The Independent Uganda: You get the Truth we Pay the Price
The African Continental Free Trade Area (AfCTFA) is the world’s largest single market by geography and population. It is expected to grow to 1.7 billion people and 6.7 trillion US dollars by 2030. Here is a list of the top ten countries already taking advantage of trade with their neighbours.
SPECIAL REPORT | BIRD AGENCY | The ongoing kmplementation of the world’s largest single market – the Africa Continental Free Trade Area (AfCFTA) – has seen intra-African trade rise by more than US $50 billion in four years, according to a new report.
Afriexim Bank’s African Trade Report 2024: Climate Implications of the AfCFTA Implementation, shows that intra-African trade increased to US$192.2 billion in 2023 from US$137 billion in 2020.
Intra-African exports, which account for the largest share of trade, have grown from US$72.8 billion in 2020 to US$110.3 billion in 2023, buoyed by regional bloc trade efforts. Intra-Africa trade now accounts for 14.9% of the total African trade in 2023, rising from 13.6 % achieved in 2022.
Southern Africa controls 41.1 %Â of total intra-African trade, reinforcing its position as the leading driver of intra-African trade in 2023. West Africa (25.7%)Â is the second-largest intra-African trading sub-region, followed by East Africa (14.1%). North and Central Africa accounted for about 12.4% and 6.6 %, respectively.
African countries mainly trade industrial and value-added goods- such as fuels, machinery, vehicles, ores, slag and ash, and iron and steel.
From the Afriexim Bank report, bird story agency has compiled a list of the ten largest exporting countries to other African economies and the key products they sell across their borders.
1. South Africa (US$29.61 Billion)
South Africa’s main exports to other African countries include light oils, bituminous coal, chromium ores, electrical energy, goods vehicles, and non-agglomerated iron ores. The main destination markets for these exports were Mozambique, Botswana, Namibia, Zimbabwe, and Zambia, which collectively imported 67% of South Africa’s intra-African exports. More than 29.6% of South Africa’s total exports in 2023 were sent to African markets.
2. Cote d’Ivoire (US$11.38 Billion)
In CĂ´te d’Ivoire, exports accounted for 55.6 %t of total sales within the West African Economic and Monetary Union (WAEMU). Mali and Burkina Faso are the primary destinations for Ivorian exports – which include cocoa and its derivatives, petroleum products, raw gold, and natural rubber, collectively constituting 70.1% of total exports.
3. Egypt (US$6.61 Billion)
Egypt’s exports to Africa are primarily driven by marble, cement, polyethylene, and phosphate fertilisers. Egypt’s largest export partners on the continent are largely within North Africa -Algeria, Libya, Morocco, and Sudan- but exports to Côte d’Ivoire, Ghana, Kenya, and Nigeria have been on the rise.
4. Ghana (US$6.02 Billion)
Top export products include Gold; Kitchenware; hose pipes & tubes; and crude petroleum oils, among others. Top 10 of its the country’s products accounts for 79% of total the economy’s intra-Africa exports. South Africa and BurkinaFaso are Ghana’s top export markets on the continent.
5. Nigeria(US$5.63 Billion)
Around 5.1 % of Nigeria’s exports are directed to African countries, with Côte d’Ivoire, South Africa, and Senegal emerging as the top three destinations for Nigerian products within the continent.
6. Morocco(US3.78 Billion)
The main African destination markets for Moroccan products – largely fertilisers, and prepared or preserved fish- are Ivory Coast, Djibouti and Senegal.
7. DR Congo (US$3.34 Billion)
Democratic Republic of the Congo primarily exports inorganic chemicals, precious metals, copper, and vehicle parts to South Africa, Tanzania and Zambia.
8.Zambia (US$3.17 Billion)
The Country mainly exports sulphur, electrical energy, sulphuric acid, non-alcoholic beverages and cement to other African countries. Some 74% of Zambia’s intra-African exports are destined for DRC and Equatorial Guinea. Zambia’s main destination markets are COMESA and SADC members, except for Equatorial Guinea.
9. Namibia (US$3.15 Billion)
Namibia’s exports -diamonds, gold, petroleum oils , fish fillets and other fish meat, frozen fish and copper ores and concentrates-are mainly directed to South Africa Botswana Zambia and the Democratic Republic of Congo.
10. Tanzania(US$3.13 Billion)
South Africa, Congo, Burundi, Uganda, Rwanda and Kenya top’s list of countries where Tanzania exports its goods – mainly gold, copper and agricultural commodities like coffee, cashew nuts, tobacco, and cotton.
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SOURCE:Â Conrad Onyango, bird story agency
