The insurance and financial services exports in Benin exhibited volatility from 2013 to 2023. Starting at relatively low levels in 2013, there was a significant increase in 2014 and strong growth in 2015. However, the export values experienced fluctuations, peaking dramatically in 2018, followed by steep declines and a period of relative stability with minor increases through 2023. The year-on-year variations highlight these swings, particularly in 2018’s unprecedented rise and the subsequent correction in 2019. From 2019 onwards, the sector faced smaller fluctuations, with the market stabilizing closer to 2023.
Looking ahead, the forecasts from 2024 to 2028 signal moderate growth with a 5-year CAGR of 0.87%. This hints at a relatively stable period with small incremental gains year on year. In 2023, the value stood at a modest level, serving as a baseline for future growth.
Future trends to watch for:
- Continued policy reforms to enhance the financial sector’s resilience.
- Adoption of digital financial services that could drive export value.
- Regional economic developments impacting trade dynamics.
