The Overview of Africa’s Export Trade: The in-depth Trade Overview of 2024

Africa, in the south of Europe alongside the west of Asia, is at present an influential economy increasing with time, backed up by a combination of economic policy and global factors. The African continental free trade area has made the region a trade hub within the continent via the proper reduction of tariffs. The country is gradually shifting to promote its exports of raw materials to value-added and processed goods. The growing export value is at a rate of 9.8% year-on-year. The exports of the region are increasing in a significant manner, although representing a smaller share of the gross domestic product of the entire African continent.

Africa Import Data has reported that the total export valuation of the continent in 2024 has recorded a staggering rate of 685 billion US dollars 2024. The e-commerce platforms and the enhancement of the GDP growth rate, along with the rapid population growth, have promoted the export ranking amidst the global competitors. The port expansions and the spatial economic zones, along with the growth in fertilizer and diversification of raw materials to value-added goods, have been benefiting the overall trade revenue. Subscribe to Import Globals, the leading Africa import export trade provider, to stay updated with the latest information regarding the overall export of the region via the Africa Trade Data.

ROLE OF AFRICA’S ECONOMY IN GLOBAL TRADE

Africa is one of the important role players of the global trade market because of its rich natural resources and strategic geographic position. The continent is recognized as one of the major global suppliers of primary commodities, and the raw materials acquired by the global consumer base encompassing crude oil, natural gas, gold, diamonds, copper, and other cocoa products. Most of the industries in different central regions across the globe are dependent on the African exports for the proper fulfilment of their domestic acquisitions.

The new initiative launched by the government authorities has strengthened the position of the continent via the proper promotion of intra-African trade. It has improved the competitiveness while creating a unified market that properly attracts the global investors. The large and youthful population, being perfectly experienced in the industrial manufacturing sectors, has been positioning the continent as an important emerging market for the global goods and services. The strategic location within Europe, Asia, and America made it a top trade hub for international shipping.

TOP COMMODITIES EXPORTED FROM AFRICA

Africa, due to its newly established highways and rail networks, along with the improvement of the logistic efficiencies and the growth of the agricultural exports, has reported a divergent variant of its domestic essentials in the global trade output. According to the Africa Import Export Data, the topmost variants of essentials exported from the region in 2024 are,

  1. Crude oil and petroleum products — The annual valuation of Crude oil and petroleum products exported from Africa in 2024–165 billion US dollars
  2. Gold and other precious metals– The annual valuation of Gold and other precious metals exported from Africa in 2024–121 billion US dollars
  3. Diamonds and precious stones– The annual valuation of Diamonds and precious stones exported from Africa in 2024–92 billion US dollars
  4. Mineral ores (iron ore, bauxite, copper) — The annual valuation of Mineral ores (iron ore, bauxite, copper) exported from Africa in 2024–74 billion US dollars
  5. Coal– The annual valuation of Coal exported from Africa in 2024–68 billion US dollars
  6. Cocoa beans and cocoa products– The annual valuation of Cocoa beans and cocoa products exported from Africa in 2024–59 billion US dollars
  7. Coffee– The annual valuation of Coffee exported from Africa in 2024–45 billion US dollars
  8. Edible fruits and nuts– The annual valuation of Edible fruits and nuts exported from Africa in 2024–38 billion US dollars
  9. Fertilizers (phosphates) — The annual valuation of Fertilizers (phosphates) exported from Africa in 2024–27 billion US dollars
  10. Vehicles and transport equipment– The annual valuation of Vehicles and transport equipment exported from Africa in 2024–22 billion US dollars

POLICIES AND INCENTIVES SUPPORTING THE EXPORT MARKET OF AFRICA IN 2024

The African Continental Free Trade Area is a significant initiative that has been boosting the exports of the continent while increasing access to regional markets. It has lowered the export costs while properly encouraging cross-border trade. The Africa Trade Competitiveness and Market Access Program has strengthened the export-oriented value chain of the region. It has also improved the market access for small and medium enterprises.

The Pan-African Payment and Settlement System and Afrexim Bank Adjustment Fund have made the exports from the continent easier and cheaper. It has also financed the participation of the domestic exporters in the new continental market. The Dire Dawa Free Trade Zone has reduced the export costs through the proper attraction of foreign trade investors. It has also facilitated the value-added processing for specific goods exports.

TOP TRADE PARTNERS OF AFRICA IN 2024

Africa, due to the evolution of its digital export marketplaces and the urbanization accompanied by enhanced educational and skill levels, has maintained the bilateral relationship with the topmost investing regions. As per the Africa Customs Data, the topmost trade partners, benefiting the export economy of the continent in 2024 are,

  • European Union (EU) — The total valuation of goods exported from Africa to the European Union (EU) in 2024–132 billion US dollars

Top 5 variants of goods exported

· Lobsters

· Crabs

· Shrimp

· Squid

· Seaweed

  • China — The total valuation of goods exported from Africa to China in 2024–109 billion US dollars

Top 5 variants of goods exported

· Timber

· Plywood

· Veneer

· Wood chips

· Paper pulp

  • United States — The total valuation of goods exported from Africa to the United States in 2024–98 billion US dollars

Top 5 variants of goods exported

· Crude oil

· Refined petroleum

· Natural gas

· Coal

· Charcoal

  • India — The total valuation of goods exported from Africa to India in 2024–72 billion US dollars

Top 5 variants of goods exported

· Titanium

· Uranium

· Zinc

· Nickel

· Lead

  • United Arab Emirates (UAE) — The total valuation of goods exported from Africa to the United Arab Emirates (UAE) in 2024–63 billion US dollars

Top 5 variants of goods exported

· Copper

· Silver

· Iron ore

· Manganese

· Tin

  • Turkey — The total valuation of goods exported from Africa to Turkey in 2024–59 billion US dollars

Top 5 variants of goods exported

· Gold

· Diamonds

· Platinum

· Chromium

· Cobalt

  • Saudi Arabia — The total valuation of goods exported from Africa to Saudi Arabia in 2024–45 billion US dollars

Top 5 variants of goods exported

· Oranges

· Lemons

· Grapefruits

· Dates

· Grapes

  • Japan — The total valuation of goods exported from Africa to Japan in 2024–37 billion US dollars

Top 5 variants of goods exported

· Sunflower seeds

· Avocados

· Mangoes

· Pineapples

· Bananas

  • South Korea — The total valuation of goods exported from Africa to South Korea in 2024–28 billion US dollars

Top 5 variants of goods exported

· Palm oil

· Groundnuts (peanuts)

· Cashew nuts

· Shea butter

· Sesame seeds

  • Brazil — The total valuation of goods exported from Africa to Brazil in 2024–22 billion US dollars

Top 5 variants of goods exported

· Cocoa beans

· Coffee beans

· Tea

· Cotton

· Tobacco

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