown that are used to feed the people in this country are sorghum, maize, rice, and pearl millet. Interestingly, livestock used to be a viable source of income for the people with strong Burkina Faso exports but today, this has deteriorated dramatically.
In looking at the most recent statistics regarding Burkina Faso exports and Burkina Faso imports, we see that some improvement has occurred. For instance, exports are now estimated at $648 million, which is up $104 million from the prior year. This country has built partnerships with Singapore, Belgium, China, Thailand, Ghana, Niger, and Denmark, exports consist of cotton, livestock, and gold.
Then for Burkina Faso imports, there has been a decline from $1.343 billion in 2008 to just under $1.1 billion in 2009. The other countries involved with this Burkina Faso trade include Cote d’lvoire, France, Togo, and Libya. Regarding the types of imports, these include petroleum, capital goods, and foods. While this country still has a long way to go in building and maintaining a strong economy, it is exciting to see positive change overall.