Commodity price shocks in African states

Shanta and Cristina Savescu have some interesting calculations on the size of the terms of trade shocks (expressed as a percentage of 2006 GDP) for African countries in 2008 and 2009. They find that the decline in commodity prices (oils, minerals, metals) is affecting African countries asymmetrically, with oil importers benefiting from the decline and exporters suffering: 

Terms of trade shocks (% of 2006 GDP)
 
2008/2007
 
2009/2008
Top five
 
 
 
Equatorial Guinea
32.5
Seychelles
5.4
Angola
21.9
Eritrea
3.8
Congo, Rep.
19.3
Togo
3.6
Gabon
17.9
Comoros
2.2
Mauritania
16.3
Senegal
2.2
 
 
 
 
Bottom five
 
 
 
Togo
-6.1
Nigeria
-10.2
Senegal
-6.2
Gabon
-12.5
Cape Verde
-6.8
Congo, Rep.
-13.6
Eritrea
-9.8
Angola
-15.1
Seychelles
-10.5
Equatorial Guinea
-20.9


"Top five" refers to those countries with favorable terms of trade shocks, "bottom five" to those with the most negative. Their complete findings can be found here