Reported by Al Jazeera
Intra-African trade witnessed a notable rebound in 2024 after a year of decline in 2023, recording a growth rate of 12.4% to reach approximately $220.3 billion, according to a report issued by the African Export-Import Bank (Afreximbank).
This increase reflects a strong recovery after a 5.9% drop in the previous year, raising hopes for further regional integration efforts despite global economic challenges.
South Africa in the Lead
South Africa maintained its position as the largest contributor to intra-African trade, with total transactions amounting to $42.1 billion—roughly one-fifth of the continent’s overall intra-trade.
Although slightly lower than last year’s figure, this number highlights the country’s pivotal role, particularly within regional blocs such as the Southern African Customs Union (SACU) and the Southern African Development Community (SADC).
Strong Performance from West Africa
West African nations—led by Nigeria, Côte d’Ivoire, and Mali—posted impressive performances during the year.
Côte d’Ivoire alone accounted for 4.8% of total intra-African trade, driven by higher exports of refined oil and manufactured goods.
Meanwhile, Nigeria’s intra-African trade reached around $18.4 billion, reflecting a notable improvement in its economic performance.
East Africa Ranks Third
East Africa ranked third in terms of contribution to intra-African trade, while North and Central Africa played smaller—yet strategically significant—roles.
The report notes that such regional disparities do not diminish the overall positive outlook, as the continent continues to make steady progress in strengthening internal trade—one of the key goals of the African Continental Free Trade Area (AfCFTA).
A Step Toward Broader Economic Integration
The growth in intra-African trade is considered an important indicator of progress toward economic integration in Africa and enhances prospects for sustainable development, particularly in light of the challenges facing global supply chains.
The AfCFTA is expected to further consolidate this trend by removing tariff barriers and facilitating the movement of goods and services among member states.