Intra-African trade grew by 3.2 percent in 2023, representing 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 stated in the African Export and Import Bank’s (Afreximbank) African Trade Report 2024 with the theme “Climate Implications of the AfCFTA Implementation.”
It said: “Intra-African trade grew by 3.2 percent 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 percent of total African trade, an improvement over 13.6 percent 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 it recorded in 2023.
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