Africa export opportunity
Africa export opportunity – About Africa
Africa is the second largest continent on earth and also has the second largest population with around 1.3 billion people living on the continent. The estimated gross domestic product for the whole of Africa in 2021 is $6.84 trillion with a per capita income of $1,860.
Africa consists of 54 fully United Nations recognised nation states, 8 territories and 2 de facto countries with little or no international recognition. Algeria is the largest country by population and Nigeria has the largest population with 211 million people.
The African economy has the highest percentage of entrepreneurs of any continent and there are around 140,000 US dollar millionaires.
Africa export opportunity – Economy
The African economy is dominated by the economies of Nigeria and South Africa which between then make up over half of the continents gross domestic product. However, it is east Africa which has enjoyed the highest growth in recent years with an average of 5.3% growth per annum. Growth across the whole of Africa averages around 3.7%
Unemployment is unfortunately high with an average rate of 15%. The economic outlook for Africa is generally positive and it has been estimated the GDP for the continent will reach $29 trillion by 2050. Prior to the Covid 19 pandemic Africa been projected to reach ‘middle income’ status, defined as a minimum $1000 per person income by 2025.
Africa export opportunity – Main exports & imports
The main exported commodities of African nations are:
Palm oil, gold and diamonds, oil, cocoa, timber, precious metals
The main imported commodities of African nations are:
- Motor cars for persons (worth 17 billion USD)
- Medicines (worth 11.4 billion USD)
- Telephones (worth 11.2 billion USD)
- Wheat (worth 10.6 billion USD),
- Motor vehicles for the transport of goods (worth 6.3 billion USD)
- Rice (worth 6.3 billion USD)
The largest importers on the continent are: South Africa (imports worth 93 billion USD i.e. 17% of Africa’s total imports), Egypt (imports worth 81 billion USD i.e. 14.8% of Africa’s total imports), Morocco (imports worth 51 billion USD i.e. 9.3% of Africa’s total imports), Algeria (imports worth 47 billion USD i.e. 8.6% of Africa’s total imports), Nigeria (imports worth 36 billion USD i.e. 6.6% of Africa’s total imports), Tunisia (imports worth 20 billion USD i.e. 3.7% of Africa’s total imports), Kenya (imports worth 16 billion USD i.e. 2.9% of Africa’s total imports) and Ghana (imports worth 12 billion USD i.e. 2.2% of Africa’s total imports).
A link to read more detailed information on Africa main exports and imports can be found here: https://www.africon.de/africas-top-imports-in-2018/
Africa export opportunity – Trade deals
International trade has been a major driver of growth in Africa in recent years. India and China are two of Africa’s main trading partners and have a growing share of trade with the continent. China now accounts for 12.5% of Africa’s exports and India for 4%.
Africa now has the Africa Continental Free Trade Area (AfCFTA) which came into operation on the 1st January 2021. The deal is currently signed by 44 of the 55 African Union states and has been ratified currently by 22. The objective is to build a more integrated African economy and increase global trade for the continent.
Africa export opportunity
Africa export opportunity – How to reach African markets
Blackcat360.com provides some very valuable resources that businesses around the world can use to access the African market. This includes articles providing expert advice on effective marketing to build export sales:
Export sales – new ideas & tips
Global trade latest news round up
You can also add a FREE listing for your business on blackcat360.com, these listings will be seen by thousands of businesses from Africa over the following months. Just go to our home page, click ADD LISTING , register and then add your business details. Listing takes only 10 minutes and then businesses from Africa and beyond will contact you directly via our website with their requirements.
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Africa export opportunity
