Africa’s Intra-Trade Declines to $190.9 Billion in 2023, Revealing Continental Economic Challenges
Intra-African trade experienced a significant downturn in 2023, with the total trade value declining to $190.9 billion, reflecting persistent economic barriers within the continent. The share of intra-African trade dropped marginally from 14.7% in 2022 to 14.4% in 2023.
Regional Trade Breakdown:
Southern Africa led the continent’s internal trade at 41.1%, followed by:
– West Africa: 23.4%
– East Africa: 16.4%
– North Africa: 12.3%
– Central Africa: 6.8%
Top Trading Nations:
1. South Africa remained the largest intra-African trader, with $39.2 billion in continental trade
2. Côte d’Ivoire: Over $9 billion, representing 5% of total intra-African trade
3. Mali: $8.9 billion, a substantial 18.1% growth from 2022
4. Egypt: $8.3 billion, with an 11.4% increase
Key Trade Challenges:
The trade decline stems from multiple factors, including:
– Geopolitical tensions
– Subdued global demand
– Sluggish economic growth
– Ongoing conflicts in Ukraine and Gaza
– Restrictive interest rates
Overall Continental Trade:
Africa’s total merchandise trade contracted by 4.6%, dropping to $1.3 trillion in 2023. Exports decreased by 8% to $695.2 billion, while imports declined by 1.1% to $702.7 billion.
The persistent challenges highlight the need for stronger economic integration and innovative solutions to boost intra-African trade and economic collaboration.
