African exports grew by 21% in 2024, totaling $758 billion, according to a report released this Thursday (June 26) by the African Export-Import Bank (Afreximbank) in Abuja, Nigeria’s capital. This growth represents a significant recovery compared to the contraction recorded the previous year, the document notes.
South Africa tops the list of the five African countries with the highest trade volume with the rest of the world. As the most industrialized economy in Sub-Saharan Africa, the country recorded $42.1 billion in trade in 2024, an increase of 7.5% compared to 2023.
Nigeria ranks second, driven by a remarkable 113% surge in exports. It is followed by Egypt, Angola, and Algeria, completing the top five African exporting economies, according to the Afreximbank report.
“The five largest African economies—Algeria, Angola, Egypt, Nigeria, and South Africa—contributed significantly to the rise in the region’s exports,” the report states. Together, they accounted for more than 56.6% of Africa’s total exports in 2024.
Afreximbank further highlights that export growth among major oil-producing countries, notably Angola (130.3%) and Nigeria (113%), was one of the main drivers of Africa’s export performance last year.
Intra-African trade also showed signs of recovery. After a nearly 6% decline in 2023, intra-continental trade grew 12.4% in 2024, reaching $220 billion, according to the bank’s data.
According to Afreximbank, “intra-African trade demonstrated remarkable resilience, supported by the recovery of major economies such as South Africa, Nigeria, and Morocco.” Overall, Africa’s global trade rose 13.9% in 2024, reaching $1.5 trillion.
Source: Lusa
