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The World Trade Organisation (WTO) in its trade outlook for 2024 has projected that exports from Africa will increase at the fastest pace this year by 5.3 percent when compared with other regions.
The report noted that the continent’s exports would exceed pre-pandemic levels, but imports will continue to limp as a result of higher energy and commodity prices.
The report was released on Thursday this week.
Between 2019 and 2023, the continent saw its imports decline by five percent, the worst in the world.
This meant that increase in exports did not translate into higher consumption and income across the continent.
“If current projections hold, Africa’s exports will grow faster than those of any other region in 2024, up 5.3 percent from a low base since the continent’s exports remained depressed after the COVID-19 pandemic,” according to the report.
In terms of trade in digital goods, Africa saw growth in its exports of digital goods although it just represented 0.9 percent of exports in that category.
Overall, global exports of digital services grew by nine percent in 2023 to reach US$4.25 trillion, representing around 13.8 percent of the global export of goods and services.
The report, however, anticipated certain risks such as geopolitical uncertainties, especially with policies, conflicts in Europe and the Middle East and the attendant effects on global supply chains coupled with climatic change effects in the Panama Canal.
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