Business News of Thursday, 26 September 2024
Source: norvanreports.com
The African Continental Free Trade Area (AfCFTA) has boosted intra-African trade by over $50 billion in four years, reaching $192.2 billion in 2023.
Intra-African exports rose from $72.8 billion in 2020 to $110.3 billion, driven primarily by industrial goods.
Southern Africa leads with 41.1% of total intra-African trade, followed by West Africa (25.7%) and East Africa (14.1%).
The top exporting countries include South Africa ($29.61 billion), Côte d'Ivoire ($11.38 billion), and Egypt ($6.61 billion), with key exports like light oils, cocoa, and marble facilitating regional trade growth.