ABUJA, Aug 12 (MENA) – Egypt recorded strong trade transactions with African countries during the year 2024, to become their largest trading partner among the North African states.
Egypt has strengthened its trade position among North African countries as the largest exporter to African countries with a value of $ 6.61 billion, with its share of total intra-African exports standing at 5.99 percent.
The Business Insider Africa platform stated – in data provided on its website – that Morocco’s commercial transactions came in second place, among the countries of the northern part of the continent, with exports within the continent amounting to $ 3.78 billion, pointing out that Morocco’s share of total intra-African exports is 3.42 percent.
Intra-African trade works to enhance regional integration by enhancing cooperation between African countries, it said.
Initiatives such as the African Continental Free Trade Area (AfCFTA) are crucial in this regard and mainly aim to create a single market for products and services spanning 54 African countries, making it the largest free trade area in the world in terms of member states.
According to the Africa Trade Report 2024 “Climate Impacts of Implementing the African Continental Free Trade Agreement”, issued by the African Export-Import Bank, intra-African trade grew to $ 192.2 billion in 2023, an increase of 3.2 percent compared to 10.9 percent in 2022.
Intra-African trade has shown great resilience in the face of the slowdown in the global economy and the significant obstacles faced by a number of countries, the report said.
In addition, Africa’s proportion of total intra-African trade has risen to 14.9 percent from 13.6 percent in 2022, it added.
The Southern Africa region has strengthened its position as a major driver of intra-African trade in 2023, with a remarkable growth rate in its trade with neighboring countries of 41.1 percent, the report said.
The West Africa region has strengthened its position as the second largest sub-region of intra-African trade. Its share reached 25.7 percent of total intra-African trade, the report added.
The East Africa region emerged as the third largest sub-region of intra-African trade, with its share reaching 14.1 percent and the share of North and Central Africa reaching about 12.4 percent and 6.6 percent, respectively, of the total intra-African trade, it said. (MENA)
