Public Management(Ecofin Agency) - Southern Africa remains the main driver of intra-African trade, accounting for 41.4% of all trade between the continent's countries over the past year. Intra-African trade increased by 7.2% in 2023, reaching $192 billion, according to a report released by the African Export-Import Bank (Afreximbank) on Wednesday, June 12, 2024. The report, titled "African Trade Report 2024: Climate Implications of the AfCFTA Implementation," highlighted that intra-regional trade accounted for 15% of Africa's total trade last year, up from 13.6% in 2022. Oil, which makes up over 36% of Africa's total exports, saw price volatility negatively affecting the continent's trade performance. For instance, Nigeria experienced a 19.08% drop in its total trade with the rest of the world in 2023.

Source: The North Africa Journal June 20, 2024 00:55 UTC