The Intra-African trade represented 14.9 per cent of total African trade in 2023, which was an improvement over 13.6 per cent recorded in the previous year.
This was disclosed in the African Export and Import Bank’s (Afreximbank) African Trade Report 2024 with the theme “Climate Implications of the AfCFTA Implementation.”
The report reads: “Intra-African trade grew by 3.2 per cent in 2023, slowing significantly from 10.9 per cent growth in 2022. Still, despite slow global growth and macroeconomic challenges experienced by several countries, intra-African trade displayed remarkable resilience in 2023, accounting for about 14.9 per cent of total African trade, an improvement over 13.6 per cent the previous year.
This resilience followed concerted efforts on the continent, including the ongoing implementation of the AfCFTA, aimed at bolstering intra-African trade.” The report, however, added that “with intra-African trade of 14.9 per cent, it, however, remains relatively low compared with other regions of the world.”
The report also projected that growth in Africa is expected to increase marginally to 3.5 per cent in 2024, from 3.2 per cent recorded in 2023. Other major highlights of the report, which was released on Monday, July 1, showed that foreign exchange held on the continent expanded by 2.6 per cent year-on-year to $411.9 billion in 2023 while merchandise trade contracted by 6.3 per cent to $1.3 trillion in 2023. The report also projected that Africa’s exports would grow at the rate of 5.3 per cent in 2024 while imports would rebound at 4.4 per cent in 2024.
