For trading performance, Africa’s total merchandise trade gathered momentum, growing by 10.6% in 2017, to $907.63bn, up from $820.76bn in 2016. In particular, with oil accounting for over 45% of African exports, the gradual strengthening of crude oil prices has greatly helped reverse the downward trajectory in the region’s trade. These are key constraints to enhancing international African countries’ competitiveness in the exporting sector mainly. This development arose as revenues from non-oil commodities improved, while adjustments to increasing oil price bills remained gradual, especially while oil prices remained much lower than the pre-crisis level. However, given that exports increased faster than imports, Africa’s trade deficit narrowed significantly in 2017, to $39.22bn, from $129bn in 2016.

Source: Daily News Egypt December 18, 2018 11:48 UTC