Intra-African trade rebounds 5.4 per cent in 2024 despite global headwinds
The turnaround was supported by the rebound of major economies such as South Africa, Nigeria and Morocco.
Trade among African countries rebounded strongly in 2024, rising by 5.4 per cent despite a difficult global economic environment.
According to Afreximbank’s ‘Africa in Figures 2025 report’, the regained momentum follows a sharp contraction in the previous year.
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“Intra-African trade experienced a strong recovery, reaching an estimated $206.6 billion (Sh26.7 trillion), a 5.4 per cent increase, after a 5.9 per cent contraction in 2023,” reads the report.
The turnaround was supported by the rebound of major economies such as South Africa, Nigeria and Morocco.
Following the recovery, intra-African trade accounted for 15.3 per cent of total African trade in the review year, up from 14.7 per cent in 2023.
However, the lender notes that the gains were uneven, masking significant disparities across regions and countries.
Southern Africa remained the engine of trade within the continent, accounting for 42.1 per cent of intra-African trade flows.
South Africa, the continent’s leading intra-African trading nation, recorded trade with African partners totalling $42.2 billion (Sh5.5 trillion), representing 20.8 per cent of total intra-African trade.
At 23.3 per cent of intra-African trade, West Africa strengthens its position as the continent’s second-largest intra-African trading subregion.
The performance was partly driven by strong export growth in Mali, Côte d’Ivoire, and Nigeria, with Mali alone contributing 4.7 per cent of total intra-African trade, supported by higher exports of mineral oils and fuels.
East Africa holds the third position, accounting for 14.5 per cent of intra-African trade, while North Africa (12.6 per cent) and Central Africa (7.5 per cent) continued to play important but comparatively smaller roles in regional trade flows.
Beyond trade within the continent, Africa’s total merchandise trade showed resilience during the review year, recovering by 1.1 per cent to about $1.35 trillion after contracting the previous year.
The rebound was partly supported by elevated global commodity prices, particularly oil, and sustained demand for African energy exports from Europe.
Despite the recovery, the lender says Africa remains a marginal player in global trade, with its share stabilising at around three per cent.
It thus underscores the need for increased financing to accelerate industrialisation and value addition under the African Continental Free Trade Area (AfCFTA) to deepen trade integration and strengthen the continent’s position in global markets.
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